In view of Omicron, the Finance Minister held a review meeting regarding the preparations of the banks, facing the crisis

Omicron Effect: Due to the new variant of the corona epidemic, Omicron, once again new challenges have arisen in front of the economy. Finance Minister Nirmala Sitharaman has held a big meeting with the heads of public sector banks regarding the preparedness of banks to deal with any such challenging situation.

The statement issued by the Ministry of Finance said that in this meeting held through video-conferencing, the Finance Minister has asked the banks to provide all possible assistance to the sectors facing crisis due to the shutdown of economic activities due to the Kovid epidemic. Apart from this, the Finance Minister has also asked banks to help the agriculture sector, retail sectors, MSMEs.

Finance Minister Smt. @nsitharaman chaired review meeting on the performance of Public Sector Banks (PSBs) with their CMDs/MDs via virtual mode from New Delhi today. MoS Finance Shri @DrBhagwatKarad & Secretary Shri @DebasishPanda87 @DFS_India also attended the meeting. (1/2) pic.twitter.com/5ms18VqofY

— Ministry of Finance (@FinMinIndia) January 7, 2022

In this meeting, the Finance Minister reviewed the various relief measures announced by the government and RBI keeping in mind the corona epidemic in view of the corona epidemic. Along with this, it has been asked to be prepared to deal with the problems arising due to the corona epidemic. Praising the success of the ECLGS scheme, the Finance Minister said that we do not have to sit comfortably on the successes we have achieved, we have to help the sectors which have come in trouble due to Corona epidemic. The Finance Minister has asked banks to help the agriculture sector, farmers, retail sector and MSME sector.

The Finance Minister has acknowledged that despite global events and the spread of Omicron, the country’s business outlook is improving. The Finance Minister stressed that the contact intensive sector would need more help to fight the pandemic. He said that the financial condition of the borrowers will improve due to the spurt in economic growth, while the demand for loans is expected to increase. Banks have given loans of Rs 61,268 crore under the credit outreach program.