Nirmala Sitharaman To Hold 2-Day Meet With Heads Of Banks And FIs Today

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Sitharaman will meet top government officials and representatives of various ministries present at the conference. They will give insights on various projects undertaken by their respective departments that may require credit.

Finance Minister Nirmala Sitharaman will meet heads of banks and financial institutions on Tuesday to ensure credit flow to productive sectors of the economy that has been ravaged by the pandemic.

The conference, supposed to be held over two days, will have CEOs of the top-six private-sector lenders and non-banking financial companies (NBFCs), including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Cholamandalam Investment and Finance, Shriram Transport Finance, and Tata Capital.

The discussions are believed to be focused on the flow of credit into different sectors of the economy in a seamless manner. The government said that a stakeholders’ conference will also be organised on November 17-18 to better understand the ecosystem and related issues.

Sitharaman will meet top government officials and representatives of various ministries present at the conference. They will give insights on various projects undertaken by their respective departments that may require credit. Industry associations have also been invited to share their perspectives.

There will also be a comprehensive review of the progress made by various government schemes including the Aatmanirbhar Bharat Abhiyan, PTI reported.

The meeting comes at a time when banks are undertaking outreach programs to push lending in the productive sectors of the economy.

Banks have sanctioned 13.84 lakh loans amounting to ₹63,574 crores through 10,580 camps across the country since the start government’s nationwide Credit Outreach Program on October 16.

About ₹21,687.23 crores in business loans were sanctioned to around 3.2 lakh beneficiaries and vehicle loans worth ₹4,560,39 crores were sanctioned to 59,090 borrowers, according to Union Finance Ministry data.

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