Union Budget: Govt to restructure REC, PFC; set up panel on ‘Banking for Viksit Bharat’

New Delhi (PTI): Finance Minister Nirmala Sitharaman on Sunday proposed incentives of Rs 100 crore for single bond issuance by municipal corporations of more than Rs 1,000 crore.

She also announced restructuring of REC Ltd (formerly Rural Electrification Corporation) and Power Finance Corporation (PFC) as part of the government's public sector financial institution strengthening.

The minister proposed setting up high-level committee on 'Banking for Viksit Bharat'.

She said the country's banking sector is characterised by a strong balance sheet, historic high profitability.

In her Budget speech, she proposed to review foreign exchange management non-debt instruments rules.

She added that close to 25 crore people have come out of multi-dimensional poverty.