New Delhi, March 13 (IANS): Pointing out that innovations in the country are languishing for lack of financial support, President Pranab Mukherjee on Friday asked banks to open dedicated counters to meet the capital requirements of innovation.

"I would like to draw your attention to the financial needs of our ingenious youth, both in rural and urban areas that are yet to be adequately met by the banking sector. It would be appropriate if banks can open dedicated counters in towns and cities to meet the needs of innovators," Mukherjee said addressing a round-table on Financing of Innovations organised by the National Bank for Agriculture and Rural Development (NABARD).

"Innovations in different segments, at different levels and for different sections will aid
this process in no small measure," he added.

The president said the banking system, in collaboration with the National Innovation Foundation, can help create a pool of mentors to assess and meet the financial needs of innovators.

"Bankers have to take the initiative to reach out to innovators, mentor them, and wherever possible, connect them with their other clients who may help them in expanding their market. This role of creating linkages between creative people and successful clients could be a game-changing institutional innovation," he said.

At a meeting here on Wednesday to review the performance of public sector banks, Finance Minister Arun Jaitley took stock of their performance with regard to overall credit growth.