Won’t seek World Bank funds for PSBs: Govt
27 Oct 2013 11:15 PM GMT
A top Finance Ministry official on Saturday categorically ruled out accessing World Bank funds to recapitalise state-run banks, saying enough money has been already budgeted for this purpose.
‘Absolutely not,’ was Financial Services Secretary Rajiv Takru’s terse response when reporters asked him whether’the government will seek a World Bank loan to infuse capital into the 26 public sector banks (PSBs).
‘We have already given the banks Rs 14,000 crore and will give more. We don't want any money from the World Bank to give the banks as we have made enough provisions in the Budget for this,' he said on the margins of a Federation of Indian Chambers of Commerce and Industry (Ficci) event here.
The Government uses the National Investment Fund to recapitalise PSU banks.
‘Absolutely not,’ was Financial Services Secretary Rajiv Takru’s terse response when reporters asked him whether’the government will seek a World Bank loan to infuse capital into the 26 public sector banks (PSBs).
‘We have already given the banks Rs 14,000 crore and will give more. We don't want any money from the World Bank to give the banks as we have made enough provisions in the Budget for this,' he said on the margins of a Federation of Indian Chambers of Commerce and Industry (Ficci) event here.
The Government uses the National Investment Fund to recapitalise PSU banks.
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