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Union Finance Minister reviews the Annual Financial Performance of Public Sector Banks including private banks insurance companies and Financial Institutions for FY 2014-15 - Expects doubling of Loans to the small Business Sector from ₹ 50000 Crore in 2014-15 to ₹ 1 Lakh Crore in 2015-16

Dated:- 12-6-2015 - Suggests that he himself would like to sort-out Issues Relating to Major Projects Stalled Purely Due to Financial Reasons and Discuss with the Concerned Banks, State Governments and other Ministries; Calls for Doubling of Loans to the small Business Sector from ₹ 50,000 Crore in 2014-15 to ₹ 1 Lakh Crore in 2015-16. The Union Finance Minister Shri Arun Jaitley asked the Chief Executive Officers (CEOs) of both the Public Sector Banks (PSBs) and private sector banks .....

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quidity levels at the new lower costs are tested, full transmission would not be viable. However, all banks unanimously expressed that in a period of 2-3 months, greater transmission of lower rates could be seen. The Annual Review Meeting of the Union Finance Minister with the CEOs of Banks (including private banks), Insurance Companies and Financial Institutions (FIs) for the year ending 31st March 2015 was held here today in the national capital. The Finance Minister Shri Arun Jaitley chaired .....

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₹ 49.01 lakh crore during 2014-15. The agricultural credit grew by 17.33% over the previous year, which came as a silver lining. The Finance Minister urged the bankers to achieve the target of 20% growth in educational loan asset by the Department of Financial Services (DFS), Ministry of Finance and also attempt to even out the huge regional disparity in such loans. The Finance Minister Shri Jaitley noted the good growth at 16 - 18% in the Housing sector, and also strongly advised the PSB .....

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g credit growth of banks, has been a matter of concern for banks and Government which was discussed in detail in the meeting. The increase in NPAs is due to some infrastructure projects, slowdown in recovery in the global economy and continuing uncertainty in the global markets leading to lower growth rate of credit, because of which NPA as percentage of total credit has gone up. In addition, the stringent provisioning norms further reduce both future credit flow and profitability of banks. The .....

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those critical projects of economic value. Shri Jaitley suggested that Secretary, Department of Financial Services (DFS) obtain a list of all major projects stalled purely due to financial reasons and attempt to sort out the sticky issues along with the concerned banks. He also suggested that DFS and RBI should interact to examine and sort out the regulatory issues in NPAs and the scope for their modification to ease the pressure on banks. The Minister of State for Finance Shri Jayant Sinha ment .....

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ata, the three Social Security Schemes in the Insurance and Pension sectors namely the Pradhan Mantri Suraksha Bima Yojana (PMSBY), the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY), garnered large scale subscriptions. It was appreciated that 2.53 crore people subscribed to PMJJBY and 7.57 crore people to PMSBY as on 10th June, 2015(10.6.2015). Around 2.12 lakh people joined APY between 9th May, 2015 to 10th June, 2015. However, the Finance Minister Shri Jait .....

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