Home » News » Banking & Finance » A record one Lakh Crore Rupees expected to be generated through disinvestment during the period 2017-18 Bank Recapitalization program will enable public sector banks to lend additional rupees 5 Lakh Crore

A record one Lakh Crore Rupees expected to be generated through disinvestment during the period 2017-18 Bank Recapitalization program will enable public sector banks to lend additional rupees 5 Lakh Crore

The Government has initiated efforts to generate funds as well as undertake banking sector reforms. The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely, while presenting the General Budget 2018-19 in Parliament here today said that the Government has initiated the process of strategic disinvestment in 24 CPSEs including strategic privatization of Air India.     Highlighting the Government’s effort to generate funds, the Finance Minister said that the Exchange Traded Fund Bharat-22 which was introduced to raise Rs. 14,500 Crore, was over-subscribed in all segments. Similarly, the 2017-18 Budget Estimates for disinvestment were pegged at the highest ever level of Rs.72,500 Crore and the estimated receipts from the same are expected to the tune of Rs.1,00,000 crore in 2017-18, far exceeding the target. The Finance Minister has also set the disinvestment target of Rs.80,000 crore for 2018-19.Making his Budget Speech, the Finance Minister said that bank recapitalization program has been launched with bonds of Rs.80,000 crore being issued this year. This recapitalization will pave the way for the Public Sector Banks to lend additional credit of Rs.5 lakh crore. It is proposed to allow strong Regional Rural Banks to raise capital from the market to enable them to increase their credit to rural economy.

National Housing Bank Act is being amended to transfer its equity from the Reserve Bank of India (RBI) to the Government. Indian Post Offices Act, Provident Fund Act and National Saving Certificate Act are being amalgamated and certain additional people friendly measures are being introduced. To provide the Reserve Bank of India an instrument to manage excess liquidity, Reserve Bank of India Act is being amended to institutionalize an Uncollateralized Deposit Facility. Securities and Exchange Board of India Act, 1992, Securities Contracts (Regulation) Act 1956, and Depositories Act 1996, are being amended to streamline adjudication procedures and to provide for penalties for certain infractions.

About Indianindustry Media

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

GI Certification for five varieties of Indian coffee 

The Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government ...

NITI Aayog organises FinTech Conclave 2019 

Over 300 stakeholders from across the Government, Banking and Startup investors chart future of financial ...

12th Regional Standards Conclave Odisha :MSMEs Need to Maintain Standards to compete globally

 “MSMEs need to maintain Standards and should not suffer due to issues relating to conformity ...

Global Aluminium Conference ‘INCAL 2019’ inaugurated in Bhubaneswar  

  The much-awaited mega aluminium conference – International Conference on Aluminium (INCAL 2019) was kicked off ...

15.56 Crore Loans amounting to Rs. 7,23,000 crore disbursed under Mudra Yojana

Under MUDRA Yojana, 15.56 crore loans have been disbursed amounting to Rs. 7,23,000 crore. While ...

Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed 

Individual taxpayers having taxable annual income up to  Rs.5 lakhs will get full tax rebate ...

PM dedicates to the nation Integrated Refinery Expansion Complex and Mounded Storage Vessel at LPG Bottling Plant in Kochi

Prime Minister Narendra Modi visited  Kochi , Kerala today and dedicated to the nation and ...

NALCO Celebrates 39th Foundation Day 

In a historic step that is bound to leave a lasting impact on the cultural ...

International Civil Aviation Organization Predicts 100 % Increase in Global Air Travel by 2030

With hundreds of millions of people joining the global middle-class, the demand for air travel ...

Anti-Dumping Duty on Chinese Goods 

Directorate General of Trade Remedies (DGTR), erstwhile DGAD, had conducted investigations on subsidies on Chinese ...