Budget 2019

More banks to be out of PCA framework soon, says FM

Our Bureau Mumbai | Updated on February 01, 2019 Published on February 01, 2019

Finance Minister Piyush Goyal on Friday expressed hope that other state run banks will also be soon out of the Reserve Bank of India’s preventive corrective norms soon.

“Various steps taken by the government has helped the banks significantly and as a result three banks -- Bank of India (BoI), Bank of Maharashtra (BoM) and Oriental Bank of Commerce (OBC) -- are out of the PCA framework,”he said while presenting the Interim Budget 2019-20.

The RBI had on Thursday moved out these three banks from the PCA norms from a total of 11 banks.

Praising the success of the Insolvency and Bankruptcy Code, Goyal said as much a Rs 3 lakh crore has been recovered through the process. The government has also put in Rs 2.6 lakh crore for recapitalisaiton of public sector banks.

Published on February 01, 2019
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