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