NEWS & ADVICE : HOME LOANS
Govt will finalize Rs 15000 cr capital infusion in public sector banks
By Joseph Samson
Dec 4, 2012
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The government will finalize the capital infusion of Rs 15,000 crore in public sector banks by the end of this weekend to strengthen up the capital base of the banks.

Mr. D K Mittal, Department of Financial Services Secretary said, "This week there will be some announcement about the allocation (to various banks)".

"Allocation of the funding will be decided and rest I think the process still has to go through," Mr. Mittal said.

"If there is rights issue, there is scope for anybody to go in...LIC is not a short-term investor," he said to a query if LIC will be asked to subscribe to the rights issue.

"May be LIC will also make money by selling some of the equities when they come to the market," Mr. Mittal further added.

Mr. Mittal said that the government has made provisions to infuse Rs 15000 crore for recapitalization of the banks in the current fiscal. The top three banks which required capital are Bank of MaharashtraCentral Bank of India and Indian Overseas Bank.


 


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