Banks are facing a resurgence of bad assets in teh aftermath of COVID-19. A bad bank will help to segregate the existing stock of bad assets from the good so that banks can focus on fresh lending.
Budget Day Gainers & Losers: Top 10 stocks that moved the most on February 1
Except pharma, all other sectoral indices ended with gains of 1-8 percent each. BSE Midcap and Smallcap rose 2-3 percent each. February 01, 2021 / 07:32 PM IST Benchmark indices broke the six day losing streak and gave a thumbs up to the measures announced in the Union Budget 2021 by the Finance Minister Nirmala Sitharaman. At close, the Sensex was up 2,314.84 points or 5% at 48,600.61, and the Nifty was up 646.60 points or 4.74% at 14,281.20. Here are 10 stocks that moved the most: Banking stocks rally | Banks rallied the most on February 1 after Finance Minister Nirmala Sitharaman said the government would infuse Rs 20,000 crore into public sector banks (PSBs) in 2021-22, to meet the regulatory norms. The Finance Minister announced the setting up of an entity to address the stressed assets of banks. An organization will be set up through an Asset Reconstruction Company (ARC) model, she said
Union Budget 2021: Here is Full Text of Nirmala Sitharaman s Address at the Parliament
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Introduction
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis. RELATED NEWS
When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
The announcements made in the Union Budget 2021-22 are in the right direction, for a country aspiring to get back into its long-term growth trajectory. Towards this, the Budget lays down the strategic intent for taking India into the next phase of development, by focusing on some key building blocks – healthcare/wellness, research/innovation, education, infrastructure and urban development, inclusive growth (agriculture and social-related) and governance-related reforms. Given the backdrop of the pandemic year gone by, the announcement of the Atmanirbhar Swasth Bharat Yojana is aimed at establishing a centrally coordinated healthcare infrastructure. The Budget has laid a lot of emphasis on infrastructure development, across roads/highways, railways and metro rail, ports/shipping/waterways and urban development. The government has proposed an “institutional” approach towards supporting the infrastructure development needs, through setting up of a development financial inst
Highlights
Budget went paperless this time.
Budget session will be held in two phases Jan 29 to Feb 15 and March 8 to April 8.
New Delhi: Finance Minister Nirmala Sitharaman, presenting the Union Budget 2021-22 in Parliament on Monday announced that the government will amend the Insurance Act, 1938 to increase the permissible FDI limit from 49% to 74% and allow foreign ownership and control with safeguards,
Under the proposed new structure, the majority of Directors on the Board and key management persons would be resident Indians, with at least 50% of Directors being Independent Directors, and specified percentage of profits being retained as general reserve.
Stressed Asset Resolution by setting up a New Structure