NEWS & ADVICE : SAVINGS ACCOUNTS
Govt infused Rs 3004-cr capital in SBI
By Neelima Shankar
Mar 20, 2013
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India's largest lender, State Bank of India has received capital amounting Rs 3,004 crore from the Central Government as part of it's recapitalization plan of the public sector banks.

According to the State Bank of India, the Government infused the money by subscribing to preferential allotment of 1.29 crore equity shares at the issue price of Rs 2,312.78 per share.

"We are confident that with this capital infusion, we will meet the capital adequacy requirement prescribed by Reserve Bank," State Bank of India (SBI) said in a statement.

The Government plans to infuse around Rs 14,000 crore in State-run banks this financial year to boost their core capital ratios as they prepare to act in accordance with the Basel-III guidelines, which will start from April.


 


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