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HIGHLIGHTS- Indian Budget 2011-2012
Indian Budget 2011-12
Shri Pranab Mukherjee, Minister of Finance- February 28, 2011
Banking Licences
RBI is considering giving some additional banking licenses to private sector players.
Non Banking Financial Companies could also be considered, if they meet the RBI’s
eligibility criteria.
Public Sector Bank Capitalisation
Rs.16,500 crore provided to ensure that the Public Sector Banks are able to attain
a minimum 8 per cent Tier-I capital by March 31, 2011.
Recapitalisation of Regional Rural Banks (RRB)
Government to provide further capital to strengthen the RRBs so that they have
adequate capital base to support increased lending to the rural economy.
Corporate Governance
Government has introduced the Companies Bill, 2009 in the Parliament to replace
the existing Companies Act, 1956, which will address issues related to regulation
in corporate sector in the context of the changing business environment.
Credit support to farmers
Banks have been consistently meeting the targets set for agriculture credit flow in
the past few years. For the year 2010-11, the target has been set at Rs.3,75,000
crore.
In view of the recent drought in some States and the severe floods in some other
parts of the country, the period for repayment of the loan amount by farmers extended
by six months from December 31, 2009 to June 30, 2010 under the Debt Waiver
and Debt Relief Scheme for Farmers.
Incentive of additional one per cent interest subvention to farmers who repay
short-term crop loans as per schedule, increased to 2% for 2010-11.
Infrastructure
Rs 1,73,552 crore provided for infrastructure development which accounts for over
46 per cent of the total plan allocation.
Allocation for road transport increased by over 13 per cent from Rs. 17,520 crore
to Rs 19,894 crore.
Rs 16,752 crore provided for Railways, which is about Rs.950 crore more than last
year.
India Infrastructure Finance Company Limited (IIFCL)
IIFCL’s disbursements are expected to touch Rs 9,000 crore by end March 2010
and reach around Rs 20,000 crore by March 2011.
IIFCL has refinanced bank lending to infrastructure projects of Rs. 3,000 crore during
the current year and is expected to more than double that amount in 2010-11.
The take-out financing scheme announced in the last Budget is expected to initially
provide finance for about Rs. 25,000 crore in the next three years.
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