Arun Jaitley meets PSBs on liquidity concerns

Arun Jaitley meets PSBs on liquidity concerns

AgenciesUpdated: Wednesday, May 29, 2019, 05:11 AM IST
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New Delhi: Finance Minister Arun Jaitley on Friday met officials of state-owned banks to address concern of a liquidity crunch in the banking system, triggered by a series of loan defaults by Infrastructure Leasing and Financial Services, a senior finance ministry official said.

“We met banks today on the liquidity situation. We have asked the banks to ensure that there is no default. Banks said that they have sufficient liquidity and will support the system,” the official briefed reporters after the meeting.
According to the official, chiefs of all public sector banks have assured of adequate liquidity in the system even as sectoral concerns prevail.
The meeting, which was chaired by Jaitley and was attended public sector banks via video conference, also had Department of Financial Services Secretary Rajiv Kumar and Department of Economic Affairs Secretary Subhash Chandra Garg in attendance.
Among the banks that were present at the meeting were State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank, and Bank of India.
Earlier in the day, Kumar had said that the government will soon announce measures to curb liquidity concern and the deteriorating asset quality among financial institutions.

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