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Reserve Bank of India (RBI) Governor Shaktikanta Das will hold a meeting with Chief Executive Officers (CEOs) of Public Sector Banks on Wednesday.
In this meeting, issues related to slow deposit growth and maintaining high demand for loans will be discussed. According to RBI data, deposits grew by 9.6 per cent as compared to 10.2 per cent on a year-on-year basis. While loan offtake has increased to 17.9 per cent as compared to 6.5 per cent a year ago.
According to the agenda issued for the meeting, pricing and stability including slow growth of deposits will be discussed, sources said. According to sources, the quality of assets in the retail and micro, small and medium (MSME) segment will also be discussed in the meeting.
In addition, in the meeting last month the Prime Minister Narendra Modi The functioning of the digital banking units started by the RBI will also be reviewed. It is noteworthy that the better economic performance in the first half of the current financial year has been strongly supported by the banking system. Along with this, loan distribution has also increased in retail, industry and service sectors.
Non-food credit growth almost doubled from 8.7 per cent in March 2022 to 16.4 per cent in September. It not only reflects the boom in the current economic activities but also shows a good picture of the future. In the loans given to industries, an increase has been registered in the loans given to MSMEs under the ECLG scheme.
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In August, the Union Cabinet approved an additional Rs 50,000 crore under the Emergency Credit Line Guarantee Scheme (ECLGS). Its objective was to ensure that loans are available at affordable rates to hospitality and related industries affected by the coronavirus.
The ECLGS limit was increased from Rs 4.5 lakh crore to Rs 5 lakh crore. The extra money was set aside only for hospitality and related sectors.
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