Government to infuse Rs 88139 crore into 20 PSBs before March
02:15, Jan 26, 2018
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Jaitley said the government has also chose to capitalise public sector banks (PSBs) in a front-loaded manner, with a view to support credit growth and job creation.
Giving presentation on banking reforms, Secretary Department of Financial Services, Rajeev Kumar said, repositioning PSBs will lead the growth and serve people responsibly and responsively.
Punjab & Sind Bank to get Rs 785 crore; IDBI Bank s 10,610 crore; Canara Bank-Rs 4,865 crore; Union Bank Rs 4,524 crore; Syndicate Bank Rs 2,839 crore; BoM Rs 3,173 crore.
Mr Jaitley said that the Non Performiong Assets (NPAs) was a major problem which NDA Government inherited and trying to find out the solution for it. He also added that PSBs should give loans responsibly so that there are no non-performing assets.
"While PCA banks have got a sizeable amount under the recapitalisation, few banks which are relatively better off have also got funds which should improve their balance sheets and allow them to raise further capital from the markets; and that could drive the next leg of growth for them", he said. The capital infusion plan for 2017-18 includes Rs. 80,000 crore through recapitalisation bonds and Rs. 8,139 crore as budgetary support.
"Governance reforms for state banks have been lethargic, notwithstanding the frequency of talks around changes in governance and underwriting practices at state banks", analysts at Fitch Ratings said.
Alongside the fund infusion, the government announced a set of measures to keep a close watch on the asset quality of the banks, including "specialised monitoring" by agencies for corporate loans of more than Rs 250 crore.
While 11 "weak banks", under the Reserve Bank of India's (RBI) "prompt corrective action" (PCA), there are nine PSU banks that are not classified under extreme distress, but nevertheless have been given funds to ramp up their capital, and thereby lending capacities.
Depositors money in PSB is safe and no state-owned bank would fail.
The government will issue recapitalisation bonds of 6-10 years maturity. These bonds will be non-tradable and not carry the status of an SLR (Statutory Liquidity Ratio) security, Economic Affairs Secretary Subhash Chandra Garg said.
Mumbai: Stakes of State Bank of India (SBI) and other big state-run banks fell on Thursday as they stood to receive less money than investors had expected from the government's much-awaited recapitalisation plan, Reuters reported today morning.
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