India to inject $1.13 billion into nine state-run banks

Mumbai: India will inject 69.90 billion rupees ($1.13 billion) into nine state-run banks including State Bank of India in the financial year 2015, the finance ministry said on Saturday.

In a statement, it said the plan aimed to reward the banks' efficient use of assets and shareholder funds. The move marks a change in the government's usual practice of injecting capital into banks which have suffered difficulties.

Other lenders due to receive government funds include Bank of Baroda, Punjab National Bank, Canara Bank and Syndicate Bank.