Indian govt to infuse $732 mln in SBI, says bank executive

MUMBAI Wed Dec 5, 2012 1:34pm IST

Stocks

   

MUMBAI Dec 5 (Reuters) - The Indian government is looking to infuse 40 billion rupees ($732 million) 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. ($1 = 54.6400 Indian rupees) (Reporting by Kaustubh Kulkarni; Editing by Prateek Chatterjee)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Reliance Projects

Reliance Projects

Exclusive: Reliance plans $13 billion projects including new refinery.  Full Article 

Pharma Sector

Pharma Sector

In race for bigger margins, drug makers willing to lose the India "advantage".  Full Article 

Low Stocks

Low Stocks

Indian power station coal stocks lowest since 2012 blackouts.  Full Article 

Markets This Month

Markets This Month

Tata Motors, M&M top Sensex gainers  Full Article 

Google Drones

Google Drones

Google is testing unmanned drones to deliver anything from dog food to medicine.  Video 

#RiceBucketChallenge

#RiceBucketChallenge

In India, rice replaces ice in bucket challenge.  Full Article 

Reuters India Mobile

Reuters India Mobile

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