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

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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)

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