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FM Sitharaman will meet the heads of PSBs on Monday, know what is the plan ahead? – News

FM Nirmala SItharaman: Finance Minister Nirmala Sitharaman will hold a meeting with the heads of Public Sector Banks (PSBs). During this, she will review the performance of banks on various schemes launched by the government for the revival of the economy. This is the first review meeting after the presentation of the General Budget 2022-23.

Focus will be on giving more loans
Sources said banks would be urged to give more loans to productive sectors to accelerate the revival of the economy. Significantly, at this time, challenges are being faced on the economic front due to various reasons including Russia-Ukraine war.

Loan fair was organized
Last week, during the weekly function of the Ministry of Finance as part of the Amrit Mahotsav of Azadi, banks had organized loan fairs across the country, where loans were sanctioned on the spot to the eligible persons who were willing to take loans. Sources said that the Finance Minister will also take information about the loan growth, asset quality and business growth plan of the banks.

KCC was reviewed
He said that during this a comprehensive review of progress in various government schemes including Kisan Credit Card, Emergency Credit Line Guarantee Scheme (ECLGS) will be done.

ECLGS extended till March 2023
In the budget, ECLGS was extended for one year till March 2023. Apart from this, the guarantee cover for this scheme was increased by Rs 50,000 crore to Rs 5 lakh crore. Hotels and allied sectors, travel, tourism and civil aviation sectors were also included under ECLGS 3.0.

public sector bank earning profit
Sources said that during the meeting the capital requirement of banks and the financial inclusion campaign will also be reviewed. It is worth noting that this meeting is being organized at a time when all PSBs have made profit for the second consecutive financial year.

In order to improve the financial health of PSBs, the government implemented a comprehensive strategy, which includes transparent acceptance of NPAs, resolution of stressed accounts, infusion of capital in PSBs, comprehensive improvement in the financial environment.

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