Arun Jaitley to meet PSU bank's chiefs on Wednesday

Posted on 11th Mar 2015 12:40 pm by mohit kumar

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.

Other news

Corona in the country: Maharashtra's first Omicron infected person recovered and reached home, 100% of people got the first dose of vaccine in Pune

The first patient of Maharashtra infected with the new variant of coronavirus, Omicron, recovered

Constitution completes 75 years: President Murmu will address the joint session of Parliament today; year-long celebrations will continue.

On the occasion of the completion of 75 years of adoption of the Constitution, the Central Govern

After the 36-year-old dictator's heart surgery worsened, there was some speculation about Grandfather not attending the program.

Pyongyang The life of North Korean dictator Kim Jong Un (36) is said to be in danger. According t

America will sell the anti-tank system to Taiwan, because of China's growing threat, said necessary steps

Because of the growing military threat from China, the US State Department has approved the sale

RCB vs LSG: BCCI's strict action on Virat-Gambhir after the debate in the field, this Afghan player was not spared

The match between Lucknow Super Giants and Royal Challengers Bangalore in IPL 2023 was quite cont

PM Modi: PM Modi spoke to the Prime Minister of Australia, and many issues including Quad were discussed

Prime Minister Narendra Modi spoke to Australian Prime Minister Anthony Albanese soon after his E

Elvish Yadav: Want one crore, otherwise... extortion demanded from 'Bigg Boss OTT 2' winner Elvish, accused arrested

A case of 'Bigg Boss OTT 2' winner Elvish Yadav receiving threats has come to light. Extortion ha

Another claim on Corona's Chinese connection: British journalist said - the genes of 1,000 animals including monkeys and rabbits were changed in Wuhan Lab; Animals were also injected with the virus

Another claim is being made about the city of Wuhan in China, which has come under the target of

Understand how Turkey is becoming an arena in the Iran-Israel war

The proxy war between Israel and Iran, which has been going on for years, is now coming out in th

24 people died in Uttarakhand, 100 people were trapped due to water entering Kosi river in Ramnagar resort

It has been raining in Uttarakhand for the last 48 hours. Ten people are reported to have died du