Public Sector Banks Gear Up for Economic Growth Push

Finance Minister Nirmala Sitharaman will convene with public sector bank (PSB) leaders this Friday to assess their financial achievements and strive for increased credit distribution in crucial economic sectors.

This meeting follows the Reserve Bank's substantial 50-basis point rate cut and reduction in cash reserve ratio, designed to enhance liquidity and stimulate economic expansion.

Discussions will cover the banks' financial goals for the current fiscal year and review government schemes like the Kisan Credit Card and the PM Mudra. Public sector banks have reported record-breaking profits, reinforcing the need for strategic financial initiatives.

(With inputs from agencies.)