 "Arun Jaitley")
Government will provide sufficient funds to recapitalise public sector banks (PSBs) to ensure that they play a significant role in boosting growth, Finance Minister Arun Jaitley said on Tuesday.
"Banks would be provided sufficient funds to recapitalise them," he said after inaugurating a branch of Union Bank of India in Sydney, Australia.
Jaitley, who is on the on a four-day visit to Australia, said that the banks have to play an important role in achieving higher growth rate in the country.
Read more from our special coverage on "PSU BANKS, NPA, PSBS, INDIAN BANKS, INDRADHANUSH MISSION, BANK RECAPITALISATION, SBI"
Last year, the government 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, PSBs will get Rs 25,000 crore this fiscal and also in the next fiscal. Besides, Rs 10,000 crore each would be infused in 2017-18 and 2018-19.
Union Bank of India is the fifth largest nationalised bank in India. Established in the year 1919, the bank has grown to a business mix of Rs 5,89,889 crore, with deposits of Rs 3,27,412 crore and advances of Rs 2,62,477 crore, as of December 2015.
