Finance Minister met with Public Sector Banks

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By TBN Staff

Today on 25th august Finance Minister Nirmala Sitharaman met with MD and CEO of Public Sector Banks(PSBs). Meeting was scheduled to review the financial performance of Public Sector Banks.It is an initiative by the government to revive the economic growth hit by the pandemic outbreak since March 2020.She also interacted with the top officials of the Confederation of Indian Industry(CII) Points discussed in the meeting:

She reviewed the annual performance of Public Sector Banks.

Talked about the implementation of covid19 related packages.

To support the one district one product scheme banks are asked to work with state government across countries.It will provide the sunrise sectors an easy access to funds from banks when needed.

Banks are directed to interact with Export Promotion Agencies, industry and commerce bodies to fulfill tthe requirements of the exporters timely.

Banks are also asked to interact regularly with Federation of Indian Exporters Organisation.

Bankers are concerned of CASA deposits in North Eastern states.So to support the business development banks are asked to look for the credit expansion in these states.

She also approve the 11th bipartite settlement signed by Indian Banks Association under which family pension and employer’s contribution under the NPS is enhanced.

According to Debashish Panda, Secretary of Department of Financial Services- previous limit was rs 9284 per pensioner but now a uniform slab of 30 percent of their last drawn salary will be implemented. Employer contribution in NPS is increased from 10 percent to 14 percent.

Finance Minister launched Ease 4.0 (Enhanced Access and Service Excellence Agenda ) a reform agenda for Public Sector Banks for 2021-22.It is to bring clean and smart banking.