Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) held an important meeting with all public sector banks on Saturday amid the current Global Banking Crisis. In the meeting, he took stock of the current financial health of all public sector banks. Along with this, the Finance Minister also gave necessary instructions to the public sector banks to avoid banking crisis.
Identify these things bank
The Finance Ministry issued an official statement after Finance Minister Nirmala Sitharaman’s meeting with the heads of public sector banks. According to the statement, the Finance Minister directed all the public sector banks to properly assess the risks. Along with this, banks were also asked to improve other important financial parameters. He asked the bank chiefs to identify all those points which could prove to be troublesome.
Indian banks are strong
The Finance Ministry had taken detailed information about the bond portfolio from all the banks before this meeting with the heads of public sector banks. According to the statement, the Finance Minister said that all public sector banks should take preventive measures against any anticipated shock. The statement said that all major financial parameters indicate stable and resilient public sector banks.
S&P had said this
Credit rating agency S&P Global Ratings had earlier said exactly the same thing. S&P said this week that the Indian banking system is fully equipped to withstand any contagion effects of the ongoing banking crisis in the US. Factors like sound funding profile, good savings rate and government support make the Indian banking system very strong as per the rating agency.
these people took part
According to the statement, apart from Finance Minister Nirmala Sitharaman, Union Minister of State for Finance Dr Bhagwat Kishanrao Karad, Secretary Department of Financial Services Dr Vivek Joshi (Dr. Vivek Joshi, Secretary, Department of Financial Services) and Managing Directors & CEOs of Public Sector Banks (MDs & CEOs of Public Sector Banks) participated.
Banks also received these instructions
Some other instructions were also given to public sector banks in the meeting. They were asked to promote the Mahila Samman Bachat Patra announced in the budget through special campaigns and campaigns. Public sector banks were asked to increase banking presence in border and coastal areas, increase credit offtake in northeastern and eastern states and strengthen business presence in emerging areas like ODOP, e-NAM.