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EXTEND LOANS WITHOUT FEAR OF 3CS: FM

Why in news?

Finance Minister Nirmala Sitharaman on 23rd May 2020 said banks had been asked to extend loans automatically to eligible borrowers without ‘fear of 3Cs — CBI, CVC and CAG’.

Details

  • Clear instructions had been given in a meeting with CEOs and MDs of public sector banks and financial institutions on 22nd May that the banks should not be scared to extend loans as 100% guarantee is being given by the government.
  • It is being said that the genuine bonafide decisions in the banking sector are being impacted because of the worry of undue harassment by 3Cs — Central Bureau of Investigation (CBI), Central Vigilance Commission (CVC) and Comptroller and Audit General (CAG).
  • The Finance Ministry has taken several steps to allay those fears including withdrawing some of the notifications which were causing fear among bankers.

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September 2022
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