The Union Finance Minister Nirmala Sitharaman will be meeting the CEOs of public sector banks on Friday in order to review the financial performance of the lenders. The Finance Minister will also discuss ways to increase the credit growth to propel the economy, the sources said.
The meeting will also seek the review on the progress of resolution of Non-performing Assets (NPAs) cases which are under the Insolvency and Bankruptcy Code (IBC), the sources added.
As per the sources, the finance minister will also be discussing ways to improve the financial health of the banking sector.
This will be the first meeting of the finance minister with the public sector banks CEOs after the Modi government came into power.
The finance ministry official said, “Secretaries of both the Department of Revenue and the Ministry of Corporate Affairs will attend the meeting.”
The Finance Ministry in a reply to a question in the Lok Sabha said that in over the last four financial years, the public sector banks have recovered Rs 3.59 lakh crore. This includes the record recovery of Rs 1.23 lakh crore during 2018-19.