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Friday, March 29 2024
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Economy needs stimulus, credit demand muted: SBI Chairman

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Kolkata: Amid the economy roiling through a slowdown in demand and consumption, State Bank of India (SBI) Chairman Rajnish Kumar on Sunday raised the pitch for a stimulus, saying that the credit demand remains subdued.

Though lack of credit demand exists in the economy, there is no supply-side constraint as the public sector banks are well-capitalised, he said. “Demand for credit in the economy is subdued. There is a need for stimulus in the economy,” Rajnish Kumar told media here.

The SBI chief was in the city to attend the multi-level consultation programme with SBI branch managers in the region. “There is no supply-side constraint. More or less, the public sector banks are well capitalised and bank rates also moderated,” he said while expressing hope that the monsoon will have a positive impact.

Increased spending by the government and the upcoming festival season would boost demand, Kumar pointed out.

Intensifying the efforts to find ways out of pressing issues of a tax surcharge on the super-rich, the slowdown in the auto and housing sector, the Finance Ministry and the Prime Minister’s Office (PMO) are constantly holding meetings to come out with solutions to tackle the near-stagnant economy. They are discussing options and solutions on tackling the slowdown in the auto, realty sectors and also on the equity market, being battered by FPIs.

 

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