October 24, 2017 / 11:55 AM / 8 months ago

India approves $32.4 billion state bank recapitalization plan

NEW DELHI, Oct 24 (Reuters) - The Indian government has approved a state bank recapitalization plan of 2.11 trillion rupees ($32.43 billion), a senior finance ministry official said on Tuesday.

Of the planned sum, recapitalization bonds will account for 1.35 trillion rupees, while 760 billion rupees will come from budgetary support and equity issuance, said Rajiv Kumar, India’s financial services secretary.

$1 = 65.0550 Indian rupees Reporting by Nigam Prusty and Devidutta Tripathy

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