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The government will inject nearly Rs.88,000 crore into public sector banks by issuing recapitalization bonds and budgetary support this fiscal year, as part of its Rs.2.11 lakh crore recapitalization bonds plan.
The government will infuse more than Rs.88,000 crore, out of which Rs.8.139 crore is via budgetary allocation. Banks whose regulatory requirements has not fallen under the Reserve Bank of India’s minimum limits will get Rs.35,828 crore and the banks under the prompt-corrective action will get Rs.52,311 crore.
Rajiv Kumar, Financial Services Secretary stated, “State Bank of India to get Rs.88 billion, Rs.35.71 billion for Oriental Bank of Commerce, Rs.30.45 billion for Dena Bank, Rs.51.58 billion for Central Bank of India, Rs.46.94 billion for Indian Overseas Bank, Rs.92.32 billion for Bank of India, Rs.65.07 billion for UCO Bank,”
Further, Punjab & Sind Bank to get Rs.7.85 billion, IDBI Bank will get Rs.106.1 billion, Canara Bank stands to get Rs.48.65 billion, Union Bank will get Rs.45.24 billion, Syndicate Bank will get Rs.28.39 billion, Bank of Maharashtra will get Rs.31.75 billion.
