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FM to seek PSBs numbers on NBFC liquidity, retail credit push
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SME Times News Bureau | 14 Oct, 2019
NBFCs liquidity requirements and
retail lendings as well as poor credit offtake to corporates by public
lenders will figure as the main discussion in the Finance Minister
Nirmala Sitharaman's meeting with the government owned banks on Monday
where she will review their performances in these segments with data.
Bankers
said the second meeting in recent times was necessitated as the Finance
Ministry felt there is still liquidity needs of the NBFCs and they are
not getting enough support from banks, and retail loan books should also
rise for pushing demand in the economy.
The Minister recently in Mumbai had said "Will seek details from PSBs on funding to NBFCs, retail customers on October 14".
"I
am not sitting back saying I have given some solutions for NBFCs. There
may be more issues. I am willing to do that. I am willing to take
steps. Similarly for other sectors," she had said during her visit to
Mumbai ahead of the Maharashtra Assembly Elections.
She had met public and private sector bank chiefs last month in two sets of meetings.
Meanwhile
bank credit growth rate, for the first time this fiscal, has slowed to
single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight
to 27 September, according the Reserve Bank of India supplemenatry
data.
Global rating agency Moody's has slashed its GDP growth
forecast to 5.8 per cent from 6.2 per cent. World Bank has cut it to 6
per cent growth. The WB report released ahead of the annual meeting of
the World Bank with the International Monetary Fund, observed India's
economic growth decelerated for the second consecutive year.
In 2018-19, it stood at 6.8 per cent, down from 7.2 per cent in the 2017-18 financial year.
The
RBI data said credit flow has declined a whopping 88 per cent to Rs
90,995 crore in H1FY20, showing the subdued activity in the economy.
The gross domestic product (GDP) had already fallen to a low of 5 per cent in the first quarter (April-June) of 2019/20.
"I
am hearing a lot of reports that many NBFCs, capable of good business,
still require liquidity infusion and is not available. I will ask for
all data -- on the actual numbers of NBFCs who have benefited, how much
has been given, on retail credit and other categories.
"I am closely monitoring," she had said.
The
Minister is of the view that the government is working to ensure that
liquidity is reaching NBFCs and micro, small and medium enterprises for
their businesses to keep running.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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