FM To Meet Heads of PSBs, Discuss Issues
Recently, the RBI’s six-member monetary policy committee headed by governor Sanjay Malhotra and consisting of three external members, voted five to one to lower the benchmark repurchase or repo rate by 50 basis points to 5.5 per cent
New Delhi: Union finance minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) on June 27, to discuss a host of issues including review of financial performance and implementation of various government schemes. This is going to be the first review meeting after the monetary policy meeting of the Reserve Bank of India (RBI).
Recently, the RBI’s six-member monetary policy committee headed by governor Sanjay Malhotra and consisting of three external members, voted five to one to lower the benchmark repurchase or repo rate by 50 basis points to 5.5 per cent. It also slashed the cash reserve ratio by 100 basis points to 3 per cent in tranches that will add Rs 2.5 lakh crore to already surplus liquidity in the banking system.
According to sources, the finance minister would review the financial performance of public sector banks and their targets for the current financial year. “Besides, the minister may urge public sector banks to increase their lending towards productive sectors to prop up economic growth which hit a four-year low of 6.5 per cent in FY25,” the source said.
Comprehensive review of various segments and progress in government schemes including the Kisan Credit Card, PM Mudra and three social security (Jan Suraksha) schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) might be discussed during the meeting.
