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PM Narendra Modi to meet stakeholders from Banks, NBFCs today 

Prime Minister Narendra Modi will virtually meet the stakeholders from Banks and Non-Banking Financial Companies today to discuss on the vision for the future. 

Jul 29, 2020 12:47 IST
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Prime Minister Narendra Modi will virtually meet the stakeholders from Banks and Non-Banking Financial Companies (NBFCs) on July 29, 2020 to discuss and deliberate on vision and roadmap for the future. 

The key topics that will be discussed include credit products, financial empowerment through technology, efficient models for delivery and prudential practices for stability and sustainability of the financial sector

The interaction will see participation from senior officials from the central government including Union Minister of Finance, Nirmala Sitharaman. 

Significance

The Prime Minister’s Office said in a statement that the banking sector plays a huge role in contributing to India’s economic growth through financing infrastructure, agriculture, local manufacturing including MSMEs. The financial inclusion will play a huge role in financial empowerment through technology. 

Background

The Prime Minister had reviewed the state of the economy earlier this month as well along with Finance Minister Nirmala Sitharaman. The centre is attempting to go all out to trigger the revival of the Indian economy amid the COVID pandemic. 

The nationwide lockdown imposed to curb coronavirus spread had a severe impact on all sectors of the economy. The centre has since then announced several measures to support and provide additional liquidity to key sectors including banks, MSME and agriculture. The banks are seeking a one-time restructuring of loans and further liquidity infusion from the RBI to support them during the present downturn.

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