New Delhi, March 10 (IANS) Finance Minister Arun Jaitley will meet the heads of public sector banks (PSBs) on Wednesday to review their performance, particularly with regard to passing on the Reserve Bank of India's recent interest rate cuts to borrowers.
"During the meeting, the finance minister will review the public sector banks' performance with regard to overall credit growth," a finance ministry release said on Tuesday.
"The finance minister will also review the performance of PSBs and financial institutions (FIIs) with regard to the new projects and proposals, stalled projects and possible remedial measures among others," it added.
Jaitley will also review the banks' performance in their handling of non-performing assets (NPAs) or bad loans, the ministry said.
The RBI has cut the repo rate at which it lends to commercial banks by 0.5 percent in the last two months, but the banks have not followed up on that yet by reducing their lending rates.
Last week, the RBI reduced the repo rate from 7.75 percent to 7.5 percent. This was the second rate cut after January 15, when the central bank had also cut the rate by a similar 25 basis points.
At Wednesday's meeting, Jaitley would also review the progress made on decisions taken at the two-day Gyan Sangam bankers retreat held in Jamuary in Pune.
The meeting would review various key financial sector issues such as credit offtake in the economy, priority sector lending, and progress made under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Prime Minister Narendra Modi last year launched the PMJDY scheme for promoting financial inclusion. A record 13.6 crore bank accounts have been opened under the scheme.
Voting is taking place in the country today for the first phase. Eight Union ministers, two forme
G20 Summit 2023: Presiding over G20 summit is a big challenge before India: IMF Chief Economist
IMF Chief Economist Pierre-Olivier Gourinches said it would be difficult for India, which will ch
In the fourth match of Pakistan Super League 2024, Quetta Gladiators defeated Lahore Qalandars by
During the third wave of Corona in the country, 1.79 lakh new cases were reported on Sunday. Expe
The fight between Bollywood actor Salman Khan and actor Kamal Rashid Khan aka KRK is now getting
After Aryan, Karan Johar on NCB's target, two-year-old party video case is not closed yet
After Aryan Khan, film producer-director Karan Johar is the target of NCB. The NCB's investigatio
During the ongoing Russia-Ukraine war since February 2022, Western countries are imposing various
After Shaitan, Ajay Devgan will soon be seen in the field. He will be seen in the role of a footb
Jailer Box Office Collection: Superstar Rajinikanth of South Cinema continues to be famous all ov
Punjab Election 2022: Captain filed nomination from Patiala, said- alliance with BJP for development
Former Punjab CM and Lok Congress Party chief Captain Amarinder Singh has filed his nomination pa
