Govt to raise Rs. 10312 crore from the market: Jaitley

26 January, 2018, 02:14 | Author: Celia Hoffman
  • Govt to infuse over Rs 88139 crore in 20 Banks

Mr Jaitley said, the government has the prime responsibility of keeping the public sector banks in good health.

Giving presentation on banking reforms, Secretary Department of Financial Services, Rajeev Kumar said, repositioning PSBs will lead the growth and serve people responsibly and responsively.

A total of around Rs 1 lakh crore will be infused in the PSBs by March-end, which comprise Rs 80,000 crore via recapitalisation bonds, Rs 8,139 crore through gross budgetary support and Rs 10,312 crore of funds raised from the market.

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The Centre announced the capital it was allocating for 20 public sector banks, including a Rs 8,800-crore fund infusion for State Bank of India and Rs 5,473 crore for Punjab National Bank. It is only recently that the government has chose to recapitalize banks through bond issuances, and is exploring the capital market, rather than paying directly from its budget. Nilanjan Karfa and Harshit Toshniwal, equity analysts at Jefferies India Pvt Ltd are close to endorsing the view as they say, "it is broadly implied that the infusion of capital in PCA banks is to provide them enough oxygen to survive/revive and growth capital for non-PCA banks". "As discussed earlier this recapitalisation will be front loaded depending on the performance and merit of the PSB", said Kumar. For the PCA banks, the principal object appears to be that they maintain their regulatory capital.

The regulator has initiated prompt corrective action (PCA) in as many as 11 banks, prohibiting them from undertaking fresh business activities such as opening branches, recruiting talent or lending to risky companies. "The original decision stands, it has not been reconsidered but then there is always a time in implementing the decision", Jaitley said.

While pledging 880 billion rupees ($13.86 billion) in aid to state-owned banks on Wednesday, India's Finance Ministry also handed out a set of guidelines that it wants lenders to conform to that will help clean up the financial system. The bonds will not have Statutory Liquidity Ratio (SLR) and a tenure of 10 to 15 years. Also, recap bonds would not impact the fiscal deficit target as IMF's rules classify such debt as "below-the-line" financing. "There is not going to be a public issue", Garg said. Following IDBI Bank, we have Bank of India with 12.6 per ecnt of gross NPA receiving Rs 9,232 crore, UCO Bank with 19.74 per ecnt of gross NPA at Rs 6,507 crore, Central Bank of India with 17.27 per ecnt of gross NPA at Rs 5,158 crore, Indian Overseas Bank with 22.73 per cent of gross NPA getting Rs 4,694 crore.

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