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Nirmala Sitharaman Says Banks Have Sufficient Liquidity
14 Oct 2019, 04:11 PM IST
- All efforts would be made to ensure that the MSME sector gets its dues ahead of Diwali, the Finance Minister said.
- According to the returns filed by large corporates to the Corporate Affairs Ministry, there are dues worth Rs 40,000 crore to the MSME sector, she said.
- Talks between the Finance Ministry and the state-run lenders come at a time the government has announced a slew of measures to revive economic growth.
- The finance minister said on Monday that the the bank merger process was "going smoothly".
- In August, the government announced a mega consolidation plan in a bid to strengthen the financial system and push economic growth.
- The four mergers proposed to combine Punjab National Bank with Oriental Bank of Commerce and United Bank; Canara Bank with Syndicate Bank; Union Bank of India with Andhra Bank and Corporation Bank, and Indian Bank with Allahabad Bank.
- The consolidation plan would lead to 12 public sector banks in the system instead of 27, the government said.
- India's GDP or gross domestic product expanded 5 per cent in the quarter ended June, marking the lowest pace of growth in more than six years.
- The Finance Minister has earlier said that GDP growth is likely to pick up in the October-March period as consumer demand is expected to improve in the festival season.
- Meanwhile, the Finance Ministry said that loans worth Rs 81,781 crore were disbursed during the nine-day outreach programme organised by banks.
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