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Finance Minister reviews performance

Finance Minister reviews performance of banks with top management of Public Sector Banks

NEW DELHI. Smt. Nirmala Sitharaman, Union Minister of Finance & Corporate Affairs reviewed the performance of the banks, here, today in a meeting with the top management of Public Sector Banks.

Today, FM reviewed at length the implementation of series of measures, following extensive stakeholder consultations, announced since 23.8.2019, including consolidation, to support economic growth. A number of these related to the banking sector and progress in implementation of these was reviewed today with chief executives of Public Sector Banks.

Discussion on the performance of the banks was carried out with focus on supporting credit needs of the economy, in particular the needs of sectors such as NBFCs, HFCs, MSMEs, sectors under stress and enabling better access to cheaper credit. At the end of August 2019, overall credit growth in the banking sector stood at 10.1% on year-on-year basis. This is in parallel with record recoveries and cleaning of bank balance-sheets showing better quality of asset book.

Since the announcement of consolidation of public sector banks on 30.8.2019, Boards of all ten banks have accorded in-principle approval to the proposals. Heads of concerned banks assured Finance Minister that there will not be any disruption in credit decision making due to process of amalgamation and also that open communication to the employees and customers is being carried out for maintaining business as usual. The employee interests are being protected through best of benefits and learning and growth opportunities for the employees.(UPDATED ON SEPTEMBER 19TH, 2019)