Clean, reliable, 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.

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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.

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

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