Finance Minister Nirmala Sitharaman will hold a meeting with the heads of public sector banks on Saturday ie today. Various issues, including the recently announced government measures to boost the economy, can be discussed in the meeting. The Finance Minister's meeting with the CEOs and managing directors of banks before the Budget will play an important role in boosting significant consumer demand in the banking sector. Finance Minister Sitharaman may present her second budget on February 1, 2020.
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According to sources, Sitharaman can also review the budget announcements related to the facility of withdrawal of more than the existing amount in the accounts of the PM Jan Dhan Yojana through merchant discount rate charges and RuPay cards collected by banks. In this meeting, the online platform for auction of properties under the SARFAESI Act can also be discussed. Sources said that the meeting may also discuss the recovery of non-performing assets (NPAs) through the National Company Law Tribunal (NCLT) and other measures.
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Banks have collected NPAs of Rs 4,01,393 crore in the last 4 years. Of these, Rs 1,56,702 crore was recovered only in 2018-19. According to sources, the situation of the banking sector can be discussed in the meeting and they can be asked to speed up the growth rate of loan disbursement. With this, banks can also be asked to give full benefit of the reduction in repo rate to consumers.
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