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Budget 2012: Nationalized Banks Will Get Enough Capital – Says FM

The Finance Minister, Pranab Mukherjee on Sunday announced that, all the nationalized banks will get enough capital to fight against the economic short comings in the country.

During the inauguration of the new corporate office of the Oriental Bank of Commerce, Mukherjee added that, “Government is working on the way to provide adequate capital to all the Public Sector Banks (PSBs). We are struggling a lot to bring the banks out of the economic problems and will also help them in catering to the needs of Indian economy.”

Pranab Mukherjee Budget

Pranab Mukherjee

The government is committed to maintain 8% equity capital in all PSBs, which is over and above the regulatory requirements of 6%. The guidelines which have been scheduled for the PSBs are to be implemented from January 1, 2013. The government is also in a process of implementing the e-payment system for direct credit of dues from the central government to the beneficiaries.

In this inaugural event, Minister of State for Finance Namo Narayan Meena, Haryana Chief Minister Bhupinder Singh Hooda and the bank CMD Nagesh Pyadah were also present.

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