Arun Jaitley’s Rs 2.11 lakh crore bank recap details: Rs 10,000 crore for IDBI; here’s who gets how much

Financial Express
January 24, 2018

The Finance Ministry on Wednesday tightened the noose on public sector banks (PSBs), saying that the massive Rs 2.11 lakh crore bank recapitalisation announced by the government will alongside reforms by the banks to ensure that the banking crisis does not get repeated. In October last year, the Union Cabinet approved an unprecedented Rs 2.11 lakh crore for recapitalisation of banks over the next two years in a bid to clean banks’ books and revive investment in a slowing economy.

Finance Secretary Rajiv Kumar laid down 6-point reforms for the PSBs and said their performance will be under the annual assessment. Of the 21 PSBs, IDBI will be getting the highest capital of Rs 10,610 crore from the government.

Here’s the full list of the PSBs and how much they will get:

1.IDBI Bank: Rs 10,610 crore
2.Bank of India: Rs 9,232 crore
3.SBI: Rs 8,800 crore
4.UCO Bank: Rs 6,507 crore
5.Central Bank: Rs 5,158
6.Canara Bank: Rs 4,865 crore
7.Union Bank: Rs 4,524 crore
8.Syndicate Bank: Rs 2,839 crore
9.Andhra Bank: Rs 1,890 crore
10.Punjab & Sind Bank: Rs 785 crore
11.IOB Bank: Rs 4,694 crore
12.OBC Bank: Rs 3,571 crore
13.Dena Bank: Rs 3,045 crore
14.Bank of Maharashtra: Rs 3,173 crore
15.United Bank: Rs 2,634 crore
16.Corporation Bank: Rs 2,187 crore

21 public sector banks account for more than two-thirds of banking assets. These banks also account for a record 9.5 lakh crore of bad loans or non-performing assets. The government earlier this month sought parliamentary nod for additional Rs 80,000 crore bonds for the PSBs which are sitting on a pile of Rs 9.5 lakh crore bad loans and approved a proposal for infusion of Rs 7,577 crore in 6 weak PSBs. According to CNBC-TV18, Arun Jaitley may choose the Budget presentation day, February 1, to announce bank merger proposals.

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