FM Sitharaman meets PSB heads to review profits, credit flow, and key schemes after RBI's rate cut to boost the economy.
Finance Minister Nirmala Sitharaman is scheduled to meet the chiefs of public sector banks (PSBs) on Friday to assess their financial performance and review progress under various flagship government schemes. The review comes in the wake of recent policy easing by the Reserve Bank of India (RBI), aimed at bolstering economic growth.
Earlier this month, the RBI’s six-member Monetary Policy Committee, chaired by Governor Sanjay Malhotra, undertook a significant monetary policy intervention. The central bank slashed the repo rate by 50 basis points to 5.5 per cent and reduced the cash reserve ratio (CRR) by 100 basis points to 3 per cent. The CRR cut, implemented in tranches, is expected to inject an additional Rs 2.5 lakh crore into the banking system, further enhancing liquidity.
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