Budget is pragmatic and credible: Chanda Kochar

Budget is pragmatic and credible: Chanda Kochar

Budget is pragmatic and credible: Chanda Kochar Zeebiz Bureau

New Delhi: ICICI Bank Managing Director and CEO Chanda Kochhar has welcomed the Union Budget 2012-13. Kochar said that the Budget is pragmatic and credible.

"The borrowing is higher than market expected. Tapping the subsidies, we have to really watch how it is done. I am not hopeful that the RBI will be able to cut rates in April," Kochhar said.

FM in his budget made the following announcement for the Banking and Finance sector:

  • India Opportunity Venture Fund via SIDBI of Rs 50 bn

  • To issue revised norms for banks priority sector lending

  • To set up financial holding company for recapitalization of banks

  • To move National Housing Bank Amendment Bill

  • To move Regional Rural Bank Amendment Bill

  • Rs 158.88 bn for capitalization of PSU banks in FY 13

  • Propose electronic voting to up shareholder involvement

  • IPOs of over Rs 100 mn to be in electronic form

First Published: Friday, March 16, 2012, 18:04
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