New Delhi, Feb 1 (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. PTI TEAM TRB

Municipal bond incentives proposed: Rs100 crore for single issuances over Rs1,000 crore and review of forex rules. Proposed incentives introduce a grant of Rs 100 crore for a single bond issuance by municipal corporations for issuances over Rs 1,000 crore; structural reorganisation of REC Ltd and Power Finance Corporation to strengthen public sector finance; establishment of a high-level committee on banking policy; and a review of foreign exchange management non-debt instruments rules.