Statue of Unity
Statue of Unity

New Delhi: Finance Minister Nirmala Sitharaman Friday said the government will build 17 iconic sites to encourage arrival of tourists in India. In the first Budget of the Modi government in its second term, Sitharaman said in March 2018, the government had approved opening diplomatic missions in Africa and five already opened and four more will be opened this fiscal.

She said the financial gains from cleaning of banking system are clearly visible and that NPA reduced by over Rs 1 lakh crore last year. There was record recovery of Rs 4 lakh crore due to the Insolvency and Bankruptcy Code (IBC), even as she added that PSU banks will get Rs 70,000 crore capital to boost credit flows.

Smooth consolidation of banks was carried out and six pubic sector banks brought out of prompt corrective action (PCA) framework. Sitharaman said the government will bring out a remedy against cash being deposited without knowledge of bank account holders.

She asserted that financially sound NBFCs should continue to get funds from banks and mutual funds. Requirement of Debenture Reservation Reserve will be done away with for NBFCs. The fiance minister also said the RBI will get regulation authority of housing finance sector.

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