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Vision, roadmap for future: PM to meet stakeholders from banks, NBFCs today

“The topics on agenda include credit products & efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of financial sector,” the Prime Minister’s Office said in a statement Tuesday.

By: ENS Economic Bureau | New Delhi | Published: July 29, 2020 3:07:39 am
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Prime Minister Narendra Modi will Wednesday join stakeholders from banks and non-banking financial companies (NBFCs) to discuss and deliberate on vision and roadmap for the future.

“The topics on agenda include credit products & efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of financial sector,” the Prime Minister’s Office said in a statement Tuesday. “Banking sector plays an important role in contributing to India’s economic growth through financing infrastructure, agriculture, local manufacturing including MSMEs. Financial inclusion can play a big role in financial empowerment through technology,” it added.

Finance Minister Nirmala Sitharaman and top government officials will attend Wednesday’s meeting. In an online interaction Monday, the FM said the Centre is willing to listening to all issues being faced industry and has an open mind with regard to further measures that may be needed to support the economy.

To a query on whether the Centre will provide support to small finance banks and NBFCs, the FM said she will review their situation during the meeting.

Even as the Reserve Bank of India (RBI) has provided additional liquidity to the financial sector, NBFCs with below AAA grade investment rating are finding it hard to raise resources. Banks are seeking one time restructuring of loans and further liquidity infusion from the RBI to support them during the present downturn.

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