PM Modi to meet chiefs of banks, NBFCs on Wednesday

FPJ Web Desk | Updated on: Tuesday, July 28, 2020, 06:13 PM IST

PM Modi  | Twitter/@BJP4India
PM Modi | Twitter/@BJP4India

PM Narendra Modi will chair a high-level meeting with chiefs of banks and non-bank financial institutions (NBFCs) on Wednesday to take stock of the economic situation and discuss the roadmap for the future, announced PM's office on Tuesday.

The Prime Ministers office announced that PM Modi will join stakeholders from Banks and Non-Banking Financial Companies (NBFCs) to discuss and deliberate on vision and roadmap for the future on Wednesday evening.

The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector, PMO further announced.

PM is also expected to discuss the progress of varipous schemes announced under the Atmanirbhar Bharat Abhiyaan package, CNBC TV-18 earlier reported.

Senior executives, CEOs of State Bank of India, Bank of Baroda, Union Bank of India, PNB, HDFC Bank, ICICI Bank and others are expected to participate in the meeting.

Sources told CNBC TV018 that RBI Officials are not expected to participate in the meeting.

Earlier, RBI's Finance Stability Report stated that macro stress tests for credit risk indicate that the GNPA ratio of all SCBs may increase from 8.5 per cent in March 2020 to 12.5 per cent by March 2021 under the baseline scenario; the ratio may escalate to 14.7 per cent under a very severely stressed scenario.


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Published on: Tuesday, July 28, 2020, 06:13 PM IST