Govt to infuse Rs 38 bn in UCO, CBI, Vijaya Bank

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Govt to infuse Rs 38 bn in UCO, CBI, Vijaya Bank

This article was posted on Feb 12, 2009 and is filed under Press Releases

The cabinet on Wednesday approved a government proposal to infuse Rs 38 billion into three state-run banks in two tranches spread over FY09 and FY10, Home Minister Palaniappan Chidambaram said. UCO Bank will get 12 billion rupees in fund infusion– 4.5 billion rupes in FY09 and the remaining 7.5 billion rupees in FY10, he said at a news briefing.

Central Bank of India will get 7 billion rupees each this fiscal and the next, he said.

Vijaya Bank will get 5 billion rupees in FY09 and another 7 billion rupees in FY10.

Indian banks are pressed for fresh capital to comply with the central bank’s prudential rules on capital adequacy.

source: yahoo finance.

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