Govt to infuse $732 mln in SBI: executive

MUMBAI Wed Dec 5, 2012 1:35pm IST

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009. REUTERS/Arko Datta/Files

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009.

Credit: Reuters/Arko Datta/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The government is looking to infuse 40 billion rupees in State Bank of India, the country's biggest lender, a bank executive told reporters on Wednesday.

"What mode it will be is being discussed," said Diwakar Gupta, managing director and chief financial officer at SBI.

"We have given various options and it is the call of the government to decide how they would like to infuse the equity," said Gupta, adding that the money will be adequate to keep SBI above the capital adequacy level of 13 percent.

In November, Finance Minister P. Chidambaram had said the government will decide in the next few weeks how much additional capital will be injected into state-run banks after determining most of the lenders will need additional funds.

(Reporting by Kaustubh Kulkarni; Editing by Prateek Chatterjee)

FILED UNDER:

Economic Pulse

REUTERS SHOWCASE

Nifty Above 8,600

Nifty Above 8,600

Nifty hits record high above 8,600; state-run lenders gain  Full Article 

Indian in Iraq

Indian in Iraq

India says no contact with 39 men held by Islamic State in Iraq.  Full Article 

Sahara Issue

Sahara Issue

Sahara looks to raise $650 million loan to fund bail.  Full Article 

Bhopal Tragedy

Bhopal Tragedy

Bhopal's toxic legacy lives on, 30 years after industrial disaster.  Full Article 

Essar Group

Essar Group

Exclusive - Essar's planned oil-for-steel deal tests Iran sanctions  Full Article 

Islamic Fund

Islamic Fund

India gets new Islamic equity fund but debt market still off-limits  Full Article 

Fiscal Deficit

Fiscal Deficit

April-October fiscal deficit nears 90 pct of full-year target  Full Article 

Oil Prices

Oil Prices

Oil hits new four-year low post OPEC as glut looms  Full Article 

Gold Imports

Gold Imports

India eases gold import rule in surprise move.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage