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Finance Minister Nirmala Sitharaman has reviewed public sector banks (PSBs) readiness to tackle any possible disruptions due to the Omicron variant and asked lenders to support sectors, besides farm, retail and MSMEs, that face interruption due to COVID. She also reviewed various steps taken by PSBs in implementing pandemic-related measures initiated by the government and RBI.

While appreciating the success of Emergency Credit Line Guarantee Scheme (ECLGS), the Finance Minister said ‘it is not time yet to rest on our achievements, and that our collective efforts must strive towards supporting sectors that face interruption due to the continued onslaught of the COVID-19 pandemic’. She also conveyed to the bankers to continue supporting the agriculture sector, farmers, retail sector and MSMEs. She noted that business outlook is progressively improving despite the headwinds from global development and Omicron spread.

Sitharaman underlined that contact intensive sectors may require more support to help them fight against the pandemic. She also said that credit demand is expected to pick up on account of growth in retail segments, improvement in overall macroeconomic prospects and improving financial health of borrowers.