Updated By: LatestGKGS Desk
Union Government plans Banks Recapitalization with Rs. 2. 11 Lakh crore funds
Union Finance Ministry announces Rs. 2. 11 Lakh crore for Recapitalisation for Public Sector Banks and Rs 6.92 lakh crore in the infrastructure sector
The Union Government disclosed an enterprising plan to impart Rs. 2. 11 Lakh crore for Recapitalisation of Public Sector Banks (PSBs) for ambitious road development Programme to boost the economy,
The move comes after the public sector Banks have been burdening to come out of bad loans.
Banks will get Rs 1.35 lakh crore from bonds, Rs 18,000 crore from the Budget and raise the remaining Rs 58,000 crore through sale of share. Fitch Ratings estimates India’s Banks will need nearly $65 billion in bank capital by March 2019.
Besides this, The Union Finance Ministry made another announcement also which was an allocation of Rs 6.92 lakh crore in the infrastructure sector with PM Narendra Midi Government’s road and highways project Bharatmala plan.