FM Sitharaman to meet chiefs of state-run banks to review schemes for SCs | The Financial Express

FM Sitharaman to meet chiefs of state-run banks to review schemes for SCs

Financial services secretary Sanjay Malhotra, the chairman of National Commission for Scheduled Castes and senior finance ministry officials are expected to attend the upcoming meeting.

FM Sitharaman to meet chiefs of state-run banks to review schemes for SCs
The minister would also review the performance of state-run banks and others in extending credit to this community.

Finance minister Nirmala Sitharaman will likely meet the heads of public-sector banks and financial institutions by the end of September to take stock of the progress made by them in implementing various government schemes that are targeted towards the welfare of people belonging to the scheduled castes.

Schemes like Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and Credit Enhancement Guarantee Scheme for Scheduled Castes (SCs) will be up for a review, an official source told FE.

The minister would also review the performance of state-run banks and others in extending credit to this community.

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This is the latest in a series of meetings held by the finance ministry in recent months to review the performance of state-run banks and financial institutions on various parameters. Ahead of the crucial festive season, the ministry late last month held a meeting with chiefs of state-run banks to review the lenders’ credit disbursement and broader financial performance.

Financial services secretary Sanjay Malhotra, the chairman of National Commission for Scheduled Castes and senior finance ministry officials are expected to attend the upcoming meeting.

The Stand-Up India scheme facilitates bank loans of Rs 10 lakh to Rs 1 crore to at least one SC/ST borrower and one female borrower per bank branch for setting up new enterprises. The scheme, launched in 2016, was extended for the entire period coinciding with the 15th Finance Commission period of 2020-25. As on July 22, 1,44,223 loans have been sanctioned to women and SC/ST entrepreneurs across the country under the scheme, showed the government data.

Under the Mudra Yojana, collateral-free loans of up to Rs 10 lakh is provided by member lending institutions to micro and small units engaged in manufacturing, trading, services and activities allied to agriculture. As of July 1, about 359 million loans amounting to Rs 19.61 trillion have been offered to eligible beneficiaries.

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