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‘PSBs not meeting recap target’
Context
The Finance Ministry on Wednesday said it had not provided the entire amount towards capital infusion in public sector banks as most of them failed to meet the performance target.
Indradhanush Plan
- As part of the Indradhanush Plan to revitalise state-owned lenders, the government had proposed to infuse Rs. 70,000 crore out of Budgetary Allocations in them. The plan envisaged Rs. 25,000 crore each in 2015-16 and 2016-17 and Rs. 10,000 crore each in 2017-18 and 2018-19.
- So far, it has infused Rs. 51,858 crore in public sector banks (PSBs).
- These include State Bank of India, Punjab National Bank, Canara Bank and Bank of India.
