Prime Minister Narendra Modi on Wednesday held a meeting with the stakeholders of banks and NBFCs and discussed issues in the financial sector, including credit growth and risk aversion.
The meeting largely talked about the vision and roadmap for the future.
A statement from the Prime Minister’s Office (PMO) said that the crucial role of the financial and banking system of supporting growth was discussed. It was noted that the small entrepreneurs, SHGs and farmers should be motivated to use institutional credit to meet their credit needs and grow.
“Each bank needs to introspect and take a relook at its practices to ensure stable credit growth. Banks should not treat all proposals with the same yardstick and need to distinguish and identify bankable proposals and to ensure that they get access to funding on their merit and don’t suffer in the name of past NPAs,” it said.
Risk aversion by banks has been a major concern of late as credit and liquidity are the need of the hour amid the Covid-19 pandemic.
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