He was speaking at the sixth triennial circle general council meeting of State Bank of India Staff Association (SBISA) Chandigarh Circle held here today.
While addressing the inaugural session, Bansal said he enjoys a good rapport and long standing cordial relation with the banking sector stalwarts.
More than 3,000 bank officials from Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir and UT Chandigarh had participated in the meeting.
"Banks have played pivotal role in country's development, especially the State Bank of India. The banking sector is engine of country's development that is driving the whole country," Bansal said.
He said in 2008, when the world was going through recession, it affected the Indian market too. Though recession had come from first world countries, but India too became one of its victims.
"But still the country has held its head high in the difficult times and the onus for it lies with the banking sector. Even today we are reeling under economic crisis, which has increased the duties and commitments of this sector," he said.
Warning people against the international competitive challenges, Bansal said country was battling the odds of direct investments too.
"The Centre, which has taken initiatives to redress this problem, is even facing opposition from different quarters, but it is hopeful of succeeding," the minister said appreciating the Chandigarh circle of SBI for taking various initiatives.
He spoke on bank's role in FDI, controlling inflation and Khandelwal Committee Report.
