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Union Finance Minister Nirmala Sitharaman on Tuesday chaired a post-budget meeting with heads of banks, Non-Banking Financial Institutions (NBFCs) and other financial institutions.During the meeting, the Finance Minister exhorted all the banks to sign up to the Account Aggregator model which would facilitate seamless flow of credit for small borrowers and promote digital lending.The Minister directed that pilots for Account Aggregator model and cashflow-based lending may be replicated in different regions around the country including in the North Eastern Region, on the lines of the initiative by two banks in Varanasi district, according to an official statement released by the Ministry of Finance.The meeting deliberated on the various budget announcements in the context of PM GatiShakti, Defence, Telecom, Manufacturing & exports, Emergency Credit Line Guarantee Scheme (ECLGS) and tax concessions to new manufacturing units and start-ups, which offer new opportunities to the financial sector.The meeting discussed various schemes/programmes such as subordinated debt to MSMEs, KCC, Aatma Nirbhar Bharat Schemes and credit outreach programme which provided immediate relief to the borrowers and the banks, from the impact of the COVID-19 pandemic. ECLGS, which has been enhanced to Rs 5 lakh crore and extended up to March 31, 2023, was also discussed."It was emphasised that digital banking, digital payments and fintech innovations are an opportunity for banks to find new ways to reduce the cost of intermediation and provide cost-effective services and that the benefits of digital banking should reach every nook and corner of the country in a consumer-friendly manner. It was further stressed that banking industry should target to open accounts of unbanked adults under Jan Dhan Yojana and ensure Insurance/Pension coverage to all eligible adults," the Finance Ministry said.It was highlighted in the meeting that with a record profit of Rs 1.22 lakh crore in the financial year 2020-21 and Rs 0.79 lakh crore in the first half of 2021-22, declining Gross NPA figures to 6.90 per cent (as on September 2021) from all-time high of 11.20 per cent (as in March 2018) and sufficient buffers with all time high CRAR of 16.5 per cent (as in September 2021) against the regulatory mandate of 11.5 per cent, banks are in a strong position to support future growth, enabling the country's economy for a take-off, the Finance Ministry noted."The way forward for stepping-up the lending activity and building a conducive credit environment for businesses and individuals was also stressed upon in the meeting," it said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Non-banking financial institutions, Latest News

Business :Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs

Union Finance Minister Nirmala Sitharaman on Tuesday chaired a post-budget meeting with heads of banks, Non-Banking Financial Institutions (NBFCs) and other financial institutions. ...