Categories: Business

Finance Minister Nirmala Sitharaman will hold a meeting with public sector bank chiefs tomorrow, will review the debt situation.

Photo: GOOGLE

Finance Minister Nirmala Sitharaman to meet PSU Bank Chiefs on Friday

New Delhi Finance Minister Nirmala Sitharaman will hold a review meeting on Friday with Chief Executive Officers (CEOs) of public sector banks (PSBs) to discuss various issues including debt disbursement. The meeting is part of efforts to relieve the economy from the impact of Kovid-19 and bring it back on track. The meeting was earlier scheduled to be held on 11 May, but was deferred due to announcements of the economic package.

The Finance Minister has announced an economic package of 21 lakh crore rupees in five installments last week, in which many schemes will go ahead only through banks. In this context, this meeting is important.

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved several of the schemes announced under the Self-Reliant India Campaign Package to give momentum to the economy. In this meeting through video conferencing, the condition of deferment given to the borrowers for the benefit of interest rate reduction and repayment of loan will also be reviewed.

On March 27, the RBI had drastically cut the key policy rate by 0.75 percent and granted a three-month moratorium on repayment of loans to provide relief to borrowers whose income was affected by the lockdown. The Chief Executive Officer of public sector financial institutions will also be present in the meeting on Friday.

This post was published on May 21, 2020 8:00 pm

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