|Rediff India Abroad Home | All the sections|
No gain from UTI bailout
BS Bureau in New Delhi | February 17, 2005 11:02 IST
The Centre on Wednesday said it had not gained Rs 6,000 crore (Rs 60 billion) from the bailout package for the Unit Trust of India at the cost of investors.
According to a finance ministry release: "The bailout cost the government over Rs 6,000 crore. It was done with the intention of helping small investors and reviving the capital market."The clarification comes as news reports stated that the government had gained Rs 5,900 crore (Rs 59 billion) from US-64 and SUS-99 at the cost of investors.