Finance Minister Nirmala Sitharaman's meeting with the heads of public sector banks has been postponed on Monday.  Sources said that the meeting has been adjourned for the present time and the new date will be informed soon.  The meeting was to be organized through video conferencing.  The situation of debt distribution was to be discussed in this meeting.  It is noteworthy that the Central Government is making all efforts to revive the economy affected by Coronavirus.

The meeting of the finance minister with the CEOs of public sector banks was also to review whether the banks have given the benefit of reduction in interest rate to the creditors.  Also, the option of moratorium on loan repayment was also to be discussed. Earlier this month, RBI Governor Shaktikanta Das had a meeting with heads of government and private sector banks.  In this meeting, he reviewed the economic situation and reviewed the status of the implementation of various measures announced by the central bank.

Earlier, Finance Minister Sitharaman had tweeted on Saturday that about 3 crore people taking agricultural loans have opted for moratorium on EMI payments. It is noteworthy that on March 27, the Reserve Bank had announced a drastic reduction of 0.75 per cent in the repo rate.  After this, the repo rate fell from 5.15 percent to 4.40 percent.  Apart from this, to give relief to the creditors troubled by the lockdown, the central bank had asked all banks and financial institutions to give the option of three months moratorium to the borrowers on payment of EMI of all types of term loans.