Finance Minister Nirmala Sitharaman held a review meeting with the heads of state-run banks and non-banking financial institutions through video conferencing on Thursday. In this meeting, the bottlenecks in increasing the speed of loans to the needy were discussed. The Finance Minister said that banks should speed up the options to provide immediate help to the people who are in debt.
The Finance Minister instructed the banks to give loans to those who need help from banks immediately after the loan morotium is over. He also asked banks to prepare a plan to provide relief to the people in distress. According to Nirmala Sitharaman, banks should prepare a resolution plan with the approval of their board. Also, identify those borrowers who are in financial crisis and they should also be given all possible help. He also said that banks should make a resolution plan and implement it to get the businessmen and their businesses out of the crisis.
Deadline set for September 15
To implement this plan on behalf of the government, a deadline of 15 September has been kept. In addition, banks and non-financial institutions have also been asked to give information about this scheme to the people through wide publicity channels. Also keep all the aspects related to it uploaded in Hindi, English and regional languages on your website so that people do not have difficulty in understanding it. The Finance Minister has been assured by the banks that such borrowers are being identified who are in crisis. It has also been told that work on resolution is going on fast.