Union Finance Minister Nirmala Sitharaman said the Centre will set up bad bank and will also infuse ₹20,000 crore into public sector banks as part of its recapitalisation plan. Sitharaman said, “An Asset Reconstruction Company Limited and Asset Management Company would be set up to consolidate and take over the existing stressed debt and then manage and dispose of the assets to Alternate Investment Funds and other potential investors for eventual value realization.” She added, “To further consolidate the financial capacity of PSBs, further recapitalisation of `20,000 crores is proposed in 2021-22.” This is the first budget after the Covid-19 pandemic and the ninth one under the Modi government. The Union Budget 2021 is also unique as it was the first paperless budget. Watch the full video for more.
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