There isn’t any proposal for elevating Overseas Institutional Funding (FII) ceiling in public sector banks to 49% from 20% for capital mobilisation, Minister of State for Finance Anurag Singh Thakur knowledgeable the Lok Sabha on Monday. No quantity has been raised by the federal government within the present monetary yr for recapitalisation of public sector banks (PSBs) by issuance of recapitalisation bonds, he mentioned in a written reply. “No proposal to amend this, is at present into account of the federal government,” he mentioned whereas replying to a query if the federal government is mulling over elevating FII in PSBs from 20 % to 49 % for capital mobilisation. “As per the proviso to sub-section (2D) of part three of the Banking Firms (Acquisition and Switch of Undertakings) Act, 1970/1980, no particular person or firm resident outdoors India shall maintain shares exceeding 20 % of a nationalised financial institution’s paid-up capital,” he mentioned. Replying to a different query, he mentioned, the federal government and World Financial institution have thus far signed just one mortgage of USD 750 million on Could 15, 2020 as budgetary assist to the Authorities for accelerating India’s COVID-19 Social Safety Response Programme with a view to assist measures undertaken below Pradhan Mantri Garib Kalyan Yojana (PMGKY), the advantages of which have flown to all States/UTs. All beneficiaries lined below PMGKY are benefited from this mortgage, he mentioned, including, as on date, the signed mortgage quantity (USD 750 million) has been totally disbursed below the programme.
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