 "The decision to recapitalise the banks is meant to give lenders the ability to offer new credit, Finance Minister Arun Jaitley said at a press conference in New Delhi. Photo: PTI")
With economic revival being big on the agenda, the government on Tuesday unveiled a Rs 2.11-lakh crore support for public sector banks (PSBs), struggling with mounting bad loans, in order to spur “genuine” infrastructure lending for upcoming mega projects.
The move is aimed at creating jobs and boosting economic growth, which slumped to a three-year low of 5.7 per cent in the first quarter of the current financial year.
Facing a resource crunch and the target to rein in its fiscal deficit at 3.2 per cent of gross domestic product in FY18, the government will pump in Rs 1.35 lakh
