Finance Minister Arun Jaitley in a press briefing today said that the government would be infusing Rs 83,000 crore in public sector banks within the next few months. The government sought approval from the Parliament earlier today to infuse additional Rs 41,000 crore in state-owned banks through its second batch of Supplementary Demands for Grants to enhance the total recapitalisation in the current fiscal year from Rs 65,000 crore to Rs 1.06 lakh crore.
The fund infusion of Rs 83,000 crore would include meeting minimum regulatory capital requirements of banks that need it and of those undergoing amalgamation, helping banks that are close to falling under PCA to improve and provide better performing banks under PCA with funds to meet CRAR and NPA requirements.
With many weak public sector banks failing to meet the minimum capital ratios as per regulatory requirements under Basel III, the need for fund infusion had become apparent.
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