Public sector banks (PSBs) are now planning to deal with the risks after a recent meeting with Finance Minister Nirmala Sitharaman. Public sector banks will share the report with the government within two weeks. Banks will also prepare a plan for any adverse situation that may come suddenly. Such claims are being made in the news.
Banks will tell their preparations
According to a news from ET, sources related to the matter have told that public sector banks are preparing a plan to deal with any risk and they will submit a report to the government within the next two weeks. Banks will also tell the government what provisions have been made regarding the pledged shares. Apart from this, they will also inform the government about their strategies regarding the integrated market data of such guarantees.
last week’s meeting
Banks are making this preparation at a time when the world is feeling the threat of Global Banking Crisis for the first time after 2008. Finance Minister Nirmala Sitharaman had an important meeting with all public sector banks on Saturday last week in the midst of this crisis. He had taken stock of the current financial health of all public sector banks and also gave necessary instructions to public sector banks to avoid banking crisis.
Banks had given assurance
The Finance Minister had told all the public sector banks that they should take preventive measures against any anticipated shock. After the meeting, the Finance Ministry had said that all major financial parameters indicate stable and flexible public sector banks. At the same time, banks had also assured Finance Minister Nirmala Sitharaman that the Indian banking system is strong and there is nothing to worry about at the moment.
government wants it
The government wants all public sector banks to properly assess all the risks. Along with this, the government has asked the banks to improve other important financial standards as well. The government had also said that public sector banks should identify all those points, which can prove to be troublesome. The meeting with the Finance Minister was attended by several senior officials of the Finance Ministry and heads of all public sector banks.
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