Prime Minister Narendra Modi will address the concluding session of the conference on ‘Creating Synergies for Seamless Credit Flow and Economic Growth’ on Thursday in New Delhi. The conference is being organised by the financial services department of the Union finance ministry. Union finance minister Nirmala Sitharaman will remain present during the session.
The two-day conference will see the participation of representatives of various industries, banks and financial institutions.
The event is scheduled to be held at 12pm at the Ashok Hotel in New Delhi. It is being held to remove friction in credit flow to productive sectors of the economy battered by the Covid-19 pandemic. The main focus of the conference is on flow of credit into different sectors of the economy in a seamless manner.
It would also undertake a comprehensive review of various segments and progress in government schemes, including the Aatmanirbhar Bharat Abhiyan, according to a report by news agency.
The meeting between the government and the heads of banks and financial institutions comes at a time when banks are undertaking outreach programmes to push lending in the productive sectors of the economy.
Since the commencement of the government’s nationwide Credit Outreach Programme on October 16, banks have sanctioned 13.84 lakh loans totalling ₹63,574 crore through 10,580 camps held across the country as of October 31.
As per the data shared by the finance ministry, as much as ₹21,687.23 crore in business loans were sanctioned to about 3.2 lakh beneficiaries, while vehicle loans worth ₹4,560,39 crore were sanctioned to 59,090 borrowers.