NIRMALA … Centre to infuse Rs 70,000crore into public sector banks to boost liquidity in market, says FinMin

NEWS FINANCE NIRMALA
NEW DELHI: The Centre would infuse Rs 70,000crore into public sector banks to enable them release Rs five lakh crore of liquidity in the market, Union finance minister Nirmala Sitharaman announced here on Friday. This is part of a package to boost the market mechanisms in the country at a time when global economy is showing recessionary trends. 

In a series of steps she announced, a prominent decision that Corporate Social Responsibility violations will no more be treated as a criminal offence. FPI surcharge has been withdrawn, meaning foreign portfolio investors will heave a sigh of relief.

The minister also said that henceforth lenders will pass on rate cuts effected by RBI to borrowers. The Centre would lift the ban on purchase of new vehicles by government departments, with a view to give a boost to the vehicles manufacturing sector. All BS4 vehicles purchased until March 2020 will remain operational for the entire duration of their registration period.

She also said enhanced surcharge on capital gains stands withdrawn. 

The finance minister said the Indian economy continues to do better than the Chinese economy, a trend visible in the last financial year too. IHN=NN

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