Union Bank expects Rs 1000 cr capital infusion: Mr. Sarkar, CMD
By Joseph Samson
Dec 10, 2012
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The public sector lender, Union Bank of India might get Rs 1000 crore capital support from the Government in next few weeks, said Mr. D Sarkar, Chairman and Managing Director of the bank.

Mr. Sarkar said, "We have applied and are expecting Rs 950- 1,000 crore capital support".

The government has 54.35 per cent stake in Union Bank of India currently. Mr. Sarkar said that the government has agreed in-principle to provide the capital support.

The bank received capital support of Rs 280 crore in 2011-2012. The expected capital infusion will boost up the Tier- I capital, which was 8.17 per cent as on September-end, 2012.

The Government had provided about Rs 15,000 crore towards recapitalization of public sector banks in Budget 2012-2013.

The top three banks that are likely to get capital support on a priority basis are Indian Overseas Bank, Central Bank of India and Bank of Maharashtra.

State Bank of India might also receive capital support of Rs 4000 crorethis financial year.


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