Financial Services Secretary Dr Hasmukh Adhia has said that government is planning to bring its equity in public sector banks to 52 per cent. Participating in All India Radio's Radio-Bridge programme on Union Budget yesterday, Dr Adhia said, the plan will fetch 80 thousand crore rupees. He said, 7900 crore rupees equity plan has been proposed for banks in the budget this year. He added that public sector bank's capital adequacy is not much when it is compared with private banks but it is cooping up with BASEL norms adequately. He said, Proposed Micro Units Development and Refinance Agency, MUDRA Bank will provide capital to Micro enterprises without mortgage and in reasonable rate of interest as in the last 22 years 5.7 crore unaccounted businesses which are non agriculture enterprises in the country has generated employment to 12 crore people with an investment of only 11 lakh crore. He added that in corporate sector employment was only 22 lakhs with an investment of 58 lakh crore rupees. Dr Adhia said, many provision has been made in the budget to encourage the people to save more.Participating in the programme, Disinvestment Secretary Aradhana Johri said, year 2014-15 has been the best in disinvestment as it has fetched 24277 crore rupees in the year as compared to last 14 year's average of 9500 crore rupees. She said, a target of 69500 crore rupees has been proposed in this year's budget and it will fund public welfare schemes. Ms Johri said, government's Disinvestment policy is not only to earn revenue but also to bring efficiency in Public Sector Undertaking through public participation. She said,government is envisaging seamless transition in the next two financial years.
News On AIR | March 1, 2015 8:27 AM
Govt to bring down stake in PSU banks to 52%: Hasmukh Adhia