Finance Minister Nirmala Sitharaman holds meeting with bank chiefs and NBFC today
Finance Minister Nirmala Sitharaman holds meeting with bank chiefs and NBFC today

New Delhi: Union Finance Minister Nirmala Sitharaman is going to have an important meeting on Thursday. The meeting will be attended by the Chiefs of Banks and Non-Banking Financial Companies (NBFC). In this meeting, the debt restructuring plan will be reviewed mainly to discuss the financial pressure related to the global pandemic coronavirus.

Along with this, the progress of various schemes announced under the Rs 20.97 lakh crore self-reliant India campaign will be reviewed. This review meeting will focus on helping businesses and people take advantage of relief measures on feasibility basis, finalize bank policies, identify borrowers and discuss issues that need to be addressed for smooth and speedy implementation. 

Under the self-reliant India campaign, the central government had announced a package of about 21 lakh crores. In this package, the emphasis has been laid on making people self-sufficient. Its financial burden is falling on the banks. This meeting is being held at a time when the apex court has also given a statement regarding the restructuring of the bank loans. The court said that banks are free to do this, but they cannot punish honest borrowers by charging interest to defer EMI payments under the plan to postpone EMI during the pandemic.

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