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Bank recapitalisation will boost lending: Arun Jaitley

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New Delhi, Feb 10 (IANS) Finance Minister Arun Jaitley on Saturday said the government’s move to recapitalise public sector banks (PSB) would improve their lending capacity.

“I think the indications are that it’s (credit offtake) already happening and that seems to be good sign and now with the recapitalisation of the banks, the capacity itself to lend will improve,” Jaitley told reporters.

He was addressing a press meet along with Reserve Bank of India Governor Urjit Patel.

The government’s plans to spend Rs 2.11 lakh crore to recapitalise PSBs in a major step to restore the banking system’s health.

“I had a meeting with the SEBI’s (Securities and Exchange Board of India) board, and one of the factors that stood out in their presentation was that there is now also increased reliance on the bonds market as far as credit is concerned,” the finance minister said.

Jaitley had a meeting with RBI and SEBI boards in the national capital on Saturday on the Union Budget.

Talking about the fiscal situation in the country, Jaitley said next year would be reasonably more comfortable as far as revenues are concerned.

“Therefore, I can’t at this stage say that there would be any slippage. I am sure we will able to maintain the target quite well… You can’t base it on a hypothetical situation like oil prices… What has happened in the last three days is again something which nobody had predicted. So, that’s… entering into an area on which there is no certainty at the moment.,” he added.

Brent crude oil price is hovering around $63 per barrel at present.

Adding to the oil price concern, Patel said: “If I can just add that, in fact, in the MPC (Monetary Policy Committee) resolution, we had put forth the downside risks or the mitigating factors. We had observed, that in recent days, oil prices had two-way movement… What the Finance Minister said is exactly the correct point that, we need to be prepared for movements either way.”

“It is just very difficult to predict oil prices. A few months ago… June or so, people were talking about oil prices never going above $40-45… and some of the advice that came to the MPC and RBI was based on that which turned out to be wrong in a major way,” Patel said.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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