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Hang Seng
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Economy

PM Modi interacts with top bank officials, says govt ready to take any steps to support banking system

Updated : July 30, 2020 08:19 AM IST

PM Modi reviewed schemes like emergency credit line for MSME, additional KCC cards, liquidity window for NBFC and MFI.

Banks and financial Institutions should actively promote the use of RUPAY and UPI amongst its customers, he added.

He stressed on adoption of fin-tech like centralised data platforms, digital documentation and collaborative use of information to move towards digital acquisition of customers.

Prime Minister Narendra Modi on Wednesday held a meeting with top bankers and said his government is firmly behind the banking system and is ready to take any steps necessary to support and promote its growth.

In the virtual meeting, attended by CEOs of banks and NBFCs, the Prime Minister emphasizing crucial role played by the financial and banking system in supporting growth, noted that the small entrepreneurs, SHGs, farmers should be motivated to use institutional credit to meet their credit needs and grow.

Reviewing schemes like emergency credit line for MSME, additional KCC cards, liquidity window for NBFC and MFI, he added “while significant progress has been made in most schemes, banks need to be proactive and actively engage with the intended beneficiaries to ensure that the credit support reaches them in a timely manner during this period of crisis.”

“Banks and financial Institutions should actively promote the use of RUPAY and UPI amongst its customers.”

He stressed on adoption of fin-tech like centralised data platforms, digital documentation and collaborative use of information to move towards digital acquisition of customers. This will help increase credit penetration, increase ease for customers, lower costs for banks and also reduce frauds, he further added.

“Each bank needs to introspect and take a relook at its practices to ensure stable credit growth. Banks should not treat all proposals with the same yardstick and need to distinguish and identify bankable proposals and to ensure that these don’t suffer in name past NPAs.”

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