Potential of banks being tested; work towards restoring their credibility: Arun Jaitley

"Banks must be conscious that to keep them in good health is important. They should be well aware of their responsibility for driving economy's growth. The Parliament, on its end, should also extend support," the Finance Minister said, adding that banks are being tested.

Finance Minister Arun Jaitley further said, everyone including the government and the management of banks must work together to restore the credibility of banks which is the most important asset.

He said this at a function organised on the occasion of platinum jubilee celebration of UCO bank in New Delhi yesterday. He said, a strong banking system is important for the country's economy.

The Minister said, the government has taken a huge step to infuse over 2 lakh crore rupees in Public sector banks for their recapitalisation. He also said, despite slowdown in world economy, India continued to grow at a reasonable base.

Jaitley said, India is the only economy which had the courage to undertake structural changes at a time when the world economy was slowing down.

On the occasion, Jaitley also launched UCO Pay Plus Mobile App for opening of accounts and UCO secure App for safe and secured financial transactions.