Prime minister Modi tells bank chiefs to boost MSME loans

PM urged banks to scale up lending to micro, small and medium enterprises.

PM Modi, msme loans

Prime Minister Narendra Modi met heads of top private and public sector banks and non-bank lenders through video conferencing and urged them to scale up lending to micro, small and medium enterprises (MSMEs) and agriculture amid the disruption caused by the Covid-19 pandemic.

Top officials from the finance ministry, including financial services secretary Debashish Panda, heads of State Bank of India, Punjab National Bank and Bank of Baroda, among others, were part of the meeting.

The lenders presented a wish-list to the prime minister, in which they expressed their need to raise capital and fast-track digital lending and the need for the government to implement reforms on agriculture and housing.

As per the official statement from the Prime Minister’s Office the subjects of discussion were credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability and sustainability of the financial sector.

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