July 11, 2020

The Breaking of Day: Banks to hold public meets with NBFCs until 15 Oct in 400 districts: Sitharaman

Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur and Finance Secretary Rajiv Kumar chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi
  • The move is an attempt to increase credit disbursement ahead of the upcoming festive season
  • Sitharaman said she has asked banks no stressed MSME should be declared an NPA till 31 March, 2020

New Delhi: To increase credit disbursement across the country ahead of the festive season, Finance Minister Nirmala Sitharaman has directed scheduled commercial banks and non-bank financial companies (NBFCs) to reach out to new customers in 400 districts in two tranches from now and 15 October.

Addressing a press conference after meeting the heads of commercial banks, Sitharaman said in the first instance, the programme will be run in 200 districts from now and 29 September where banks and NBFCs will be available to disburse credit to retail customers, farmers, Micro, Small & Medium Enterprises (MSMEs). In the next phase, another 200 districts will be targeted between 10-15 October.

“Junior finance minister Anurag Thakur will depute ministers or MPs to attend these programmes and come back with report on how it went,” she said.

Read More Info: https://www.livemint.com/industry/banking/banks-to-hold-public-meets-with-nbfcs-until-15-oct-in-400-districts-sitharaman-1568904679010.html

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