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Wednesday, October 23, 2013
Government to infuse Rs.14,000 crore equity in banks
The government Wednesday said it will infuse Rs.14,000 crore equity capital in 20 public sector banks during the current financial year.
"The Government of India has approved infusion of Rs.14,000 crore in the PSBs during financial year 2013-14, through preferential allotment of equity in its favour,” the finance ministry said in a statement.
The country's largest lender State Bank of India will get Rs.2,000 crore equity capital from the government. The Central Bank of India and IDBI Bank will get Rs.1,800 crore each.
The government will provide Rs.1,200 crore equity capital to Indian Overseas Bank, and Bank of India will get Rs.1,000 crore.
Punjab National Bank and Union Bank of India will get Rs.500 crore each. United Bank of India will get Rs.700 crore, Vijaya Bank Rs.250 crore, and Syndicate and UCO Bank will get Rs.200 crore each.
Other lenders that will be benefited from the government's equity infusion programme include Allahabad Bank Rs.400 crore; Andhra Bank Rs.200 crore; Bank of Baroda Rs.550 crore; Bank of Maharashtra Rs.800 crore; Canara Bank Rs.500 crore; Corporation Bank Rs.450 crore; and Dena Bank Rs.700 crore.
The government infused Rs.12,517 crore in 13 public sector banks in the financial year ended March 2013.
According to the finance ministry, the capital infusion by the government in public sector is done with the "twin objective of adequately meeting the credit requirement of the productive sectors of economy as well as to maintain regulatory capital adequacy ratios."
"The government of India, as the majority shareholder, is committed to keep all PSBs adequately capitalised," it said.