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Finance Minister To Meet PSB Heads; First Physical Review Meet Since COVID Outbreak

Sitharaman said that the Union Government is all set to do anything that is needed to revive and support the Coronavirus pandemic hit economy, hence this meeting is considered to be crucial.

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Union Finance Minister Nirmala Sitharaman is going to conduct a meeting with Chief Executive Officers (CEOs) of public sector banks (PSBs) on August 25, in order to review the financial performance of the lenders and progress registered by them to support the economy, amid the economic crisis due to COVID-19.

Nirmala Sitharaman recently said that the Union Government is all set to do anything that is needed to revive and support the Coronavirus pandemic hit economy, hence this meeting is considered to be crucial. The Finance Minister said that the growth will be given its priority and will be pushed both by the RBI and Central Government. 

Also,  after the outbreak of deadly COVID-19, this will be the first physical review meeting. Meanwhile, the meeting is also expected to talk about the banking sector progress recorded after restructuring the 2.0 scheme by the RBI, sources said, adding that banks might be bumped to push advance development in productive areas. The redid Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) would likewise be evaluated during the meeting, revealed sources. 

According to the provisional data, the resolution, recapitalisation, and reforms, Non-Performing Assets (NPA) have decreased to Rs. 7,39,541 crore on March 31, 2019 and on March 31, 2020, it was at Rs 6,78,317 crore. As of March 31, this year, it has declined to Rs 6,16,616 crore, as an aftermath of the techniques of recognition by the Union Government. 

The Union Government informed in the Parliament that, they have simultaneously taken extensive steps to control and to effect recovery in NPAs, which empowered PSBs to recuperate Rs 5,01,479 crore in the course of the last six financial years. 

Meanwhile, the credit growth of scheduled commercial banks (SCBs) is positive for the financial year (FY) 2020-21, amidst compression in GDP (-7.3 per cent), as a result of the Coronavirus outbreak.


(With sources input)


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