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Arun Jaitley unveils roadmap for public sector banks, allocates Rs 2.11 lakh crore

Live updates from press conference being held by Finance Minister Jaitley.

BT Online   New Delhi     Last Updated: November 7, 2017  | 12:59 IST
Arun Jaitley unveils roadmap for public sector banks, allocates Rs 2.11 lakh crore

Finance Minister Arun Jaitley held a press briefing today with senior government officials where he announced infusing Rs 2.11 lakh crore capital in banks. The infusion will be carried out through several banking reforms to check indiscriminate lending, and check growth of NPAs in the long run.

Here's live updates from the press briefing:

05:43 pm: There is no authentic data pertaining to job losses. Any big infrastructure push (like the Bharatmala project) instantaneously creates job, says Finance Minister Arun Jaitley

05:40 pm: A differenttial approach will be adopted in infusing capital in banks, performance and potential of banks will be kept in mind: DFS Secretary Rajeev Kumar

05:39 pm: The number of registrants has grown by 30-35 per cent in three months of GST, which is encouraging, says Finance Minister Arun Jaitley

05:36 pm: Once banks are strengthened, interest in banking stocks is also expected to go up, says Finance Minister Arun Jaitley

05:35 pm: Effeort is to add to the private investment, says Finance Minister Arun Jaitley, and for this we are trying to correct the NPA situation

05:32 pm: We need to strengthen lending capacity of banks, says Finance Minister Arun Jaitley

05:25 pm: Banking reforms will come in days to come to check indiscriminate loan disposal, like it was in 2008-14, says Finance Minister Arun Jaitley

05:20 pm: Cabinet has decided that a bold step should be taken. 2.11 lakh crore capital will be inducted into banks through several banking reforms. The methods for this will be decided during the course of coming year, says Finance Minister Arun Jaitley

05:19 pm: Indiscrimate lending have become the NPAs of today. The NPAs were kept under the carpet: Finance Minister Arun Jaitley

05:17 pm: Macroeconomic fundamentals are strong, there is a need to expand public expenditure through government departments and PSUs, and increase private investment: Arun Jaitley

05:10 pm: Bigger, stronger PSBs (public sector banks) are expected in days to come: Secretary, DFS Rajeev Kumar

05:08 pm: Stronger banks are the need of the hour to boost private investment: Secretary, DFS Rajeev Kumar

05:03 pm: Government confident of surpassing disinvestment target of Rs 72,500 crore for this fiscal, says DFA Secretary Rajeev Kumar

05:03 pm: NPAs have grown to 4.50 crore on account of transparent recognition: Secretary, DFS Rajeev Kumar

04:56 pm: Out of estimated capital spending Rs 1.31 lakh crore for Railways, Rs 50,762 crore has already been spent on modernisation and safety

04:54 pm: Govt committed to maintain fiscal deficit at 3.2 pc for current fiscal; will review situation in December: DEA Secretary

04:52 pm: Current account deficit to be less than 2 percent this year, says Subhash Garg

04:50 pm: GDP growth slowdown has bottomed out; economy is turning  around, says DEA Secretary.

04:48 pm: Greenfield point-to-point expressways ranging 10,000 kms will be developed under ongoing National Highway scheme: Finance Secretary Ashok Lavasa

04:46 pm: The government will build 83,677 km of roads with the investment of Rs 6.92 lakhs crors. It will generate 14.2 crore mandays of jobs: Finance Secretary Ashok Lavasa

04:40 pm: Government has tried to uplift life standards of common man through public expenditure: Finance Secretary Ashok Lavasa

04:38 pm: GDP growth average is 7.5 per cent in last 3 years: DEA Secretary Subhash Chandra Garg

04:38 pm: There has been a consistent low inflation story. We'll not cross 4 per cent and will stay at 3.5 per cent: DEA Secretary Subhash Chandra Garg

04:36 pm: India has remained world's fastest growing large economy for the last three years: Arun Jaitley

04:36 pm: We are ready to respond to situations (economic) as they develop: Arun Jaitley been spent on modernisation and safety

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