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Business EconomyPosted at: Jul 17 2018 10:55PM


Govt to infuse Rs 11,336 cr in 5 public sector banks

New Delhi, July 17 (UNI) The government on Tuesday announced an infusion of Rs 11,336 crore in five public sector banks as part of its Indradhanush scheme.
This is the last tranche of infusion under the scheme which was unveiled in 2015.
The five banks in which the amount will be infused include Punjab National Bank (PNB), Indian Overseas Bank (IOB), Andhra Bank, Corporation Bank and Allahabad Bank, sources in the Finance Ministry said.
Of the Rs 11,336 crore, Rs 2,816 crore will be infused in PNB, Rs 2,157 crore in IOB, Rs 2,019 crore in Andhra Bank, Rs 2,555 in Corporation Bank, and Rs 1,790 crore in Allahabad Bank.
In October last year, the government had announced a Rs 2.11 lakh crore recapitalisation plan.
The infusion would be part of the remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years.
As per the plan, the public sector banks 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.
Out of the Rs 1.35 lakh crore, the government has already infused about Rs 71,000 crore through recap bonds in the banks.
The two-year recapitalisation programme was aimed at helping state-run banks to deal with rising bad debts and spur credit growth.
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