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PSU Banks’ amalgamation going smoothly: FM

FM Nirmala Sitharaman sought to allay apprehensions about liquidity in the economy and also assured investors that process of deep economic reforms will continue.

She said that amendments are being made to Companies Act  so it doesn’t look punitive and added that efforts are being made to ensure that due payments are released to MSME sector by large corporates.

Centre is taking many steps in tandem to boost the economy. Addressing the India Energy Forum, Union Finance Minister Nirmala Sitharaman said that amendments are being made to Companies Act. So it doesn’t look punitive and added that course of deep reforms will continue.

Finance Minister also met with the CEOs of Public Sector Banks. This was the second meeting of the finance minister with CEOs of PSU banks in less than a month.

The meeting discussed various issues including progress on credit offtake as part of efforts to prop up the economy.

Public sector banks alone have disbursed Rs 81,781 crore in the first phase of the outreach programme between October 1-9.

Of this, as much as Rs 34,342 crore has gone to new entrepreneurs.

Sitharaman, while briefing the media said that corporate affairs ministry has the list of those companies who have an aggregate outstanding of more than Rs 40,000 crore to the MSMEs.

On the issue of capital infusion, the finance minister said, the work is underway and all the bank boards are taking important steps in this direction.

And on the PMC Bank issue, the minister said that RBI governor said that the interest of the customers will be kept in mind and a favourable solution will soon be found.
 

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