‘Banks must lend funds where needed, to help revive growth’

Hold district-wise credit outreach programmes, exhorts FM

The central government has asked public sector banks to provide credit wherever it is required, ie something on the lines of loan melas, to help revive growth. In her annual review of state-owned banks and meeting with the heads of the banks in Mumbai, Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Wednesday asked banks to hold district-wise outreach programmes to provide credit. In her interaction with MDs of these banks, she stressed the need for sharper focus on customer service, credit growth to support MSMEs and underserved segments, as well as credit for national initiatives for infrastructure, PLI schemes and for exports. She has asked banks to interact with export promotion agencies as well as with industry associations so that the requirements of exporters could be addressed in a timely manner. The banks have been directed to ‘interact regularly’ with the Federation of Indian Export Organisations (FIEO) to ensure exporters did not have to shuttle among various bankers to get the best rates.