NEW DELHI (Reuters) - The cabinet has approved a plan to infuse 122 billion rupees in state-run banks, a minister, who declined to be named, told reporters on Thursday.
India's state-run banks are facing rising non-performing assets (NPA) and write-offs because of poor lending decisions.
Finance Minister P. Chidambaram said the combined injection of capital would not exceed the 150 billion rupees provisioned in the budget for the fiscal year ending 2013, which is short of the banks' requirements.
(Reporting by Nigam Prusty; Editing by Anand Basu)
Trending On Reuters
Nepalese officials scrambled on Monday to get aid from the main airport to people left homeless and hungry by a devastating earthquake two days earlier, while thousands tired of waiting fled the capital Kathmandu for the surrounding plains. Full Article