Govt to ensure good flow of capital to public sector banks to ensure their good health: Arun Jaitley

Finance Minister Arun Jaitley while addressing the recapitalisation of public sector banks. Photograph:( ANI )

WION Web Team New Delhi, Delhi, India Jan 24, 2018, 11.22 AM (IST)

The Finance Minister while addressing the media on the recapitalisation of public sector banks has assured that the banks were "article of faith" and would never fail.

He said that the Department of Financial Services has been undertaking a detailed exercise as to the amount of capital that needs to be infused into public sector banks. 

Jaitley said that the main objective of the flow of this capital to the public sector is to keep these banks in good health.

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Referring to the poor condition of the public sector banks, Jaitley said that the government aims to build an institutional mechanism to ensure that they do not experience the same problem that they "inherited".

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Jaitly was addressing the media to devise a plan for Rs 2.11 lakh crore recapitalisation plan which the ministry had announced in October 2017. 

The plan was introduced to support the struggling public sector banks incurring losses for a long time.