financetom
Business
financetom
/
Business
/
Government infuses Rs 10,882 crore capital in four PSU banks
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Government infuses Rs 10,882 crore capital in four PSU banks
Dec 31, 2018 9:00 PM

The government on Monday infused Rs 10,882 crore in four public sector banks, including UCO Bank and Syndicate Bank, as part of Rs 28,615 crore capital infusion to be done in about half a dozen public sector lenders.

The bank has received Rs 3,074 crore in the equity by way of preferential allotment on Monday, UCO Bank said in a regulatory filing. Besides, Bank of Maharashtra got Rs 4,498 crore, Syndicate Bank Rs 1,632 crore and Central Bank of India Rs 1,678 crore.

The government has already announced infusion of Rs 10,086 crore in Bank of India, Rs 5,500 crore in Oriental Bank of Commerce and Rs 2,159 in United Bank of India.

The government pumped in Rs 28,615 crore into seven public sector banks (PSBs) through recapitalisation bonds.

The government had earlier announced an infusion of Rs 65,000 crore in PSBs in 2018-19, of which Rs 23,000 crore has already been disbursed, while Rs 42,000 crore is remaining. Earlier this month, Finance Minister Arun Jaitley said the government would put an additional Rs 41,000 crore in PSBs over and above what was announced earlier.

On December 20, the government sought Parliament's approval for infusion of an additional Rs 41,000 crore. The recapitalisation, the finance minister said, would enhance the lending capacity of PSBs and help them come out of the Reserve Bank of India's Prompt Corrective Action (PCA) framework.

Eleven out of the total 21 PSBs are under the RBI's PCA framework, which imposes lending restrictions on weak banks. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

First Published:Jan 1, 2019 6:00 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Top Premarket Gainers
Top Premarket Gainers
Sep 18, 2025
08:11 AM EDT, 09/18/2025 (MT Newswires) -- 89bio (ETNB) shares were up 86% in recent Thursday premarket activity, after saying it signed a deal to be acquired by Roche for $2.4 billion. Aptevo Therapeutics ( APVO ) stock was 69% higher, erasing Wednesday's fall. Intel ( INTC ) shares were 29% higher after Nvidia ( NVDA ) said it will...
First Mining Gold Signs Agreement With City of Duparquet to Advance Quebec Gold Project
First Mining Gold Signs Agreement With City of Duparquet to Advance Quebec Gold Project
Sep 18, 2025
08:11 AM EDT, 09/18/2025 (MT Newswires) -- First Mining Gold ( FFMGF ) said Thursday that it signed a memorandum of understanding with the City of Duparquet to cooperate on the development of the Duparquet gold project in Quebec. The agreement to support community development near the proposed mine was ratified by the municipal council, First Mining said. The agreement...
American Express Expands Consumer, Business Platinum Card Benefits
American Express Expands Consumer, Business Platinum Card Benefits
Sep 18, 2025
08:11 AM EDT, 09/18/2025 (MT Newswires) -- American Express ( AXP ) said Thursday it has updated its US consumer and business Platinum Cards, adding lifestyle and business benefits valued at more than $3,500 annually. The annual fee for Platinum Cards is now $895. Consumer Platinum benefits include new credits with Resy, lululemon, and Uber One, as well as improved...
Form 8.3 - United Group plc
Form 8.3 - United Group plc
Sep 18, 2025
LONDON--(BUSINESS WIRE)--   FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION       (a) Full name of discloser: Massachusetts Financial Services Company   (b) Owner or controller of interests and short positions disclosed, if different from 1(a):...
Copyright 2023-2026 - www.financetom.com All Rights Reserved