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Nirmala Sitharaman To Meet Heads Of Financial Institutions Next Week

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Finance Minister Nirmala Sitharaman will satisfy heads of banks next weekFinance Minister Nirmala Sitharaman is set up to meet heads of banks and banks next week to get rid of friction in credit flow to efficient sectors of the economy damaged by the Coronavirus pandemic.The two-day conference, beginning November 17, would see involvement from all public sector banks and financial institutions (FIs).

Besides, CEOs of leading 6 private sector loan providers and non-banking financial companies (NBFCs), including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Cholamandalam Financial Investment and Finance, Shriram Transportation Finance and Tata Capital, would likewise be present.In a letter addressed to chairman and CEO of banks and financial institutions, the finance ministry stated the two-day conference will concentrate on circulation of credit into different sectors of the economy in a smooth manner.Observing that bank credit is essential to economic activity, the letter said generally, banks have actually been the main source of credit for various sectors of the economy and their lending operations have developed in response to needs of the economy .

In order to much better understand the environment and related concerns, it stated, a stakeholders' conference is being organised on November 17-18 to be attended by Financing Minister and other top federal government officials.The meeting comes at a time when banks are undertaking outreach programmes to press financing in the efficient sectors of the economy.




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