: FM to hold meeting with PSB heads on April 23; progress review of ECLGS on agenda #FinanceIndia #StockMarketNEWS FM to hold meeting with PSB heads on April 23; progress review of ECLGS on agenda New

@StockMarketNEWS Tue 12 Apr, 2022

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FM to hold meeting with PSB heads on April 23; progress review of ECLGS on agenda #FinanceIndia #StockMarketNEWS
FM to hold meeting with PSB heads on April 23; progress review of ECLGS on agenda New Delhi, April 11 (KNN) Union Finance Minister Nirmala Sitharaman will hold a meeting with chiefs of Public Sector Banks (PSBs) on 23rd April and is likely to conduct a comprehensive progress review on the Emergency Credit Line Guarantee Scheme (ECLGS) and various other government schemes.

ECLGS was launched in May 2020 with an aim to provide financial assistance to MSMEs battered by the pandemic and was extended till March 2023 during the recent budget announcement.

Further, the guarantee cover for the scheme was expanded by Rs 50,000 crore to Rs 5 lakh crore.

The main purpose of the meet is to review performance of the banks and gauge the progress made by them on various government schemes launched for revival of the economy challenged by the pandemic.

After the presentation of Budget 2022-23 on 1st February, this is the first full review meeting to take place.

According to media reports, banks would be urged to sanction loans for productive sectors to boost revival of the economy.

The meet will be held in the national capital and the discussion would be around the current fiscal year of FY23.

In April to December last year PSBs clocked a collective net profit of Rs 48,874 crore and faced no loss.

After facing collective losses for five years from 2015 to 2020, PSBs earned a combined net profit of Rs 31,820 crore in 2020-21. (KNN Bureau)