Tuesday, March 31, 2020

Government to push for consolidation of PSBs

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PSBsFinance Minister Arun Jaitley has revealed that the government will push for consolidation of the public sector banks once they are recapitalised and strengthened.

He said, “We have now undertaken this exercise of recapitalisation of banks within the existing resources. I am trying to find additional resources for that purpose… strengthen the banks. Once they are strengthened, I am going for consolidation of some of the banks.”

In his Budget speech, Jaitley had announced that the government will unveil a roadmap for consolidation of public sector banks (PSBs) which are expected to get an infusion of Rs 25,000 crore this fiscal. He had also cleared that if additional capital is required by these banks, the government will find the resources for doing so.

Earlier, the government had announced a revamp plan ‘Indradhanush’ to infuse Rs 70,000 crore in state-owned banks over four years, while they will have to raise a further Rs 1.1 lakh crore from markets to meet their capital requirements in line with global risk norms Basel-III.

In line with the blueprint, PSU banks were given Rs 25,000 crore in the last fiscal and an equal amount is planned for the current fiscal. As per the plan, Rs 10,000 crore each would be infused in 2017-18 and 2018-19.

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