Govt committed to adequate capital to PSBs: FM

Kolkata: Union Finance Minister Pranab Mukherjee on Sunday said the government is committed to capital adequacy in public sector banks to meet the latest Basel norms.

"The government is committed to adequately capitalise the public sector banks to bring those at par with global peers. The aim is to meet Basel 3 guidelines," Mukherjee said at the centenary celebration of the Punjab National Bank?s eastern region operation.

"It will be introduced in phased manner from January 2013," he said. He also asked the banks to meet the challenges of higher standard and keen competition.

For sustained growth banking would have to be inclusive and the government wanted banking in 73,000 villages having population higher than 2000 people, he said.

So far 49,000 villages had been covered, he said and laid stress on regulated system to avert any crisis.