It is an attempt to save and strengthen more than 20 Public Sector Banks by infusing cash in return for them implementing a series of reforms. The Indian Government unveiled a Massive Rs 881.4 Billion, two year roadmap, to clean up their debt ridden balance sheets, introduce strong reforms in PSU banks and to give a strong push to the job creating MSME sector. IDBI bank, the Bank with highest Non-Performing Assets, got the maximum share of recapitalization with Rs 10, 610 Crore to maintain regulatory capital.
8. Air India Privatization
The ailing National Carrier, Air India, which has made huge losses over the years and has an outstanding debt of Rs 51,890 Crore, has been a bone of contention to the BJP government. So the government has initiated strategic disinvestment plans as recommended by NITI Aayog in March 2017. Also, 49% of foreign Direct Investment has been allowed, that means foreign players can chip in with local buyers in a bid to privatize the carrier. There has been a ban on direct recruitment in Air India for non operational staff in order to decrease the surplus sales and ticketing employees.