Banks to have nationwide credit outreach programme this year: Nirmala Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman on Wednesday, August 25,  said that public sector banks (PSB) will adopt a nationwide credit outreach programme this year. A similar outreach programme was undertaken by the public sector banks in which some private sector banks also participated to boost credit offtake in the face of an economic slowdown.

Addressing the media in Mumbai, the finance Minster said that banks will go about to exhibit loan offerings in every district of the country in a bid to enhance the credit demand. Sitharaman said that during her interaction with the chiefs of public sector banks it was focussed that banks can play a vital role by hand-holding industries from a particular sector to enable them to become an exporter and whereby play an important role in assisting One district one Product scheme suggested by the Prime Minister.

With changing times, now industries have option of raising funds even from outside the banking sector. Banks themselves are raising funds through various avenues. These new aspects need to be studied to target credit where it is needed," the Finance Minister said.

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