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Finance Minister Nirmala Sitharaman chairs post-Budget meeting with heads of Banks, NBFCs and Financial Institutions Finance Minister exhorts all banks to sign up to Account Aggregator Framework, says it will improve credit flow and promote digital lending Meeting emphasizes that Benefits of d
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FAQ :
The meeting was attended by the Finance Minister, the Union Minister of State for Finance, the Secretary of the Department of Financial Services, the Secretary of the Department of Economic Affairs, the Chief Economic Adviser, and heads of public sector banks, select private sector banks, NBFCs, and financial institutions.
The Account Aggregator model is a framework that facilitates seamless flow of credit for small borrowers and promotes digital lending by enabling information sharing and collaboration.
The meeting deliberated on budget announcements concerning PM GatiShakti, Defence, Telecom, Manufacturing & exports, the Emergency Credit Line Guarantee Scheme (ECLGS), and tax concessions for new manufacturing units and start-ups.
Schemes such as subordinated debt for MSMEs, KCC, Aatma Nirbhar Bharat Schemes, and the credit outreach programme were discussed for providing immediate relief to borrowers and banks impacted by the COVID-19 pandemic.
Banks are in a strong position with record profits, declining Gross NPA figures, and sufficient buffers, enabling them to support future economic growth.
The banking industry is urged to target opening accounts for unbanked adults under Jan Dhan Yojana and ensure insurance and pension coverage for all eligible adults.
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