Finance Minister Arun Jaitley is holding a press conference where he is announcing steps to boost the country’s struggling public sector banks. Catch live updates here.
Excerpts from After the Bell on CNBC-TV18 Watch the full show »
4.13 pm: Steel, power, highways, discoms and sugar sectors have been predominantly responsible for the stress facing PSBs, the FM says. “To resolve the current problem, you need to deal with the banks as well as the sectors themselves.”
The government is striving to reduce the level of political interference in the commercial working of public banks, the FM says.
“In the last few years, public sector banks have faced a challening situation, partly on account of slowdown in some sectors. The government has been reviving the health of PSBs. There is no cause for panic,” he says.
“The nature of the problem is such that with some initiatives we’ve taken, it has partly been fixed and is capable of being fixed.”
4.10: Finance Minister Arun Jaitley is now speaking.
4.08 pm: The press conference is about get under way in a few minutes.
4.06 pm: Flashes coming in the government has named its PSB revamp programme ‘Indradhanush’.
4.00 pm: Welcome to the live coverage of the programme where the government is expected to announce a slew of measures to boost the country’s struggling public sector banks.