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Public Sector Banks Have Adequate Lending Capacity Post Notes Ban, Says Finance Minister Arun Jaitley: Highlights - GST Station

Public Sector Banks Have Adequate Lending Capacity Post Notes Ban, Says Finance Minister Arun Jaitley: Highlights

Public Sector Banks Have Adequate Lending Capacity Post Notes Ban, Says Finance Minister Arun Jaitley: Highlights

NEW DELHI: The macro economic fundamentals of the economy are strong, Finance Minister Arun Jaitley said today as he held a press conference flanked by top officials of his ministry. Finance Ministry officials made detailed presentations on their departments. The venue for the press conference was shifted from Shastri Bhawan to the National Media Centre, which has a better facility for audio-visual presentations. The government has been under attack from the Opposition as well former union ministers Yashwant Sinha and Arun Shourie, who have attributed the economic slowdown to what they say is the poor handling of key reforms like demonetisation and the Goods and Services Tax (GST). Economic growth slumped to a three-year-low of 5.7 per cent in the June quarter, the lowest in three years. Earlier today, Mr Jaitley tweeted that the fine for delayed filing of GST returns would be waived for August and September.

Subhash Chandra Garg, Department of Economic Affairs, Ministry of Finance, briefing media
There has been a consistent low inflation story
Some is the case for our current account deficits… last year it was as low as 0.7 %…
We have crossed $400 billion forex reserves
GST has been the biggest reform, along with other ones like deonetisation and the battle against black money
There is very low level of current account deficit, in safe ranges of less than around 2%
We are taking up a mega and historic road and infrastructure building programme
Effective and targeted Government spending is the main priority of Government

Ashok Lavasa, Finance Secretary
Effective and targeted Government spending is the main priority of Government
The biggest component of road building program, the Bharat Mala programme
34,800 kms of roads to be built and it will see investment of Rs. 5, 35,000 over next five years

Arun Jaitley
We have strengthened the banks unlike what we saw between 2008 and 2014, when the loans were given by the dozen and the real situation of the banks were not discussed
It is only since 2015 that the ground reality in banks have changed… they have become robust
Need to step up public expenditure. Measures today will boost infra spending in a big way
The huge spending on infrastructure announced today will give a fillip to private sector investment
There is a public sector bank capitalization plan of 2.11 lakh crore. Public Sector Banks Have Adequate Lending Capacity Now, Post

Demonetisation
Once you strengthen banks, appetite for their stock will improve
It was decided that a bold step needs to be taken by the government to recapitalise banks
Part of capital of PSU banks to come by raising funds; to decide nature of recapitalisation bonds in due course
Arun Jaitley on willful defaulters:
Over 8,100 willful defaulters owe banks over Rs. 76,600 crore
There is no embargo as far as willful defaulters are concerned
Under our banking law, names of willful defaulters are available publicly.

Source- NDTV.com

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