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.
On April 8, the Supreme Court had advised through a comment that the President should take a deci
Before the Ram temple 'Pran Pratishtha' ceremony, Acharya Satyendra Das, the chief priest of Ram
Dhanshree Verma breaks fast on a video call: Choreographer shares beautiful video of Karva Chauth
Dhanashree Verma, the wife of Indian cricket team cricketer Yuzvendra Chahal, has shared a loving
In IPL 2023, the doubleheader match will be played on Saturday i.e. 15th April. The 16th match of
The body of a corona victim was found last week at the Rajiv Gandhi General Hospital in Chennai.
Corona has once again started spreading its feet in the country. In the last 24 hours, 20,139 new
The political and economic crisis in Sri Lanka is deepening. Protesters have stormed the Rashtrap
The Narcotics Control Bureau (NCB) on Wednesday filed a charge sheet in the Sushant Singh death c
Tension is rising over Ukraine, will Putin press the nuclear button?
First of all, I want to admit one thing. Several times I thought: "Putin would never do that." Bu
1,300 Americans Return Home From India On Special Flights: US Official
वाशिंगटन: अमेरिका के वरिष्ठ राजनयिक
