The increase in allowable provision for NPAs from 7.5 to 8.5%, which will reduce the tax liability for the banks, was also welcomed by the sector. Photo:Mumbai: Adhering to the re-capitalisation target of Rs10,000 crore along with a commitment to do more, focus on public spending in absence of private investments and efforts to help in non-performing asset (NPA) fight led bankers to welcome the Union budget on Wednesday. Describing the budget as “balanced”, Chanda Kochhar of ICICI Bank said the finance minister has tried to “provide a growth impetus” while maintaining fiscal prudence. ALSO READ: Union Budget 2017: Tax liability reduced by Rs12,500The increase in allowable provision for NPAs from 7.5 to 8.5%, which will reduce the tax liability for the banks, was also welcomed by the sector. The moniker TEC given by Jaitley to ‘transform, energise and clean’ found appreciation from at least two private sector bank heads—Shyam Srinivasan of Federal Bank and and Rana Kapoor of Yes Bank.

Source: Mint February 01, 2017 13:26 UTC