Expressing his anger at the functioning of the banks, the finance minister said that the functioning of banks depends on trust, the relationship of borrower and the lender.
Jaitley, along with his counterpart minister from Saudi Arabia, will open the "Saudi-Indian Business Council" on Sunday. He will also visit the "India Pavillion" at the Saudi National Heritage and Cultural Festival Janadriyah.
PNB has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.
On July 1 last year, the government had issued an order saying the assistance under the scheme cannot exceed Rs 10,000 per month, triggering widespread discontent among all the three services.
Alleging that the country's economy was limping under the NDA rule, he said the government would contribute a new word to the Oxford English dictionary -- "jumla" (gimmick).
The government's plans to spend Rs 2.11 lakh crore to recapitalise PSBs in a major step to restore the banking system's health.
Jaitley also said that the last decision of the Monetary Policy Committee, chaired by RBI Governor Urjit Patel that decided to keep rates unchanged, was a “balanced decision”.
Indian economy under the BJP rule since 2014 has covered the journey from policy paralysis to structural reforms which have taken out the economy from being in fragile five to being a bright spot, Jaitley said.
Justice Manmohan declared the Joint Registrar's order as infructuous and transferred the case to another bench of a single judge, who will hear the matter on February 12.
Replying to a debate on Budget 2018-19, the minister said that a lot of things have changed since the NDA government took office in May 2014.
There was high drama in the Lok Sabha as soon as Finance Minister Arun Jaitley stood up to reply to the budget discussion.
Presenting his last full budget before the general elections due in early 2019, Jaitley proposed to tax LTCG on equities exceeding Rs 1 lakh at 10 per cent, which is expected to bring in revenue of Rs 20,000 crore.
Finance Minister Arun Jaitley also advised Congress chief Rahul Gandhi to "learn" from former defence minister Pranab Mukherjee "lessons on national security."
The Budget 2018-19 was presented in the Parliament on February 1. This was the last full budget of the ruling BJP-led NDA government before 2019 Lok Sabha polls.
Finance Minister Arun Jaitley said that lowering interest rates is a decision entirely in the domain of banks.
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