Finance Minister Nirmala Sitharaman will hold a meeting with the heads of public sector banks (PSBs) today i.e. on Monday. In this meeting, the Finance Minister will discuss the performance of government schemes and the revival of the economy. Along with this, the performance of the lending institutions will also be reviewed in this meeting.
The focus will be on giving more loans
Sources said banks would be urged to give more loans to productive sectors to accelerate the revival of the economy. Significantly, at this time, challenges are being faced on the economic front due to various reasons including the Russo-Ukraine war.
ECLGS will also be reviewed
According to sources, the progress of various government schemes and the performance of various economic sectors will be thoroughly reviewed in this meeting. The Loan Facility Guarantee Scheme (ECLGS) will also be under review. In this year's budget, ECLGS has been extended till March 2023. In addition, the guarantee cover for the scheme was increased by Rs 50,000 crore to Rs 5 lakh crore.
public sector bank earning profit
This meeting is being organized at a time when all PSBs have made a profit for the second consecutive financial year. In such a situation, in this meeting, the government can ask banks to increase the allocation of credit to productive sectors to accelerate the pace of the economy.
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