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July 18, 2018

5 Public Sector Banks to get Rs 11,336-cr capital infusion

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The Finance Ministry today approved the infusion of Rs. 11,336 crore in five Public Sector Banks namely Punjab National Bank (PNB), Allahabad Bank, Corporation Bank, Andhra Bank and Indian Oversease Bank (IOB). This move will help them meet regulatory capital requirement.
This is the first ever capital infusion in the current fiscal and the remaining amount of Rs 53,664 crore would be disbursed during the course of the year.

As per the approval, the Nirav Modi Scam hit Punjab National Bank (PNB) is going to get the highest amount of Rs 2,816 crore out, followed by Allahabad Bank, which is going to get Rs 1,790 crore.

The medium-sized public sector bank, Andhra Bank is going to get Rs 2,019 crore, and Indian Overseas Bank will get Rs 2,157 crore followed by Corporation Bank – Rs 2,555 crore.

The infusion would be part of remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years.

The government announced Rs 2.11 lakh crore capital infusion programme October last year. As per the plan, the public sector banks (PSBs) were to get Rs 1.35 lakh crore through re-capitalisation bonds, and the balance Rs 58,000 crore through raising of capital from the market.

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