Thursday 4 June 2020
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business-standard - 12 days ago

Extend loan automatically to all eligible borrowers without fear of 3Cs: FM to banks

Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs -- CBI, CVC and CAG. She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on Friday that the banks should not be scared to extend loans as 100 per cent guarantee is being given by the government. In case of default, the individual bank or official will be hauled up, she said in a conversation with BJP leader Nalin Kohli uploaded on the party s social media platforms. Yesterday, I reiterated that by saying, if a decision goes wrong, and if there is a loss, the government has given 100 per cent guarantee now. It is not at all going to be on the individual official and on the bank, and therefore without fear they should take this automatic route in the sense, everybody eligible for additional term loan and additional working capital should be given, she said. As part of .


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