Punjab National Bank Current Affairs - 2019

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Government to infuse Rs 11,336 crore capital in 5 public sector banks by September-end

Union Finance Ministry is planning to infuse additional capital close to Rs 11,336 crore in 5 more public sector banks (PSBs) by September 2018-end. These five state-owned banks are Punjab National Bank (PNB), Corporation Bank, Andhra Bank, Allahabad Bank and Indian Overseas Bank (IOB).

Key Facts

This round of capital infusion will be done through issuance of recapitalisation bonds and not directly from Budget. This additional capital will help these banks to meet minimum regulatory capital adequacy ratio (CAR) and enable them to make interest payments on certain bonds on time.

Within capital infusion plan of these five PSBs, PNB is expected to get highest amount of Rs 2,816 crore. Corporation Bank is will get Rs 2,555 crore followed by Indian Overseas Bank (Rs 2157 crore), Andhra Bank (Rs 2,019 crore) and Allahabad Bank (Rs 1,790 crore).

This capital infusion by Government will be only for purpose of meeting minimum regulatory requirement and will be not growth capital which will be provided in second half of current fiscal year. The growth capital will only be given to those banks which meet performance targets and modalities set by Finance Ministry as per agreement signed with each bank.

Background

The latest round capital infusion in these 5 PSBs will be part of remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion announced by Union Government for two financial years. In October 2017, Union Government had announced Rs 2.11 lakh crore capital infusion programme, under which PSBs were to get Rs 1.35 lakh crore through recapitalisation bonds, and balance Rs 58,000 crore through raising of capital from market and remaining through budgetary support. The government has already infused Rs 80,000 crore out of Rs 1.35 lakh crore through recapitalisation bonds in PSBs  and balance will be done during this financial year (2018-19).

Month: Categories: Business, Economy & Banking

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Nation pays tributes to Lala Lajpat Rai on his 150th birth anniversary

On 28 January 2015, nation paid tributes to national martyr of freedom movement, Lala Lajpat Rai on his 150th birth anniversary.

Events marking this day: Various seminars and symposia were organised at many places in Punjab to remember Lala Lajpat Rai. Special programme and sports meet was organised in his ancestral village Dhudi ke of Moga district where thousands of people paid their tributes to national martyr at the memorial. While, intellectual’s apprised young generation about Lala and his sacrifice for the nation.

About Lala Lajpat Rai

  • He was born on 28 January 1865 in Dhudike (now Moga district) of Punjab.
  • He was popularly known as Punjab Kesari meaning The Lion of Punjab also known as Sher-E- Punjab in Punjabi for his contribution to the freedom movement.
  • He was part of the Lal Bal Pal trio i.e. assertive nationalists Lala Lajpat Rai, Bal Gangadhar Tilak, and Bipin Chandra Pal from 1905 to 1918. Lal Bal Pal trio had advocated the Swadeshi movement involving the boycott of all imported items and the use of Indian-made goods in 1907 during the anti-Partition agitation in Bengal which began in 1905.
  • He was lawyer by profession and had practiced his legal profession for few years but later curtailed it to focus on all his efforts to the freedom struggle.
  • He was also associated with the foundation of Punjab National Bank in 1895 and later Lakshmi Insurance Company.
  • He also had helped to establish the nationalistic Dayanand Anglo-Vedic School and became a follower of Dayanand Saraswati (founder of the Arya Samaj).
  • In 1888 and 1889 he was a delegate to the annual sessions of Indian National Congress (INC) and was elected as its President in the Calcutta Special Session of 1920.
  • In 1921, he had founded Servants of the People Society, a non-profit welfare organisation, in Lahore, which shifted based to Delhi after partition, and has branches in many parts of India.
  • His books: As an author he had written many books which includes The Story of My Deportation (1908), Arya Samaj (1915), The United States of America: A Hindu’s Impression (1916), Unhappy India (1928) etc.
  • Death: He died on 17 November 1928 after sustaining serious injuries in lathi charge carried by the police when he leading a non-violent protest against the Simon Commission.

Month: Categories: Governance & Politics

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