FM’s meeting with PSB on Monday
The Finance Minister will also take stock of the speed of disbursement of banks, the quality of assets and the business growth plan of the banks. Along with this, the performance of banks on government schemes will also be discussed.
Finance Minister Nirmala Sitharaman on MondayPSB) will meet the heads of The purpose of this meeting was the economy (Economy) to review the performance of banks and the progress made by them on various schemes launched by the government for recovery. This is the first review meeting after the presentation of the budget for 2022-23. according to sources Finance Minister ,Finance Minister) In this meeting, it may request to increase the loan approval for the productive sector so that the recovery can be accelerated in the economy, which is currently seeing the impact of the Russia-Ukraine crisis. Last week itself, during the Finance Ministry’s Iconic Week celebrations, banks conducted outreach programs across the country, where on-the-spot loans were disbursed to eligible candidates seeking loans. The government is trying to speed up the pace of disbursement of loans through such events.
Many government schemes will be reviewed
Sources said that the Finance Minister will also take stock of the speed of disbursement of banks, the quality of assets and the business growth plan of the banks. He said that a comprehensive review of various sectors and progress in government schemes including Kisan Credit Card, Emergency Credit Line Guarantee Scheme (ECLGS) would also be done. In the budget, ECLGS was extended for one year till March 2023. In addition, the guarantee cover for the scheme was increased from Rs 50,000 crore to Rs 5 lakh crore. Benefits under ECLGS 3.0 extended to those related to hospitality, travel, tourism and civil aviation sectors. Apart from this, sources said, the capital requirement of banks and financial inclusion campaign will also be reviewed during the meeting. And the profit has more than doubled to Rs 66,539 crore as compared to last year.
Discussion on financial health of banks is also possible
There is a possibility that the Finance Minister can also talk on the improving financial health of banks. In fact, the government has adopted a 4-point strategy to improve the condition of banks. Along with this, comprehensive steps have also been taken under a special strategy to reduce the NPAs of banks. The Finance Minister can talk to the banks about their plans to continue this growth.