Budget 2019: What Sitharaman’s budget had for India’s banks

In the Union Budget presented today, Finance Minister Nirmala Sitharaman announced a Rs 70,000 crore capital infusion into public sector banks in an effort to boost credit.

She announced that there has been a record recovery of over 4 lakh crore of bad loans through IBC in the last 4 years, and that provision coverage has been the highest in the last 7 years.

She also pointed out the smooth consolidation of public sector banks under Modi goverment, which she said should get credit for bringing a significant number of banks out of the prompt corrective action (PCA) framework.