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FM Next week, Nirmala Sitharaman will meet with the heads of PSBs to encourage them to expand lending to help the economy.

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According to reports, the two-day conference will start on November 17 and will cover a wide range of topics, including progress on government programmes such as the Aatmanirbhar Bharat Abhiyan.

Next week, Finance Minister Nirmala Sitharaman will meet with heads of public sector banks (PSBs) to assess the lenders' performance and efforts in helping the economy recover from the COVID-19 epidemic.

According to insiders, banks would be pressed to grant loans for productive industries in order to speed up the economy's recovery.

The two-day conference, according to insiders, will begin on November 17 and will include a detailed evaluation of several components as well as progress on government projects. including Aatmanirbhar Bharat Abhiyan.

Apart from bankers, top officials from several ministries will attend to identify key difficulties with banks and offer methods to make the process go more smoothly.

The conference, which will be sponsored by the Finance Ministry, will include top officials from infrastructure ministries, agriculture, and related sectors.

The meeting with the MDs and CEOs of PSBs is regarded crucial because of the banking sector's relevance in generating demand and promoting consumption, according to sources.

The gathering takes place at a time when banks are launching outreach programmes to encourage lending in the productive sectors.

As of October 31, banks had sanctioned 13.84 lakh loans totaling Rs 63,574 crore through 10,580 camps organised around the country since the government's countrywide Credit Outreach Program began on October 16.

According to statistics released by the Finance Ministry, business loans totaling Rs 21,687.23 crore were approved for 3.2 lakh borrowers, while vehicle loans totaling Rs 4,560,39 crore were approved for 59,090 borrowers.

The conference is anticipated to take stock of the banking industry, as well as progress on the Reserve Bank of India's (RBI) restructuring 2.0 programme, according to sources. The redesigned Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) will also be discussed.

In addition, they claimed, the Finance Minister is anticipated to assess the bad loan or non-performing asset (NPA) status and discuss possible bank recovery options.

NPAs have decreased from Rs 7,39,541 crore on March 31, 2019 to Rs 6,78,317 crore on March 31, 2020, and further to Rs 6,16,616 crore on March 31, 2021, thanks to the government's identification, resolution, recapitalization, and reform plan. crore as on March 31, 2021 (provisional data).

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The government recently informed Parliament that thorough actions were taken to regulate and effect recovery of NPAs, allowing PSBs to collect Rs 5,01,479 crore during the previous six financial years.

The finance ministry has developed a uniform'staff accountability framework' for NPA accounts up to Rs 50 crore to allay lenders' anxieties.

In order to safeguard honest bank personnel, the government has created a structure under which executives would not be prosecuted if their choices on loans up to Rs 50 crore go wrong.

According to the Finance Ministry's guidelines, the framework would only cover legitimate choices, not those containing wrongdoing or malafide motives. It lays out the specifics of how such acts of omission and conduct by bank officials will be investigated, as well as the procedures that will be followed.

The framework also provides for the resolution of such claims against bankers, saving them time and effort. The framework also provides for the resolution of such claims against bankers, saving them time and effort.

"Within six months of the account being classified as NPA, banks must undertake and execute a staff accountability exercise," the government stated. In the In the past, several senior bankers have been arrested in loan default cases.