Recapitalisation of Public Sector Banks
Sunday - December 16, 2018 10:05 am ,
Category : INDIA
WTN- Government of India (GoI) announced recapitalisation of Public Sector Banks (PSBs) to the tune of Rs. 2.11 lakh crore in October 2017, through infusion of capital by the Government and raising of capital by banks from the markets. Rs. 88,139 crore was infused by the Government in PSBs during financial year (FY) 2017-18 after the recapitalisation announcement and provision of Rs. 65,000 crore has been made in the budget for the current financial year for infusion. Since the recapitalisation announcement till November 2018, PSBs have been recapitalised to the tune of Rs. 1,28,861 crore through infusion and mobilisation of capital from the market.
The benefits that have accrued to customers include increasing access to banking services from home and mobile through digital banking and enhanced customer ease.
Unprecedented financial inclusion ,Jan Dhan programme by the Government has enabled opening of bank accounts for millions of previously unbanked customer (about 33.46 crore such accounts have been set up as of 5.12.2018, with balance of about Rs. 84,800 crore) and allowing users to receive government subsidies (as DBT) and to access remittances, credit, insurance, and essentially being included financially, increased availability of loans upto Rs. 10 lakh to the non-corporate, non-farm small/micro enterprises under Pradhan Mantri MUDRA Yojana (PMMY),wherein a borrower can approach any of the lending institutions or can apply online through portal. (during FY 2017-18, 4.81 crore loans were sanctioned and in the current financial year, as on 7.12.2018, 2.81 crore loans MUDRA loans have been sanctioned.
Increasing lending to MSMEs through time-bound automated processing and transparent status-tracking, with financially and technologically strengthened banks leveraging digitalised bank statements and income-tax and GST returns and according in-principle loan sanction within 59 minutes.
Meet the production credit requirements of the farmers in a timely and hassle-free manner by introducing Rupay Kisan Credit Card
India’s global-rank for “getting credit” as per World Bank’s Ease of Doing Business Index has improved from 44 in 2016 to 22 in 2018.
(Source-PIB)
The benefits that have accrued to customers include increasing access to banking services from home and mobile through digital banking and enhanced customer ease.
Unprecedented financial inclusion ,Jan Dhan programme by the Government has enabled opening of bank accounts for millions of previously unbanked customer (about 33.46 crore such accounts have been set up as of 5.12.2018, with balance of about Rs. 84,800 crore) and allowing users to receive government subsidies (as DBT) and to access remittances, credit, insurance, and essentially being included financially, increased availability of loans upto Rs. 10 lakh to the non-corporate, non-farm small/micro enterprises under Pradhan Mantri MUDRA Yojana (PMMY),wherein a borrower can approach any of the lending institutions or can apply online through portal. (during FY 2017-18, 4.81 crore loans were sanctioned and in the current financial year, as on 7.12.2018, 2.81 crore loans MUDRA loans have been sanctioned.
Increasing lending to MSMEs through time-bound automated processing and transparent status-tracking, with financially and technologically strengthened banks leveraging digitalised bank statements and income-tax and GST returns and according in-principle loan sanction within 59 minutes.
Meet the production credit requirements of the farmers in a timely and hassle-free manner by introducing Rupay Kisan Credit Card
India’s global-rank for “getting credit” as per World Bank’s Ease of Doing Business Index has improved from 44 in 2016 to 22 in 2018.
(Source-PIB)
