Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

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He has decided to set up a committee under the Finance Secretary to look into the issue of pension. The committee will put forward such an approach on pension which can meet the needs of the employees while maintaining fiscal prudence. This approach will be equally designed for both the central and state government.

When was NPS implemented

The existing National Pension Scheme, or New Pension Scheme, was launched in 2003 and came into force on January 1, 2004. Unlike the old pension scheme, NPS was based on a contributory system on which the pension amount was provided by the government. It was introduced to provide old age income security and convert small savings into investments in a financially stable manner.

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