This meeting is also part of the efforts being made by the government to relieve the economy from the effects of corona and lockdown and bring it back on track. The Finance Minister has announced an economic package of around Rs 21 lakh crore in five installments only last week, out of which several schemes like loan of Rs 3 lakh crore to MSMEs will go ahead only through banks.
- Finance Minister to hold meeting with CEO of Public Sector Banks today
- Discussion on implementation of relief package can be held in this meeting
- Many announcements of relief packages are to be implemented through banks
Finance Minister Nirmala Sitharaman will speak with Chief Executive Officers (CEOs) of public sector banks (PSBs) on Friday, May 22, on various issues, including loan disbursement. This meeting is also part of the efforts being made by the government to relieve the economy from the effects of corona and lockdown and bring it back on track.
That’s why today’s meeting is important
It is worth noting that the Finance Minister has announced an economic package of about 21 lakh crore rupees in five installments only last week, out of which many schemes like loan of 3 lakh crore rupees to MSMEs will go ahead only through banks. In this context, this meeting is important. Earlier this meeting was to be held on May 11, but it was postponed due to the announcements of the economic package.
PM Modi announced
PM Narendra Modi announced last week that a relief package of Rs 20 lakh crore will be given to save the countrymen and economy affected by Corona. After this, Finance Minister Nirmala Sitharaman made several announcements in a press conference for five consecutive days, in which there was a proposal to give a loan of Rs 3 lakh crore to MSMEs.
On March 27, the Reserve Bank of India had drastically cut the key policy rate by 0.75 per cent and granted a three-month moratorium on repayment of loans to provide relief to those borrowers whose income was affected by the lockdown. The CEO of public sector financial institutions will also be present in the meeting on Friday.
What issues will be discussed
According to news agency PTI, this meeting will be organized through video conferencing. According to sources, it will also discuss how much progress the banks have made in terms of extending the benefits of the moratorium and interest rates on the loan payment to the customers.
Earlier this month, Reserve Bank of India Governor Shaktikanta Das also held a meeting with government and private banks to consider the economic situation and review all measures taken by the Reserve Bank.