homeeconomy NewsFinance Ministry to review public sector bank performance on March 25, likely to issue advisory: Sources
Finance Ministry to review public sector bank performance on March 25, likely to issue advisory: Sources
Sources said that the the finance ministry will conduct the quarterly performance review of public sector banks on March 25. The ministry will also take stock of the targets of government schemes such as the Emergency Credit Line Guarantee Scheme (ECLGS), Pradhan Mantri MUDRA Yojana (PMMY), Kisan Credit Cards (KCC).
The Finance Ministry will review the public sector bank performance on March 25, people in the know told CNBC-TV18, adding that the ministry is also likely to issue an advisory to banks to remain watchful.
Sources said that the the finance ministry will conduct the quarterly performance review of public sector banks on March 25. The ministry will also take stock of the targets of government schemes such as the Emergency Credit Line Guarantee Scheme (ECLGS), Pradhan Mantri MUDRA Yojana (PMMY), Kisan Credit Cards (KCC).
The sources said that the ministry is likely to issue an advisory to the banks to remain alert and watchful. They also said that the data on large exposures would be shared with the Reserve Bank of India and the government.
On another note, last week, sources had told CNBC-TV18 that the Centre is not inclined to continue with the ECLGS scheme beyond March 31, 2023.
The officials said that there is no emergency in any of the sectors covered under the ECLGS so there is no logic for another extension and utility of the scheme has passed with the economy recovering. The scheme was specifically designed to address the Covid-led business disruptions, especially for the MSMEs and was first announced during the Covid-19 lockdown in May 2020 as an emergency line of credit of Rs 3 lakh crore.
However, a formal decision on allowing ECLGS to sunset was yet to be taken.
Also Read: Finance Ministry, RBI to finalise first half of FY24 market borrowing programme on March 27
(Edited by : Shloka Badkar)
First Published: Mar 23, 2023 5:12 PM IST
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