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    Budget 2019: First installment under farm income support to be credited in March, says revenue secy

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    Budget 2019: First installment under farm income support to be credited in March, says revenue secy

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    Ajay Bhushan Pandey, revenue secretary and Rajeev Kumar, secretary of Department of Financial Services, shared their views and readings on the interim Budget 2019.

    Ajay Bhushan Pandey, revenue secretary and Rajeev Kumar, secretary of Department of Financial Services, shared their views and readings on the interim Budget 2019.
    Clarifying about the PM KISAN Yojana, Pandey said, "The scheme will start in this year itself. For that Rs 20,000 crore has already been assigned. The details of the farmers who would be eligible for this scheme, the list will be collected from the states and because in many places the land records have already been digitized and you also have Aadhaar there, so with that the direct benefit can start flowing by the end of this month."
    On recapitalisation of banks, Kumar said, "The requirement of capital, you must see in co-relation to the kind of recovery which is taking place. So, capital is essentially a function for the banks to raise it themselves. Since the entire banking has done the entire cleaning process and as you see that the entire stress is recognised, even the SMA accounts, the stress has come down to the lowest in the entire decade, it is at 0.6 percent the SMA and the recovery is at its peak. Another recovery through NCLT and through IBC process is at its peak. We have also given the sanctions to the banks to raise the money and to go to the market. The non-core sale is also the part of the raisings. So, that will also bring the capital. We have sufficient capital for the current year and I think the time has come now that the banks learn to sort of raise their own capital and be responsible for themselves. Government has given sufficient capital and you have seen the results already. So, capital is not a concern. So, they should move towards raising it on their own and all of them are showing signs that they will do it. All the necessary approvals for raising are also in their hand, we have already given it to them."
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