Finance Minister Nirmala Sitharaman is set to meet with heads of public sector banks (PSBs) on April 23, to assess the lenders' performance and progress on various government programmes aimed at reviving the economy ravaged by the pandemic.
This is the first full review meeting after the Budget 2022-23 was presented. According to sources, banks would be pressed to grant loans for productive sectors in order to speed up the economy's recovery. There will be a complete evaluation of all parts and developments in government initiatives, including the Emergency Credit Line Guarantee Scheme (ECLGS)
ECLGS was extended for another year in the Budget, until March 2023. The scheme's guarantee cover was also increased by Rs 50,000 crore to Rs 5 lakh crore. ECLGS 3.0 enhanced the coverage, breadth, and depth of advantages in the hospitality, travel, tourist, and civil aviation sectors. Loans of Rs 3.19 lakh crore have been sanctioned since its commencement in May 2020 to March 25, 2022.
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