Finance Minister Nirmala Sitharaman will hold a meeting with the officials of public sector banks on June 20. In this, she will review the performance of banks and the progress of all the schemes being run by the government for economic recovery. This will be the first review meeting after the presentation of the budget for 2022-23.
Sources said that banks will be appealed in this meeting to sanction loans to productive sectors to accelerate the recovery of the economy facing adverse conditions, including Russia-Ukraine. Last week, banks across the country organized a program to sanction loans to eligible people on the spot.
There was also talk on NPA and loan growth
Sources said that in the meeting, the pace of credit of banks, business growth plans, and bad bad loans (NPA) will also be discussed. In this, Kisan Credit Card, Emergency Credit Line Guarantee Scheme (ECLGS) will also be reviewed. In the budget, the ECLGS was extended by one year to March 2023. The guarantee cover under this scheme was also increased from Rs 50,000 crore to Rs 5 lakh crore.
profit for the second year in a row
This meeting is being held at a time when all the public sector banks in the country are making a profit for the last two financial years. Their profit was Rs 66,539 crore in 2021-22. A total of 12 public sector banks had made a profit of Rs 31,820 crore in 2020-21. However, before that, from 2015-16 to 2019-20, they had suffered losses continuously.
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