Economy

Finance Minister's meeting with public sector bank chiefs deferred

Our Bureau New Delhi | Updated on May 25, 2020 Published on May 11, 2020

Finance Minister Nirmala Sitharaman   -  PTI

The Finance Minister Nirmala Sitharaman’s meeting with chief executives (CEOs) of State-owned banks slated for this afternoon has been deferred.

This meeting was to discuss the flow of credit from the banking system to the economy post the breakout of Covid-19. The reasons for the deferment of the meeting was not known, official sources said.

PTI says

According to sources, the meeting has been deferred and the new date will be informed shortly.

The meeting, to be held via video-conferencing, was to discuss various issues, including credit offtake, as part of efforts to prop up the economy hit by the Covid-19 crisis.

The agenda also included taking stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments.

The Reserve Bank of India (RBI) had on March 27 slashed the benchmark interest rate by a massive 75 basis points and also announced a three-month moratorium to be given by banks to provide relief to borrowers whose income has been hit due to the lockdown.

Earlier this month, RBI Governor Shaktikanta Das held a meeting with heads of both public and private sector banks to take stock of the economic situation and review implementation of various measures announced by the central bank.

Published on May 11, 2020

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