New Delhi : The government will infuse Rs 20,088 crore into 13 PSU banks within a month’s time with country’s largest lender SBI cornering a hefty Rs 5,531 crore.
Under the allocation plan, Bank of India will get Rs 2,455 crore, IDBI (Rs 2,229 crore), Indian Overseas Bank (Rs 2,009 crore), Bank of Baroda (Rs 1,786 crore), PNB (1,732 crore), Union Bank of India (Rs 1,080 crore), Canara Bank (Rs 947 crore) and Corporation Bank (Rs 857 crore). Moreover, Dena Bank will get Rs 407 crore, Bank of Maharashtra (Rs 394 crore), Andhra Bank (Rs 378 crore) and Allahabad Bank (Rs 283 crore).
Financial Services Secretary Hasmukh Adhia while making a presentation titled Indradhanush — Plan for Revamp of Public Sector Banks said “the capital infusion will happen within a month”. The government has already laid out a roadmap for Rs 70,000 crore capital infusion in PSU banks over a period of four years. The government has estimated capital requirement of PSU banks over four year period at Rs 1.80 lakh crore. Of this, banks would have to raise Rs 1.10 lakh crore from the market.
