Finance Minister Nirmala Sitharaman is in Mumbai on a two-day visit. Today on August 25, she will hold a meeting with the heads of public sector banks. The purpose of the meeting is to review the performance of banks and the progress made in terms of speeding up the economy affected by the Kovid-19 epidemic.
Mumbai . Finance Minister Nirmala Sitharaman will hold a meeting with the heads of public sector banks today on August 25. The purpose of the meeting is to review the performance of banks and the progress made in terms of speeding up the economy affected by the Covid-19 epidemic. Sitharaman is in Mumbai on a two-day visit.
Sources said the meeting with the managing directors and chief executive officers (CEOs) of public sector banks (PSBs) is important considering the importance of the banking sector to drive demand and consumption.
The first review meeting since the
outbreak of the pandemic This is the first one-on-one review meeting of the finance minister and heads of state-run banks since the pandemic started in March last year. Recently, Sitharaman had said that the government is ready to take all necessary steps to accelerate the economic growth affected by the Kovid-19 epidemic.
according to sources, the situation of the bank, the progress of the restructuring-two plan announced by the Reserve Bank is expected to be reviewed in the meeting. In the meeting, emphasis can be given to banks to increase credit to productive sectors. Apart from this, the Emergency Credit Facility Guarantee Scheme (ECLGS) will also be reviewed in the meeting to be held in Mumbai, he said.
Bad loans or NPAs can also be discussed
According to sources, the Finance Minister can also take stock of the situation of bad loans or NPAs (non-performing assets). Apart from this, various reform measures of banks are also likely to be discussed.
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