Finance Minister will hold a meeting with bank heads on Monday

New Delhi: Finance Minister Nirmala Sitharaman will hold a review meeting with the Chief Executive Officers (CEOs) of public sector banks (PSBs) on Monday to discuss various issues including the status of debt offtake. The meeting is part of efforts to revive the economy affected by the Corona virus epidemic. Sources said that this meeting will be done through video conferencing. It will also review the progress of the scheme to extend the benefit of reduction in interest rate to the borrowers and to extend loan from banks for repayment of loan installments.

On March 27, the Reserve Bank of India (RBI) had drastically cut its policy interest rate (repo rate) by 0.75 percent. Apart from this, the Reserve Bank had also announced a relief from banks for repayment of installments for three months to repay the installments of the borrowers affected by the lockdown. Earlier this month, RBI Governor Shaktikanta Das had a meeting with heads of public and private sector banks. He had reviewed the economic situation in the meeting and reviewed the implementation of various measures of support such as granting various deferments announced by the central bank.

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