On August 19, Union Finance Minister Nirmala Sitharaman urged Government banks to enter special drives to garner deposits at a performance review meeting with the bank chiefs in Delhi.
Also, the finmin stressed on digital payments and cyber security at the meeting, according to people familiar with the development.
Further, the FM also asked PSBs to be more collaborative among banks, Government, regulators and security agencies against frauds and cyber security risks.
“Banks must expeditiously implement recent Budget announcements, including, a new credit assessment model for MSMEs based on digital footprints and cash-flows,” the FM said.
Besides, banks have to focus more on credit flow through initiatives like PM Surya Ghar Muft Bijli Yojana and PM Vishwakarma Yojana, the minister said.