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Lend to power sector firms with full confidence, Goyal tells banks

business Updated: Jun 07, 2016 10:48 IST
Suchetana Ray
Suchetana Ray
Hindustan Times
Piyush Goyal

Minister for power, coal and renewable Energy, Piyush Goyal met heads of public sector banks to push lending to power sector.(PTI)

Public sector bank (PSB) heads, who were meeting finance minister Arun Jaitley on Monday for a quarterly review, had an unexpected visitor — power minister Piyush Goyal.

Goyal joined the finance minister to interact with PSB chiefs and highlight issues concerning the power sector.

Subjects that were discussed included UDAY, the financial restructuring programme for state electricity boards launched by the government last year, the growth of the power sector and scope in the renewable sector.

“The power minister highlighted the growth and robust health of the power sector. He also spoke about the big opportunities in the renewable sector,” top government sources said.

“The power minister showcased the growth of the power and renewable sectors, so that banks can lend with confidence,” said another source who did not wish to be named.

“There has been a steady growth of the sector, with the government ensuring that all impediments are removed,” he said.

“(We) discussed progress of the UDAY scheme. It has been reasonably successful,” finance minister Arun Jaitley said after the meeting.

Goyal also highlighted the achievements of his ministry in providing fuel linkages to stranded power projects, and its efforts to turn around the state electricity boards.

Banks have been hesitant to lend to power and infrastructure firms, given the slowdown in the sectors. In fact, both top the list of sectors with stressed assets.