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Union Finance Minister requests banks to work with all State govts to push the 'one district, one product' agenda

26 Aug 2021 Evaluate

Union Finance Minister Nirmala Sitharaman has requested banks to work with all State governments to push the 'one district, one product' agenda, while advising public-sector banks (PSB) to adopt a nationwide credit outreach programme this year.

Sitharaman said banks have also been requested to have interaction with export promotion agencies, chambers of commerce and industry to understand and address the requirement of exporters on a timely manner. She said between public-sector banks (PSBs), there should be some kind of a simple approach so that exporters are not made to run between one bank to another scouting for a better offer.

Banks should go about to exhibit loan offerings in every district of the country in a bid to enhance the credit demand.A similar outreach programme was undertaken by the PSBs in which some private-sector banks also participated to boost credit offtake in the face of an economic slowdown. She said ‘With changed times, now industries have option of raising funds even from outside the banking sector. Banks themselves are raising funds through various avenues. These new aspects need to be studied to target credit where it is needed.’


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