Here’s Jaitley’s plan for a vibrant financial sector

Arun Jaitley, the finance minister, said a vibrant financial sector was important for the growth of Indian economy. He announced a number of measures to deepen the corporate bond market, resolution mechanism for bankruptcy of banks, etc.

Here are the key announcements he made to strengthen the financial sector

Rs 25, 000 crore for recapitalisation of Public Sector Banks
Comprehensive code of bankruptcy resolution of financial firms will be introduced as a bill
RBI Act 1934 will be amended to give statuary backing of monetary policy framework
Financial Data Management Centre for integrated data collection and analysis
Banking Board Bureau will be operationalised
Department of Disinvestment to be renamed at Department of Investment and Public Asset Management
Amount sanctioned under the PM Mudra Yojana has reached Rs 1 lakh crore to cover 2.5 crore borrowers by Feb 26