New Delhi, Oct 24 (IANS) In a major bid to boost flagging economic growth and increase bank credit flow, the Union Cabinet on Tuesday accorded approval for a massive recapitalisation plan for state-run banks worth Rs 2.11 lakh crore.
Of this amount, a sum of Rs 1.55 lakh crore will be raised through recapitalisation bonds, Financial Services Secretary Rajiv Kumar told reporters here following a meeting of the Cabinet.
Another Rs 76,000 crore would be available from budgetary support and raised through market borrowings, he added.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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