Business Daily from THE HINDU group of publications
Monday, Dec 31, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Dec 31, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Public Sector Banks Chidambaram to meet chief executives of PSBs on Jan 4 K.R. Srivats New Delhi, Dec. 30 The Finance Minister, Mr P. Chidambaram, is slated to meet chief executives of public sector banks here on January 4. Indications are that the Finance Minister would review the financial performance of PSBs up to November this fiscal. Also on the cards is a review of the credit flow to the agriculture and small and medium enterprises (SME) sector, informed sources said. The demand for credit from scheduled commercial banks has somewhat softened this fiscal. Corporates this financial year have continued to tap avenues other than commercial banks, such as qualified institutional placements for their fund requirements. Gross bank credit up to December 7 in the current financial year rose 8.4 per cent as against 13.6 per cent for the corresponding period. Non-food credit of commercial banks has risen 9 per cent up to December 7 this fiscal, which is lower than the 14 per cent growth seen in the same period last year, the latest data from the Reserve Bank of India showed. Outstanding bank credit as on December 7 stood at Rs 20.91 lakh crore. In his earlier meeting with chief executives of all PSBs on August 1, the Finance Minister had suggested that the bank chiefs should pass on the benefits of any reduction in deposit rates to borrowers in productive sectors. This suggestion had come at a time when some of the banks had resorted to reduction in 1-year deposit rates by 50 basis points. The Government had also been advising public sector banks to step up lending to minorities under the priority sector. In particular, they had been asked to open more branches in minority dominated districts of the country. More Stories on : Public Sector Banks | Credit Market
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