Niramala Sitharaman to meet bank chiefs tomorrow

March 24, 2023 22:08

Finance minister Niramala Sitharaman will meet managing directors of public sector banks on Saturday to review performance against the backdrop of the failure of a few banks in the US and the liquidity crisis faced by Credit Suisse.

The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card, Stand-Up India, Pradhan Mantri Mudra Yojana, and emergency credit line guarantee scheme to help businesses affected by COVID-19, according to sources.

This is the first full review meeting after the presentation of Budget 2023-24 and banks would be asked to focus on the areas highlighted by the Budget, including credit flow to productive sectors.

The finance minister will review financial inclusion, credit growth, asset quality, and capital raising and business growth plan of banks for the next financial year, the sources said, adding non-performing assets of Rs 100 crore and the recovery status would also be discussed.

The meeting comes against the backdrop of global concern over the failure of banks due to aggressive monetary tightening.

The US Fed on Wednesday hiked interest rates by 25 basis points to tame high inflation despite the banking crisis.

To fight the persistent hot inflation, the Fed has so far increased rates from zero to 4.75 to 5 per cent, all in just one year.

Taking a cue, both, the Bank of England and the European Central Bank have also raised their benchmark interest rates. -- PTI

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