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

abstract

  • The Finance Minister held a review meeting with the CEOs of public sector banks.
  • Nirmala Sitharaman asked banks to implement a comprehensive self-reliant India relief package.
  • All agreed that the needs of MSMEs and other customers needed to be resolved immediately.

Detailed

Finance Minister Nirmala Sitharaman held a review meeting with the Chief Executive Officers (CEOs) of public sector banks to discuss various issues including debt disbursement and to implement a comprehensive self-reliant India relief package to bring the economy affected by Kovid-19 back on track. Said to Meeting Through Video Conferencing This meeting was done 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 PSBs to implement the schemes announced under Self-Reliant India. Everyone agreed that the needs of MSMEs (micro, small and medium enterprises) and other customers need to be addressed 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 giving additional loans to MSMEs immediately and simplifying the procedures, format and documentary requirements. Since the Union Cabinet has already approved various schemes, operational guidelines have been issued to banks.  Pallav Mahapatra, managing director and CEO of

Bank
Central Bank of India, who is optimistic about the plans , 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.” 
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