Jaitley made the comment at a two-day meeting of public sector bankers convened by Prime Minister Narendra Modi’s government to suggest a roadmap for reforms. The meeting ended on Saturday.
“There is a need for far greater autonomy being given to public sector banks with a commercial mindset. He also termed the level of bad assets in the system as unacceptable,” Jaitley said.
The finance minister said there is a need to bring about changes in many areas in state-run banks. He also emphasised that there was a need for the banking sector to fund infrastructure and manufacturing sectors for higher growth.