Equity and foreign investment needed to raise exports: SBI Chairman

State Bank of India Chairman Pratip Choudhary has emphasised the need for enhancing equity and foreign investment in the country, besides taking measures for raising exports.

“There is a need for more equity investment in the country and enhancing capabilities for raising exports as at present we import more and export less,” the SBI Chairman said taken by the Reserve Bank of India (RBI) to arrest the slide of the rupee.

Choudhary, who earlier addressed SBI officers at its regional headquarters, said, “These are short-term measures while the country needed steps for a long-term growth.” Refusing to comment on the Indian economy, he said that government only could say anything about it but he insisted on raising foreign investment in the country.

Referring to the ongoing merger process of associate banks with the SBI, he said it will be done in a gradual manner, one every year and not all of them together. The associate banks slated to be merged with SBI are State Bank of Patiala, State Bank of Hyderabad, State Bank of Mysore, State Bank of Bikaner and State Bank of Travancore.

More from Economy

Inflation likely to be a big focus area for budget 2024, say sources Explained: Will the Bank of Japan break tradition and raise interest rates?

On the issue of appointments in SBI, he said the process would be completed by Dussehra and added that this year the bank would make 9,500 clerical level appointments and appoint nearly 1,000 probationary officers.

PTI