Finance Ministry to hold meeting of heads of banks on Wednesday
The Finance Ministry is set to review the development of variousfinancial inclusion schemes as it has called a meeting of heads of Public Sector Banks (PSBs) on Wednesday.
The Ministry of Finance on Monday released the 16th weekly instalment of Rs 5,000 crore to the states to meet the GST compensation shortfall.
Out of this, an amount of Rs 4,597.16 crore has been released to 23 states and an amount of Rs 402.84 crore has been released to 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council. The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim, do not have a gap in revenue on account of GST implementation.
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Till now, 86 per cent of the total estimated GST compensation shortfall has been released to the states and UTs with a Legislative Assembly. Out of this, an amount of Rs 86,729.93 crore has been released to the states and an amount of Rs 8,270.07 crore has been released to these UTs.
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The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The borrowings are being done through this window by it on behalf of the states and UTs.
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