Finance Minister Nirmala Sitharaman on Thursday held an important meeting on credit disbursal and liquidity. The leader has announced several measures over the last few weeks to reverse the economic slowdown, including merger of several public sector banks and slashing of the corporate tax. Addressing a press conference after the meeting, the Finance Minister said she had not heard reports of a liquidity crisis.
Here are the highlights of Nirmala Sitharaman's address:
- There is still demand and activity in densely populated rural India, MFIs and microfinance companies.
- I did not hear from any one liquidity is a crisis.
- Lenders observed that commercial vehicle related problem is not a new problem, happened in 2010 also. They feel it will get over.
- Passenger vehicle problem is one of sentiment, they said.
- Service sector is showing very high appetite for credit, lenders said.
- It was a very 'tonic-like' meeting, heard a lot of good things.
- Not one voice said there is a concern, shortfall of demand.