Posing to reviews matters related to credit growth, FinMin slates to meet PSU heads ahead of MPC meet

Mumbai, August 03: Viewing to review matters relating to growth of credit in various important sectors of the economy, Finance Minister Nirmala Sitharaman is slated to meet heads of public as well as major private sector banks on Monday.

 

Generally, the finance minister holds review meeting with heads of public sector banks and financial institutions, but this time the ministry has also invited major private sector lenders, where the secretaries of department of revenue and corporate affairs ministry too would be attending the meeting.

 

India's largest bank, SBI has posted a profit of Rs 2,312 crore in the first quarter of the fiscal as against a loss of over Rs 4,876 crore in the year-ago period on better asset management. State-owned banks have however recovered Rs 3.59 lakh crore over the last four financial years, including record recovery of Rs 1.23 lakh crore during 2018-19.

 

“Sitharaman will hold a meeting with stakeholders and representatives of other ministries to discuss recommendations of the U K Sinha committee report on the MSME sector”, the statement reported.

 

It further noted that the implementation of the proposals would involve inter-ministerial or inter-agency coordination as the finance minister will be meeting the stakeholders and representatives of several ministries, including MSME, MEITY, and rural development, among others.

 

Meanwhile, Sitharaman is taking meetings with secretaries of all departments under the finance ministry daily with a view to improve inter-departmental coordination and also to discuss urgent economic issues and implementation of the budget announcements.