Money & Banking

Atmanirbhar package: FM reviews bankers’ readiness

New Delhi | Updated on May 22, 2020 Published on May 22, 2020

Nirmala Sitharaman Finance Minister   -  THE HINDU

‘Banks to play key role in stimulus’

Finance Minister Nirmala Sitharaman on Friday reviewed the readiness of banks in implementing the over ₹20-lakh crore Atmanirbhar relief package.

The government is relying heavily on the public sector banks to deliver the goods when it comes to implementation of this package.

In her video conference with chief executives of PSBs, Sitharaman is reported to have underscored the need for banks to do some heavy lifting for the successful implementation of the stimulus measures.

The discussions centred around the MSME measures, farmer-friendly agriculture reforms, RBI liquidity push besides the sectoral initiatives around housing, aviation and social sector benefits such as viability gap funding.

This meeting came on a day when the RBI further cut its repo rate by 40 basis points. The aspect of banks being asked to push credit and lend more to help economic revival also figured in the discussions, it is learnt.

On their part, bank chiefs said they were aligned on the need for quickly addressing the needs of MSMEs and other customers.

The Finance Ministry along with the banks are working on the implementation issues around the ₹3- lakh crore MSME loan support, ₹30,000-crore special liquidity window for NBFCs/HFCs and MFIs besides Extended Scheme for Partial Credit Guarantee to support NBFCs.

Published on May 22, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.