Goverment permits 5 PSU banks to raise Rs 950 crore from market

The government has permitted five public sector banks to raise about Rs 950 crore from markets, Parliament was informed on Wednesday.

“Government has allowed five banks—Allahabad Bank, Bank of India, United Bank of India, Central Bank of India and UCO Bank—to raise Rs 949.27 crore from markets via preferential shares,” Minister of State for Finance Santosh Kumar Gangwar said in written reply to the Rajya Sabha.

Replying to another question, Gangwar said that total accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) in the country were 27.83 crore as on March 1.

“The balance of deposits in PMJDY accounts as on November 9, 2016 was Rs 45,636.60 crore and as on January 4 was Rs 70,070.79 crore,” he said.

Jan Dhan accounts which fulfil Know Your Customer requirements may be converted into savings bank accounts at the request of the account holders, and such conversion is not linked to deposit of more than Rs 50,000, he said.

In a separate reply Gangwar said, the number of customers who have opened e-insurance account with four insurance repositories as on March 7 is 9.70 lakh.

The Insurance and Regulatory Development Authority of India has permitted crediting of electronic insurance policies to the electronic insurance accounts and not the funds, he said.