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FM To Meet PSB CEOs Today, May Review Fund Flow To Stressed NBFCs, MSMEs

This will be the second meeting of Sitharaman with CEOs of PSU banks in less than a month.

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Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) on Monday to discuss various issues, including progress on credit offtake, as part of efforts to prop up the economy.

The meeting is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said. Banks are expected to present report card on partial credit guarantee scheme and fund raising from market to enhance their capital base.

The Centre in August issued guidelines on operationalising Rs 1 lakh crore partial guarantee scheme under which PSBs can purchase high-rated pooled assets of financially sound non-banking finance companies (NBFCs).

NBFCs, including housing finance companies (HFCs), came under stress following a series of defaults by the group companies of IL&FS in September last year.

Besides, the meeting will also assess the progress of first phase of outreach programme held across 226 districts across the country. This will be the second meeting of Sitharaman with CEOs of PSU banks in less than a month.

The first phase of 'Loan Mela' for providing credit to agriculture, vehicle, home, MSME, education and personal categories ended on October 7. During the annual performance review earlier this month, PSBs decided to undertake outreach exercise in 400 identified districts. Later, the private sector too expressed willingness to join the initiative.

(PTI)


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