The Union Govt may infuse Rs 20,000 crore in Public Sector Banks
New Delhi: In the past few years, the government has infused around 3.5 trillion in the PSBs. On Monday the government of India goes for the parliament nod for “meeting additional expenditure of Rs 20,000 crore” through the recapitalization of bonds into state-owned banks in the fourth quarter of the fiscal year.
The government officials also said that the funds will be sufficient need for this fiscal year. The governor of Reserve Bank of India Shri Shaktikanta Das had mentioned that the recapitalization plan for banks had “become necessary” and called for lenders to raise money in advance to “build resilience” in the financial system.
The government also sought subsidy to the Small Industries Development Bank of India of Rs 1,232 crore. Under the Pradhan Mantri Mudra Yojana, the interest subvention will be 2 percent on prompt repayment of Shishu Loans.
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