Finance Minister Nirmala Sitharaman will hold a meeting with heads of public sector banks on August 25. The purpose of the meeting is to review the performance of the banks and the progress made to promote the economy affected by the Kovid-19 epidemic. 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 increase demand and consumption, the sources said.
It was a meeting of finance ministers and heads of government banks after the epidemic began in March last year. Recently, Sitharaman told me 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 meeting is expected to review the progress of the restructuring-two scheme announced by the Reserve Bank of India. At the meeting, banks can be emphasized to increase lending to productive sectors.
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The Emergency Credit Facility Guarantee Scheme (ECLGS) will also be reviewed at a meeting in Mumbai, it said. According to sources, the finance minister may look into the situation of bad loans or NPAs (tangible assets). In addition, it is possible to discuss various reforms of banks.
Due to various efforts by the government, the bad debts of the banks have increased from Rs 6,78,317 crore to Rs 31,820 crore as on March 31, 2020. It is noteworthy that the number dropped to 6,16,616 crore (provisional figure). It was Rs 7,39,541 crore as on March 31, 2019.
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