The cash splurge - with very little clarity about where the money would come from - seemed designed to head off criticism that the Modi government had wrecked the economy with demonetisation and a hastily introduced GST. Finance minister Arun Jaitley said on Tuesday the specifics of the recapitalisation bond programme would be spelt out in due course. The recapitalisation bond programme is expected to tap into the lode of cash that the banks raised after the demonetisation. Banks have seen their overall deposits swell by over 8 per cent to Rs 109.67 lakh crore in the past year. But bank credit growth has tumbled.

Source: The Telegraph October 24, 2017 21:42 UTC