NEW DELHI:  Finance Minister Nirmala Sitharaman will meet with heads of public sector banks (PSBs) on Monday to assess the institutions' performance and progress on several government-sponsored programmes aimed at reviving the economy.

This is the first meeting after the Budget 2022-23 was presented.

According to sources, banks would be urged to grant loans for productive industries to help the economy recover faster in the face of headwinds such as the Russia-Ukraine conflict.

During the finance ministry's Iconic Week celebrations last week, banks held outreach programmes across the country, where eligible borrowers were given loans on the spot. the Finance Minister will assess credit growth, asset quality, and bank growth plans, source said. A detailed examination of all areas and developments in government programmes such as the Kisan Credit Card and the Emergency Credit Line Guarantee Scheme (ECLGS) would be conducted.

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.

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