FinMin Sitharaman Chairs Review Meeting With Heads Of Public Sector Banks

Ahead of the Union Budget 2022,  Finance Minister Nirmala Sitharaman, on Friday, reviewed the performance of Public Sector Banks (PSBs) with their Chairman and Managing Directors. 

During the review meeting, Sitharaman assessed various steps taken by PSBs in implementing pandemic-related measures initiated by the Centre and RBI and readiness to tackle possible future disruptions due to the third wave. 

Sitharaman noted that business outlook is progressively improving in spite of the headwinds from global development and Omicron spread. The contact intensive sectors may require more support to help them fight against the pandemic.

On the credit demand front, the Finance Minister said that credit demand is expected to pick up on account of growth in retail segments, improvement in overall macroeconomic prospects and improving the financial health of borrowers.

During the review meeting, bankers pointed out that PSBs have observed an improvement in the repayment culture in the country. PSBs have performed well and are supported by various policy measures, providing the required impetus to the economy for coming out of the shackles of pandemic induced stress.

Meanwhile, Union Minister of State Dr Bhagwat Karad said that PSBs are the powerful engines of our economy and congratulated the bankers for their performance during the pandemic times. Moving with the times, banking has become more open and customer-centric.