Gujarat Global News Network, New Delhi
In his budget speech today, Finance Minister Shri P.Chidambaram said that Public sector banks will be provided with an infusion of Rs 14,000 crore additional capitals in 2013-14.
This will enable them to meet the BASELIII norms. He said Rs 12,517 crore infusion of capital into the 13 Public Sector Banks shall be done by March 2013.
Terming the financial sector as the heart of the economy the Finance Minister announced constitution of a standing Council of Experts in the Finance Ministry to analyze the international competitiveness of the Indian Financial sector. Alerting that the Financial Sector Legislative Reforms Commission will present its report next month Chidambaram said it is the government’s intention to act quickly and decisively on the recommendations so that our financial system stands on sound legal foundations.
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