New Delhi, October 14: With economic slowdown gripping the country, Union Finance Minister Nirmala Sitharaman on Monday announced that her ministry had given a deadline to micro, small and medium enterprises (MSMEs) till October 22, 2019, to respond about bill discounting. She also mentioned that the Union Corporate Affairs Ministry has a complete list of companies which stated that they owe MSMEs nearly Rs 40,000 crore.

Addressing a press conference after taking a review meeting with Chairman & MDs of public sector banks in New Delhi, Sitharaman stated that the Union Ministry is well informed and have all details of bill discounting of MSMEs to companies. Following which, the secretaries of corporate affairs and banking would ensure that the data -- in desegregated form -- is given to these banks. After this, these banks shall attempt to approach all these MSMEs and ask them if want a bill discounting because that is openly claimed by the companies. Nirmala Sitharaman Takes Measures to Pace Up Economic Growth, Says 'Inflation Under Control and Clear Sign of Revival of Industrial Production'.

Here are ANI tweets on Sitharaman's press:

Reiterating that there is no cash crunch in the PSUs, Finance Secretary Rajeev Kumar stated, "FM reviewed credit growth and how to boost the economy with PSBs. Public Sector Banks disbursed loans worth Rs 81,700 crore via 'Loan Melas' from October 1-9 and loans can be availed based on prudential norms. Next outreach program is from October 21-25." Nirmala Sitharaman Asks Banks to Give Preference to Fresh Loan Applicants After Mergers Come Into Effect, Announces 200 Loan Melas.

Asked in the issue of banks post announcement of bank mergers, Union Finance Minister said, "On the merger of banks, everything is going smoothly. The bank boards have all been on-board. They have taken the necessary steps to keep that process going smoothly." Among other things, the Finance Minster reviewed the condition of the economic crisis in the country, and asked suggestions from bank CEOs to revive the slowing economy.

(The above story first appeared on LatestLY on Oct 14, 2019 03:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).