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Bankers must live up to sacred responsibility of protecting depositors' money: President Pranab Mukherjee
Speaking on the occasion of the Centenary Celebrations of Karur Vysya Bank in Chennai on September 10, President of India Pranab Mukherjee reminded the bankers to live up to their 'sacred responsibility to protect money' of those who had reposed trust in them.

He congratulated the Indian banking sector for having done reasonably well, especially during the financial crisis. He asked them to remain prudent about the situation of non-performing assets (NPAs) or bad loans.

He mentioned that the bad loans had risen sharply as being 11.40 per cent of the total loans as of March, 2016 and limited the scope for credit growth.

Terming bankers as "trustees of the depositors' money", he pointed out that resources available for credit disbursement by commercial banks had been affected which was not in a desirable situation.

He expressed hope that the union finance ministry would  take appropriate steps to set up the Goods and Services Tax (GST) Council to fix the uniform rate of goods and services soon to be introduced in India economy.

He also suggested that there was a need for credit expansion in the currently growing economy of the country.

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