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Finance Minister reviewed the performance of Public Sector Banks

Newdelhi:14/10/19:Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman reviewed the performance of Public Sector Banks (PSBs) here today in a meeting with bank chief executives. Credit and implementation of measures announced to support economic growth were reviewed in-depth.In the review, it was noted that during the first phase of the Customer Outreach Initiative, from 1st to 9th October 2019, PSBs disbursed Rs 81,781 crore, including new term loans of Rs 34,342 crore. Banks shared their plans for the second phase of the Customer Outreach Initiative, with camps in about 150 districts between 21st to 25th October 2019, building on the momentum already built.

As in the first phase, NBFCs would also participate. Further, receivable bill discounting for MSMEs would also be a focus area.  Details of specific dues outstanding of the companies, including MSME, with the corporates and aggregating approximately Rs 40,000 crores will be shared by the Ministry of Corporate Affairs with banks for reaching out to MSMEs during the Customer Outreach Initiative for bill discounting and enabling MSMEs to access working capital.

In addition, home loans, vehicle loans, agriculture loans, education loans, and other MSME and personal loans would be focused upon. It was reiterated that the outreach would be without any dilution in diligence or underwriting standards. It was also noted that with the recent recapitalisation of over Rs 55,000 crore, PSBs are well equipped to support credit needs.

It was noted in the review that PSBs have continued to support the NBFC/HFC sector. Since the IL&FS default in September 2018 till 10th October 2019, PSBs have sanctioned total support of Rs 3,97,557 crore in the form of credit as well as pool-buyouts of Rs 1,07,792 crore, including Rs 15,455 crore under the newly launched Partial Credit Guarantee Scheme. Disbursement by PSBs to NBFCs has been Rs 39,068 crore since the last review on 19th September 2019 till 10th October 2019.

The PSB’s chief executives informed that they will continue expeditious disbursement of pool buy-outs including those sanctioned under the Partial Credit Guarantee Scheme. Government would also issue suitable clarifications to banks with a view to expedite processing of proposals under the scheme.

About Ashok Palit

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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