Finance Minister Nirmala Sitharaman on Wednesday (25 August) said that public sector banks (PSB) will adopt a nationwide credit outreach programme this year.
Addressing the media in Mumbai, she said that banks will go about to exhibit loan offerings in every district of the country in a bid to enhance the credit demand.
A similar outreach programme was undertaken by the public sector banks in which some private sector banks also participated to boost credit offtake in the face of an economic slowdown.
"With changed times, now industries have option of raising funds even from outside the banking sector. Banks themselves are raising funds through various avenues. These new aspects need to be studied to target credit where it is needed," she said.
Sitharaman said that during her interaction with the chiefs of public sector banks it was highlighted that banks can play a crucial role by hand-holding industries from a particular sector to enable them to become an exporter and thereby play an important role in assisting One district one Product scheme suggested by the Prime Minister.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.