Govt announces Rs 11,336 crore capital infusion in 5 banks

17 Jul

Moneycontrol News

The government has announced an infusion of Rs 11,336 crore in five public sector banks as part of its Indradhanush scheme, which was unveiled in 2015. This is the last tranche of infusion under the scheme.

The five banks are Punjab National Bank (PNB), Indian Overseas Bank (IOB), Andhra Bank, Corporation Bank & Allahabad Bank.

In October last year, the government had announced a Rs 2.11 lakh crore recapitalisation plan, of which Rs 1.35 lakh crore was to be raised through recapitalisation bonds, while banks were required to raise the balance through share sales.

The two-year recapitalisation programme was aimed at helping state-run banks to deal with rising bad debts and spur credit growth.

First Published on Jul 17, 2018 06:29 pm

Courtesy: Moneycontrol News


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