Government briefs on banks recapilatisation: Highlights
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Finance Minister Arun Jaitley on Wednesday addressed a press conference to layout details of the massive bank recapitalisation plan for the public sector banks (PSBs). Jaitley said that the main objective of this flows from the government's responsibility to keep public sector banks in good health.
Department of Financial Services Secretary, Rajeev Kumar also briefed the media at the conference.
The government this month sought Parliament approval for Rs 80,000 crore ($12.62 billion) that it plans to spend by March, as part of a two-year recapitalisation programme for its state-run banks to help them deal with bad debts and revive credit growth.
This is part of a Rs 2.11 lakh crore recapitalisation plan announced last October. Of the total sum, Rs 1.35 lakh crore is planned to be raised through recapitalisation bonds, while the banks themselves will raise another Rs 58,000 crore from share sales.
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