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Indian-Commodity  :  Corporate  :  GoI to infuse Rs 3,004 crore in SBI by March

GoI to infuse Rs 3,004 crore in SBI by March (21-Jan-2013)

State Bank of India (SBI) has received approval from central board of the bank for infusion of Capital funds in the Bank by the Government of India (GoI), to the tune of Rs 3004 crore during FY 2012-13, by way of preferential allotment of equity shares to the GoI, to enable the Bank to support national and international banking operations undertaken through its subsidiaries and associates. In this connection, the Bank is seeking necessary approvals from RBI and GoI under section 5(2) of the State Bank of India Act to increase its issued capital.

Last fiscal, the government had infused Rs 7,900 crore in SBI to increase the Tier-I capital of the country's largest bank. Following the capital infusion in March 2012, the government holding in SBI rose to 61.58% from 59.4%.

In FY11-12, the government pumped in about Rs 12,000 crore additional in public sector banks as against Rs 20,117 crore in 2010-11.


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