Centre directs PSBs to step up credit to the economy

Piyush Goyal,

In a meeting chaired by the Union Finance Minister Piyush Goyal, the Public Sector Banks (PSBs) are directed to step up credit to the economy. Further, Goyal said that housing and loan to the small and medium enterprises are the main focus areas for the state run lenders.

“We have discussed measures to promote Micro, Small and Medium Enterprises (MSME) and housing loan,” said Goyal, assuring Centre’s support to banks.

Above mentioned announcements are parts of performance review meeting of the PSBs chaired by the Finance Minister. Shaktikanta Das, Governor of the Reserve Bank of India’s (RBI) had also addressed a meeting on Monday with the top heads of PSBs.

“They (PSBs) have also discussed various ways in which the operations of the banks can become more efficient, customer friendly, profitable as well as the stated goal of the government to reach financial inclusion,” he added.

In its official communiqué, the finance ministry said that the reform measures initiated by the Centre, in a bid to strengthen the public sector lenders, has positioned them to step up their support to meet the lending needs of the growing economy.

During the meet, the PSBs discussed several aspects pertaining to the MSME sector, in particular, small traders, small businesses and businesses in remote part of the country.

“They discussed various measures to promote finance for housing and give thrust to home owners to get adequate financing,” he said.

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