October 14, 2019 8:26 PM

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FM Nirmala Sitharaman reviews performance of PSBs

Finance Minister Nirmala Sitharaman reviewed the performance of Public Sector Banks, PSBs, during a meeting with bank chief executives in New Delhi today. Credit and implementation of measures announced to support economic growth were reviewed in-depth. <br />''<br />''In the review, it was noted that during the first phase of the Customer Outreach Initiative, from 1st to 9th of this month, PSBs disbursed 81 thousand 781 crore rupees including new term loans of 34 thousand 342 crores. <br />''<br />''During the meeting, banks shared their plans for the second phase of the Customer Outreach Initiative, with camps in about 150 districts between 21st to 25th of this month. As in the first phase, Non-Banking Financial Companies, NBFCs will also participate. <br />''<br />''<br />''Further, the receivable bill discounting for MSMEs would also be a focus area. Details of specific dues outstanding of the companies, including MSME, with the corporates and aggregating approximately 40 thousand crore rupees will be shared by the Ministry of Corporate Affairs with banks for reaching out to MSMEs during the Customer Outreach Initiative for bill discounting and enabling MSMEs to access working capital.<br />''<br />''The PSB's chief executives informed that they will continue expeditious disbursement of pool buy-outs including those sanctioned under the Partial Credit Guarantee Scheme. The government will also issue suitable clarifications to banks with a view to expedite processing of proposals under the scheme.<br />''<br />

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