Union Finance Minister Arun Jaitley has said that banks have an important role to play in achieving the higher growth rate in the country. Mr. Jaitley was speaking after inaugurating the Sydney Branch of the Union Bank of India in Australia . He also added that Government will provide sufficient funds to recapitalise public sector banks.Later, at another event, Jaitley invited businesses in New South Wales to invest in India, saying the country wants foreign sovereign wealth funds to be part of National Investment and Infrastructure Fund (NIIF), pension and insurance funds in India. Making opening remarks during his meeting with the New South Wales Premier Mike Baird, he highlighted various initiatives and reforms measures undertaken by the government.Stating that India needs a lot of Foreign Direct Investment, especially in manufacturing and infrastructure sectors, he said state governments are taking keen interest and competing among themselves to attract foreign investments.