Politics
The Union Finance Minister also added that the Government had committed for maintaining a minimum of 8% Tier-I Capital in all PSBs which is over and above the regulatory requirement of 6%.
Union Finance Minister Pranab Mukherjee said that the draft Guidelines on Basel III Capital Regulations that was released on 30 December 2011 will be implemented from 1 January 2013 and will be fully phased-in by January 1, 2019. The minister also added that these guidelines envisage more stringent norms for capital adequacy.
The Union Finance Minister who inaugurated the new corporate building of Indian Bank in Chennai, yesterday, 6 January 2011 told in his inauguration speech that the Government had committed for maintaining a minimum of 8% Tier-I Capital in all PSBs which is over and above the regulatory requirement of 6%. He also added that extra provision/buffers required under BASEL III will also be taken care of. For the year 2012-13 also, the Government is committed to keep all the PSBs adequately capitalized.
About Indian Bank, Pranab Mukherjee said that he is happy to note that this new bank building has adopted modern energy efficient devices while conserving natural light and using solar power. Indian Bank has also adopted the latest Information & Communication Technology (ICT). He complimented the Indian Bank family members and wished them a grand success in their future operations from this new building. He said, “ But the journey has only begun. Beyond the symbols of modernity we need to be smart, resilient and stable to reach out to the people at large”.
“I am sure that the New Corporate Building will enthuse the staff of Indian Bank to outperform in the days to come. My Best wishes to the Indian Bank family members and a very happy New Year 2012 to all of you he concluded.
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