Clean, robust financial sector key to achieve $5 trillion economy: FM

Finance Minister Nirmala Sitharaman on Saturday said a clean, reliable and robust financial sector is required for achieving the ambitious target of USD 5 trillion economy.

Presenting the Budget for 2020-21, Sitharaman said robust mechanism is in place to monitor health of all commercial banks and asserted that depositors' money is absolutely safe.

She noted that Rs 3.50 lakh crore capital has been infused in public sector banks in past years, while acknowledging that there is a need for greater private capital in banks.

Sitharaman further said the government plans amendment to facilitate separation of government pension trust from Pension Fund Regulatory and Development Authority (PFRDA).

She also said the government's balance holding in IDBI bank will be sold to private retail investors.