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Indian govt seeks parliament nod for $12.6 bln extra spending for bank recapitalisation
January 4, 2018 / 7:13 AM / 12 days ago

Indian govt seeks parliament nod for $12.6 bln extra spending for bank recapitalisation

NEW DELHI, Jan 4 (Reuters) - Indian government on Thursday sought parliament approval for 800 billion rupees ($12.62 billion) extra spending to recapitalise state banks as part of a move to help lenders deal with bad debts and revive credit growth.

Last October, Finance Minister Arun Jaitley announced the plan to recapitalise banks with 2.11 trillion rupees over two years, including 1.35 trillion rupees through recapitalisation bonds and 580 billion rupees from share sale by state-run banks. ($1 = 63.4000 Indian rupees) (Reporting by Nigam Prusty; Writing by Manoj Kumar; Editing by Malini Menon)

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