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The government is planning to set up an asset reconstruction company (ARC) and an asset management company (AMC) to help public sector banks (PSBs) deal with bad loans, according to Finance Minister Nirmala Sitharaman.
In her budget speech, the minister also said PSBs will be provided ₹20,000 crore capital. The government plans to set up an institutional mechanism for the development of secondary corporate bond markets.
The government will streamline the Deposit Insurance and Credit Guarantee Act, 1961, to ensure that depositors of stressed banks, which are meeting financial obligations, are paid the enhanced deposit insurance amount of ₹5 lakh.
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