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Govt infuses capital in 7 PSBs

The government is infusing funds around Rs28,615 crore as capital in 7 public sector banks. Of these banks, Bank of India will receive Rs 10,086 crore. The fund infusion would be by way of recapitalization bonds. The government had earlier announced an infusion of Rs 65,000 crore in PSBs in 2018-19, of which Rs 23,000 crore has already been disbursed, while Rs 42,000 crore is remaining. Earlier this month, finance minister Arun Jaitley said the government would put an additional Rs 41,000 crore in PSBs over and above what was announced earlier. Eleven out of the total 21 PSBs are under the RBI’s PCA framework, which imposes lending restrictions on weak banks. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

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