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PM Narendra Modi took command of the economy?

PM Narendra Modi can hold a meeting with the heads of several main banks and non-banking finance companies of the country on Wednesday to take stock of the state of the country’s economy.

In a virtual conference with PM Narendra Modi, several institutions including State Bank of India, Bank of Baroda, Union Bank of India, Punjab National Bank, HDFC Limited, Bajaj Finance, HDFC Bank, ICICI Bank can participate.

According to CNBC-TV18 report, PM Modi can discuss the state of the economy with the heads of banks. According to sources, the Department of Financial Services Secretary, Ministry of Corporate Affairs Secretary can also participate in this meeting.

According to the sources, along with taking stock of the economic situation during this meeting, PM Narendra Modi can discuss the progress of the Self-Reliant India campaign package. The central government had announced the issuance of a loan of Rs 3 lakh crore to the MSME sector under the Self-Reliant India Campaign.

In such a situation, how much loan has been issued under the Rs 3 lakh crore package and what is the situation, PM Narendra Modi will review it.

This meeting of the heads of banks with PM Narendra Modi is going to take place at a time when the country is going through an economic recession due to Corona crisis and there is a decrease in credit growth. In addition, many businesses are badly beset with debt crisis.

According to sources, RBI officials will not be present in the virtual meeting with PM Narendra Modi. Let us know that recently the Reserve Bank of India in its Financial Stability Report had predicted the NPAs of banks to rise from 12.5 to 14.7% by March 2021.

NPAs of banks stood at 8.5% in the last financial year, but now due to the deteriorating condition of companies due to Corona crisis, this may increase.

Significantly, the central government has announced a package of Rs 20.97 lakh crore to revive the economy badly hit by the Corona crisis. Under this, the package has been announced for the poor sector, including the agriculture sector, MSME, and the welfare scheme.

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