SBI gives nod for $558 mln capital infusion by government
MUMBAI (Reuters) - State Bank of India (SBI.NS), the country's top lender, said on Saturday that its board had approved a capital injection of 30.04 billion rupees by the government through preferential allotment of shares in the current fiscal year.
The funds will be used to support local and international banking operations, and the bank is seeking separate approvals from the government and India's central bank to raise its issued capital, SBI said in a statement to the stock exchanges.
The Reserve Bank of India said in September that the government needed to inject 900 billion rupees into state-run banks to meet the upcoming Basel III requirements.
(Reporting by Prashant Mehra)
- Tweet this
- Share this
- Digg this
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article