1. Finance Minister Arun Jaitley seeks extra $4 billion net spending, cash for banks

Finance Minister Arun Jaitley seeks extra $4 billion net spending, cash for banks

Finance Minister Arun Jaitley sought parliamentary approval to spend a net additional $4 billion in the current fiscal year, almost half of it earmarked to inject capital into state-run banks struggling with bad debts.

By: | New Delhi | Published: July 31, 2015 3:05 PM
Arun Jaitley

Finance Minister Arun Jaitley asked the Lok Sabha to agree to additional spending of Rs 255 billion. (PTI)

Finance Minister Arun Jaitley on Friday sought parliamentary approval to spend a net additional $4 billion in the current fiscal year, almost half of it earmarked to inject capital into state-run banks struggling with bad debts.

Finance Minister Arun Jaitley asked the Lok Sabha to agree to additional spending of Rs 255 billion. The government has a budget target of spending Rs 17.77 trillion ($277 billion) in the 2015/16 fiscal year.

In the annual budget in February, Jaitley provided Rs 79.4 billion ($1.24 billion) to bolster capital reserves of the state-banks.

  1. M
    mohan
    Aug 1, 2015 at 6:55 am
    Do a full AUDIT of all bank transactions and find out how come these PSU Banks are making huge losses year after year. At the same time the New Generation Private sector Banks are fleecing the public through various means. Merely pumping in money to recapitalise these banks is not the solution. What is the status of KINGFISHER loan ? Why its owner is free when a number of banks declared him as defaulter? In Oct 2008 the US president Bush signed a historic $700 billion bailout of the financial services industry. The result is that all banks got richer and government became Pauper. Small countries like Greece, Ital, Spain, Portugal and Ireland were the most hit. Remember nothing will happen to the country if the banks’ money dries up
    Reply
    1. S
      Sadasivan
      Jul 31, 2015 at 3:37 pm
      $1.24 Billion!And the US Treasury Holdings in a year after the NDA came to power has risen by $ 54 Billion.Banks are short of cash.framers are committing Suicide.The 25% poor of India use OPEN TOILET!!!
      Reply

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