INSUBCONTINENT EXCLUSIVE:
that industry leaders must give up the tendency of not paying back loans to banks as the ''new normal'' is already in place."The message has
gone home loud and clear that people -- and particularly those in the world of finance -- have to break away from what was normal and live
That''s why in the banking sector the whole idea that if you don't pay back you can get away with, then it's a banker''s headache, will not
work," said Mr Jaitley.He was addressing the board meeting of National Bank for Agriculture and Rural Development (NABARD) in the national
capital."When you get money from the bank, you manufacture your own equity out of that money, round-trip it and base your investment on that
This can''t be the new normal," said Mr Jaitley.He said India is evolving upwards in terms of its economy, in terms of size and global
"We are now at the threshold of creating a new history where we are moving from an emerging economy to a developed society
It is imperative to be ethical for that," said Mr Jaitley."In this evolution of India into more ethical society, the last five years will go
down in history as a turning point," he added.He said that reforms in the banking sector are necessary to make public sector banks compete
with private banks."Even though these banks are functioning under a competitive environment, due to lack of professionalism or day-to-day
interference with their process or an ill-defined system, they were not able to compete
That''s why the necessity of the reforms have been felt," said Jaitley.He said that the reforms are a combination of both compulsion and
"There are some reforms which are born out of compulsion but many reforms are born out of conviction
