FM Nirmala Sitharaman to address media at 3 pm today

Union Finance Minister Nirmala Sitharaman will address a press conference at 3 pm on June 28. The finance minister may announce some relief measures amid economic distress caused by the second wave of COVID-19 in the country.

The buzz in Finance Ministry is that Sitharaman could announce the final contours of the planned 'bad bank' - the National Asset Reconstruction Company Limited, and and the entity which will manage the bad loans- the India Debt Management Company Ltd.

As per reports, the NACRCL's capital requirements could be around Rs 6,000 crore. Multiple state-owned banks and state-owned non-banking financial institutions like Power Finance Corp and Rural Electrification Corp are expected to be stakeholders and raise the capital requirements.

Private banks like Kotak Mahindra Bank, Axis Bank and others are also in line to provide capital and pick up stake in the entity

The news report suggested that the finance ministry may include increasing Emergency Credit Line Guarantee Scheme (ECLGS) limit of Rs 4.5 lakh crore among economic relief measures under consideration.