News Bureau

7th Pre Budget Consultation held!

FM focuses finance and Corporate Affairs,

Gazing for Paperless Access to Finance!

The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley said that in order to strengthen the banks, which are the key pillars of the economy, the Central Government has decided to take a massive step to recapitalize the Public Sector Banks (PSBs) in a front-loaded manner.

He said that the Government has decided to infuse capital worth Rs.2.11 lakh crore in PSBs in next two years through budgetary provisions of Rs.18,139 crore, and Rs. 1,35,000 crore through Re-capitalisation Bonds, and the balance through raising of capital by banks from the market.

The Finance Minister Shri Arun Jaitley was making the Opening Remarks during his 7^th Pre-Budget Consultation Meeting with the representatives of the Banks and the Financial Institutions (FIs). The Finance Minister, Jaitley said that capital adequacy of the banks will help in credit growth and job creation among others.

Various suggestions were given by the representatives of the Banking and Financial Institutions. It was suggested to incentivise digital transactions to make 2018 as a year of Paperless Access to Finance; it was suggested to extend the date of Masala Bond TDS which expires in June 2018 among others.

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