Eight public sector banks get fresh capital from Centre
Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government
New Delhi: Eight public sector banks, including SBI, Punjab National Bank and Bank of Baroda, on Wednesday said that they have allotted equity shares on preferential basis to the government against capital infusion of Rs 13,955 crore.
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government. The lenders, in separate filings to the BSE, informed that they have alloted equity sha-res to government in lieu of capital infusion.
The latest capital infusion is part of the government’s programme to infuse a total Rs 70,000 crore equity into public lenders over four years to 2018-19 to shore up their capital base for meeting Basel norms.
Of this, Rs 25,000 crore each is marked for 2015-16 and 2016-17 and Rs 10,000 crore each in 2017-18 and 2018-19. The rest of the amount in the current fiscal tranche is expected to be infused in the last quarter of 2015-16.