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Govt infuses Rs 3.5 lakh crore capital into PSU banks: FM
Economy

Govt infuses Rs 3.5 lakh crore capital into PSU banks: FM

Agency News

Finance Minister Nirmala Sitharaman has said that government has infused Rs 3.5 lakh crore capital into public sector banks (PSBs) to help them maintain regulatory capital requirements and finance growth plans. In the last Budget, the government had infused Rs 70,000 crore.

"We have infused Rs 3.5 crore capital into PSU banks. A few among them will be encouraged to move capital market for fundraising purposes", she said in her Budget Speech.

She also announced selling government's stake in IDBI bank to private investors. In the last fiscal, government had sold stake in IDBI Bank to insurance behemoth LIC. As of now, LIC owns 51 per cent controlling stake in the bank, while government holds 46 per cent shares in the lender.