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Rs 57K cr for recapitalization

The central government is expected to give around Rs 57,000 crore to public sector banks for recapitalisation purposes over the next two financial years, said finance secretary Rajiv Mehrishi. This will help these banks to meet global risk norms, he added. Mehrishi said the fund infusion need not have to wait for the union budget as the funding needs can be met through supplementaries. There is already some budget allocation provision there, and it can be used to begin, which itself is substantial, he added. The government has earmarked Rs 7,940 crore in the budget for recapitalisation of PSU banks for the current fiscal. The government has already started assessment of capital requirement of public sector banks.

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