After announcement the merger of 10 public banks, the PM Modi government at the central has takes big decision regarding IDBI Bank. The cabinet has approved a package of Rs 9257 crore to IDBI Bank. IDBI will give LIC 4700 crore to the bank and the government will give 4557 crore. At the same time, the cabinet has also decided on the increase in ethanol prices. The Modi government cabinet (Cabinet Decision) has approved the increased prices of ethanol. Union Minister Prakash Javadekar has told in the press conference that in the cabinet meeting IDBI Bank has been approved to give Rs 9257 crore. In IDBI Bank, the government will give Rs 4557 crore and LIC will give Rs 4743 crore. He informed that the government is taking fast steps to improve the banking sector.
Let us tell you that LIC, the country’s largest insurance company, owns IDBI Bank. The government had announced a grant of 70 thousand crore rupees to all public sector banks. The bank has been making losses for 11 consecutive quarters. IDBI Bank holds 46.5 per cent of the government, 51 per cent of LIC and 2.5 per cent of the general public. Let us tell you that last week Finance Minister Nirmala Sitharaman announced the merger of 10 state-run banks. He said that in the coming time, four big banks will be merged to merge 10 public sector banks. Punjab National Bank, Oriental Bank of Commerce and United Bank of India will be merged, creating the second largest bank in the country with a business of 17.95 lakh crore.
Union Minister Prakash Javadekar says that the government has taken a big decision regarding ethanol to help sugarcane farmers. This decision will be very helpful for the farmers. This decision of the government will help in tackling the problem of heavy stock of sugar and paying the dues of the farmers. This step will help sugar mills to pay the dues of sugarcane farmers. Adding ethanol to petrol will reduce dependence on crude oil imports. Let me tell you that this time there has been no increase in FRP of sugarcane. In such a situation, the government wants to help companies and farmers by increasing ethanol prices.
Government will increase capital of IDBI Bank, get relief package by 9000 cr
