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CCEA okays Rs 1,340 cr recap of regional rural banks
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SME Times News Bureau | 25 Mar, 2020
The Cabinet Committee on
Economic Affairs on Wednesday approved the recapitalisation of regional
rural banks with total outlay of Rs 1,340 crore, to improve their
capital adequacy during the coronavirus crisis.
Briefing the
media after the cabinet meeting, Information and Broadcasting Minister
Prakash Javadekar said that out of the total approved Rs 1,340 crore,
the Central government will infuse Rs 670 crore and the rest would be
put in by the state government and other sponsoring banks.
"#CCEA
approves recapitalisation of Regional Rural Banks to improve their
Capital to Risk Weighted Assets Ratio; approves utilisation of Rs 670
crore as Central Government share for the scheme," said a statement.
The
decision comes a day after Prime Minister Narendra Modi announced a
21-day lockdown to control the spread of the coronavirus infection.
Businesses and normal life across the country are likely to suffer and
concerns have been raised about the flow of liquidity during the crisis
period.
The government has off late announced a slew of measures
to provide relief to the general public and businesses in terms of
regulatory compliances, including deferment of deadlines for IT and GST
return filings.
The government is also in the process of
preparing an economic package to mitigate the impact of the crisis. On
Tuesday, Finance Minister Nirmala Sitharaman, who is also heading the
COVID-19 Economic Response Task Force, said that the package would be
announced soon.
About 539 cases of the deadly infection have been confirmed in India and 10 deaths have been reported so far.
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