State Bank Of India: Report claims, government gave Rs 8,800 crore to SBI without asking

State Bank Of India: The Department of Financial Services (DFC) gave Rs 8,800 crore to the State Bank of India without asking for it. The CAG’s report in the Parliament states that this demand was not made by the bank in the financial year 2018. This capital is given as a capitalization exercise. 

In the financial year 2017-18, on behalf of this department of the government i.e. DFC, an investment of Rs 8,800 crore was made in SBI for Credit Growth. No review was done before capitalization and there was no demand from the bank. Compliance Audit Report No. 1 of 2023 of the Comptroller and Auditor General of India was also not followed. 

Funds of Rs 7,785.81 crore released to banks

According to PTI, the CAG report says that while capitalizing PSBs, the Department of Financial Services has considered the rules and norms of RBI. The report further states that the RBI had already set an additional 1 per cent enhanced capital requirement on banks in India. In view of this, an additional fund of Rs 7,785.81 crore has been released. 

Rs 831 crore given to Bank of Maharashtra 

According to the report, in the financial year 2019-20, Rs 831 crore was deposited in Bank of Maharashtra, while the bank had demanded Rs 798 crore, so that the surrender of Rs 33 crore  could be avoided. Explain that funds are issued by the government to meet the requirement of banks. The government monitors many things including credit growth of public sector banks as per RBI rules and norms and evaluates on the basis of releases funds on. 

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