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.
After the vaccination of the coronavirus by Prime Minister Narendra Modi, the pace of vaccination
New cases of corona are increasing continuously in the country. In the last 24 hours, there has b
Corona has started spreading again in the country. It could also be the sound of the fourth wave.
The weather in Delhi-NCR has changed. The rain that began late Sunday night continued on Monday.
As the investigation into the blast outside the Israeli embassy in Delhi is progressing, new clue
Oil companies have released the prices of petrol and diesel for today. Today companies have not m
The current financial year is about to end and now from April 1, we will step into the new financ
Everyone is worried about the rising temperature of the world. Now a NASA scientist has warned th
Kolkata Rains: Rains wreak havoc before Durga Puja, killing 7 people, disrupting normal life
Torrential rains lashed Kolkata and its surrounding areas overnight on Tuesday, disrupting normal
In IPL 2024, Royal Challengers Bangalore (RCB) will face Kolkata Knight Riders on Friday. Apart f
