Arun Jaitley, union finance minister on Monday said that the government is open to discuss proposal to provide more funds to the banks for recapitalisation.
Speaking in Tokyo, Arun Jaitley mentioned that the government is willing to look at the the opportunities where the funds are required. He also mentioned that the government has already decided to bring its equity in banks lower to 52%, the fund which is raised from the process, could be used for recapitalisation. Also, the government has already allocated ₹10,000 crores for recapitalisation against the non-performing assets of the banks.
The government had given ₹25000 crores for the same purpose to banks in 2015-16 and 2016-17. According to Arun Jaitley, the problem related to non-performing assets will be resolved after an ordinance is passes, in which, the government is voicing for strong actions against such cases.
He also mentioned that GST will be rolled out from July 1 and all preparations in this regard have been completed. The central government is closely working with state governments to help them in any issue which may arise.