Finance Minister reviews the preparedness of public sector banks amid the new wave of Corona, asked to support the affected sectors

Finance Minister Nirmala Sitharaman on Friday chaired a meeting with the heads of public sector banks.

Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) chaired a meeting with the heads of public sector banks on Friday. In this they assessed preparedness to deal with possible disruptions caused by Omicron variants. The Finance Ministry said that during the meeting with the CMD / MD of the bank held through virtual mode, the minister asked the lenders to support agriculture, retail and MSMEs, which are facing problems due to Corona.

Sitharaman also reviewed the implementation of the pandemic-related steps by PSBs, which were initiated by the government and the RBI. The ministry said in a statement that Sitharaman reviewed the various steps taken by public sector banks in implementing the pandemic-related measures by the Government of India and the Reserve Bank of India (RBI). Along with this, he also reviewed the preparedness to deal with possible disruptions in the future due to the current ongoing variants of the Kovid-19 epidemic.

Many rating agencies have reduced their growth forecast

Due to the ongoing third wave of Omicron variants of Corona virus with high infection, many domestic rating agencies have slashed India’s growth forecast for the current financial year. India Ratings and Research has reduced its estimate from 9.4 per cent to 9.3 per cent now. Whereas, Brickwork Ratings has revised its estimate to 8.5-9 per cent from 10 per cent.

Encouraging the success of ECLGS, the Finance Minister said that now is not the time to relax looking at its achievements. And our efforts together should be to support those areas. Those who have faced hindrance due to the ongoing havoc of the Kovid-19 epidemic. According to the statement, Sitharaman has also conveyed to the bankers to continue support to the agriculture sector, farmers, retail sector and MSME.

Business outlook improving: Sitharaman

Sitharaman also mentioned that the business outlook is improving. This is despite global events and the spread of Omicron. The Finance Minister also mentioned that some sectors need more support to help in the fight against the pandemic. He also said that the credit demand is expected to pick up in view of the growth in the retail segment, improving overall macro-economic condition and improving financial health of the borrowers.

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