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Government presents 3rd batch of supplementary demands for Rs 80K cr

The government on Thursday sought Parliament’s approval for additional expenditure of Rs 80,000 crore for recapitalisation of public sector banks.

Minister of State for Finance P.P. Chaudhary tabled the third batch of supplementary demands for grants for 2017-18 in Lok Sabha on behalf of Finance Minister Arun Jaitley.

The supplementary grants were later tabled in the Rajya Sabha.

The additional expenditure was being sought for meeting “additional expenditure towards recapitalisation of public sector banks through issue of government securities”.

The Union Cabinet had in October approved a Rs 2.11 lakh crore recapitalisation plan for state-run banks in a stimulus package aimed at boosting economic growth.

The government had moved the second batch of Supplementary Demands for Grants of Rs 66,113 for 2017-18 in December.

It included funds for schemes to provide electricity connections to the poor and payment of urea subsidies.