Public sector banks implement self-sufficient India relief package: Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman held a review meeting with Chief Executive Officers (CEOs) of public sector banks to discuss various issues, including debt disbursement and to implement the massive self-reliant India relief package to bring back the economy affected by Covid-19. Said to

Meeting held through video conferencing

The meeting took place through video conferencing. The meeting was significant in view of the government's recent announcement of an incentive package of Rs 20 lakh 97 thousand 53 crore and the announcement of new relief measures, including the Reserve Bank's policy rate cut. The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved several of the schemes announced under the Self-Reliant India Campaign Package to give momentum to the economy.

The Ministry wrote on Twitter that, 'Finance Minister Sitharaman had a review meeting with all the PSBs to implement the schemes announced under Self-Reliant India. Everyone agreed that there is a need to address the needs of MSMEs (micro, small and medium enterprises) and other customers immediately. Details will be released soon about the implementation of the plans.

Guidelines issued to banks

Indian Bank Managing Director Padmaja Chundru said after the meeting that the Finance Minister emphasized on providing additional loan to MSMEs and simplifying the procedures, format and documentary requirements. Since the Union Cabinet has already approved various schemes, operational guidelines have been issued to banks.

Banks are optimistic about the plans

Pallav Mahapatra, managing director and CEO of Central Bank of India, said the finance minister took stock of the situation and reviewed the progress of various schemes. He said, "All banks are very optimistic about the recently announced schemes to strengthen the economy."