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Government to Infuse Rs 10,000 cr in PSU Banks in FY 2017-18

The government will infuse Rs 10,000 crore in public sector banks in the next fiscal and more will be provided if required, Finance Minister Arun Jaitley said on Wednesday.

Press Trust Of India

Updated:February 1, 2017, 3:55 PM IST
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Government to Infuse Rs 10,000 cr in PSU Banks in FY 2017-18
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New Delhi: The government will infuse Rs 10,000 crore in public sector banks in the next fiscal and more will be provided if required, Finance Minister Arun Jaitley said on Wednesday.

"As per the Indradhanush plan, the public sector banks will be provided with Rs 10,000 crore in the next fiscal.

The additional allocation would be made if required," he said while presenting Budget 2017-18.

Under Indradhanush roadmap announced in 2015, the government will infuse Rs 70,000 crore in state banks over four years while they will have to raise a further Rs 1.1 lakh crore from the markets to meet their capital requirement in line with global risk norms, known as BaselIII.

In line with the blueprint, public sector banks have been given Rs 25,000 crore in each fiscal, 201516 and 201617.

Besides, Rs 10,000 crore each would be infused in 201718 and 201819.

The government has already announced fund infusion of Rs. 22,915 crore, out of the Rs 25,000 crore earmarked for 13 PSBs for the current fiscal. Of this, 75 per cent has already been released to them.

The first tranche was announced with the objective of enhancing their lending operations and enabling them to raise more money from the market.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Mirza Arif Beg
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