Modi Govt monitoring transmission of repo rate cut by banking sector: FM Sitharaman

Finance Minister Nirmala Sitharaman has said that the Narendra Modi Government is closely monitoring transmission of repo rate cuts by the banking sector and recognising efforts in scripting India’s growth story. The Union Minister was interacting with the Managing Committee Members of PHD Chamber of Commerce and Industry today through video conferencing today in New Delhi. She said that the Government has always recognised the importance of wealth creators as they generate employment opportunities and utilise resources in optimal manner for promoting socio-economic development in the country.

"The Finance Minister stated that they are closely watching the developments in disbursement of loans under the provision of Rs 3 lakh crore collateral free automatic loans for businesses to mitigate the daunting impact of pandemic COVID-19 on trade and industry," said Nirmala Sitharaman.

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She added, "We are closely monitoring the situation in consultation with banks so that relief measures announced by the Government effectively percolate down to ground level especially the transmission of repo rate cuts to consumers in terms of reduced interest rates."

Sitharaman went on to add that the Government has always focused on Minimum Government and Maximum Governance with a special focus on addressing challenges faced by Industry and promoting ease of doing business. She further added that the Rs 20.97 lakh crore stimulus package is very comprehensive, substantial and one of the largest provided in the world during COVID-19 pandemic lockdown.