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PM Modi to meet chiefs of banks, NBFCs tomorrow to review economic situation

BusinessToday.In     July 28, 2020

Prime Minister Narendra Modi is expected to chair a high-level meeting with chiefs of banks and Non-Banking Financial Companies (NBFCs) on Wednesday to take stock of the economic situation. Modi would also take stock of the flow of credit during the coronavirus crisis, Prime Minister's Office said on Tuesday.

"The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector," PMO said.

"Banking sector plays an important role in contributing to India's economic growth through financing infrastructure, agriculture, and local manufacturing including MSMEs. Financial inclusion can play a big role in financial empowerment through technology," as per the statement issued by the PMO.

Modi recently took stock of the financial sector which has been hit hard by the outbreak of the coronavirus pandemic. He also reviewed the progress of a host of measures announced under the Rs 21-lakh crore Aatmanirbhar Bharat Abhiyan package to stimulate the economy and help the MSME sector and poor sections of society.

Last month, Prime Minister Narendra Modi had said that the economy is showing "green shoots" as the country emerges from the coronavirus lockdown and underscored the importance of being focussed on both life and livelihood.

Although a pickup in economic activity has been seen, full recovery remains a major challenge as industries are functioning with lower capacities. Fresh lockdown measures announced by some states due to spurt in coronavirus cases have thrown up new challenges.

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