Nirmala Sitharaman: So that India does not suffer like America … Finance Minister Nirmala Sitharaman is going to do this work – fm sitharaman to review psbs performance sat amid financial crisis in west
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A source said that in this meeting, banks will be discussed towards achieving the targets set for various government schemes like Kisan Credit Card (KCC), Stand-up India, Pradhan Mantri Mudra Yojana (PMMY) and Emergency Credit Guarantee Scheme (ECGLS). Progress will be reviewed. This is the first full review meeting after Budget 2023-24. Sources said that in this meeting, the Finance Minister will also review the plan of banks for loan growth, asset quality, raising capital in the next financial year and business growth. Although the banking crisis has not been mentioned in the agenda of the meeting, officials say that it is also expected to be discussed in the meeting.
What will be the effect on India
According to Business Standard, an official said that this is a regular review meeting of public sector banks. But this is happening in the background of the ongoing banking crisis in America and Europe, so this issue can also be discussed. The crisis is unlikely to have much impact on Indian banks as their balance sheets have been repaired in the last few years. Chief Economic Advisor (CEA) V Ananth Nageswaran said that India has overcome the problems of its financial system in the last decade. Therefore, this crisis will have a minor impact on India.
Banking Crisis: These 30 banks are necessary for the world, if even one sinks, there will be devastation, see how many banks of India are there in this list
Sitharaman recently told the Lok Sabha that the gross NPA ratio of public sector banks had reached 14.6 per cent in March 2018, which would come down to 5.53 per cent in December 2022. The banking crisis started in America. Signature Bank was sunk after Silicon Valley Bank. After this, Credit Suisse Bank of Europe also came under its grip. To save it, the government of Switzerland had to make a deal. UBS Group has agreed to buy it.
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