The state-run banks can expect some big announcements in the upcoming Union Budget 2019, which will also be the first of the Modi government after coming to the power for the second time. Finance Minister Nirmala Sitharaman will be presenting the Budget on 5th July. According to the reports, the PSU banks have already listed the requirements and submitted the same to the government. It further adds that the at least 5 or 6 government run banks have placed the requirement of additional capital.
Under Prompt Corrective Action (PCA), the government run banks can get an excess of 35 thousand crore rupees. According to the sources, the amount will be given in the current financial year.
The government banks which can expect excess capital are United Bank, Allahabad Bank, Indian Overseas Bank, Corporation Bank since they come under Prompt Corrective Action (PCA).
Earlier, Prime Minister Narendra Modi interacted with economists and industry experts on current economic situation and took note of their suggestions. In the interactive session organised by Niti Aayog on ‘Economic Policy - The Road Ahead’, over 40 economists and other experts participated.
“During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health,” said a release issued by the Prime Minister’s Office.
The Prime Minister thanked all participants for their suggestions and observations, on various aspects of the economy. The meeting was also attended by Commerce and Industry Minister Piyush Goyal and Minister of State (independent charge) for Statistics and Programme Implementation Rao Inderjeet Singh.
Niti Aayog Vice Chairman Rajiv Kumar and senior government officials were also present. Finance Minister Nirmala Sitharaman will be presenting the full Budget for 2019-20 on July 5 in the Lok Sabha.
It will be first full Budget of the Modi 2.0 government.