Budget 2021 – Zee Business was the only channel which informed the viewers about the likelihood of Bad Bank announcement getting a mention in the Budget 2021 speech. Managing Editor Anil Singhvi had earlier said that Finance Minister Nirmala Sitharaman could make some announcements regarding Bad Banks in this year’s Budget. In a big triumph, this news was validated today in the Budget.    

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The Market Guru had said that the Finance Minister Nirmala Sitharaman in her Budget Speech could announce the formation of Bad Bank with some amount being mentioned .  

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On this issue, this is what the Finance Minister Nirmala Sitharaman said. “The high level of provisioning by public sector banks of their stressed assets calls for measures to clean up the bank books.  An Asset Reconstruction Company Limited and Asset Management Company would be set up to consolidate and take over the existing stressed debt and then manage and dispose of the assets to Alternate Investment Funds and other potential investors for eventual value realisation.”. 

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To further consolidate the financial capacity of PSBs, the FM announced a further recapitalisation of Rs 20,000 cr in 2021-22. 

Sitharaman, today presented the Union Budget 2021 where she announced other measures. She also said that the disinvestment of IDBI Bank will be completed in 2021-22.