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Govt to infuse Rs 48,239 cr in 12 public banks as recapitalisation
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Govt to infuse Rs 48,239 cr in 12 public banks as recapitalisation

Agency News

New Delhi, Feb 20: The Government on Wednesday approved that Rs 48,239 crore will be infused in 12 public sector banks as recapitalization. Of Rs 48,239 crore, the Corporation Bank has received the maximum capital of Rs 9,086 crore, Department of Financial Services Secretary Rajeev Kumar said here.

The Allahabad Bank would get Rs 6,896 crore for the recapitalization. “Govt approves Rs 48,239 cr recap to 12 PSBs (Rs 1 lakh cr in FY) to equip 2 better-performing PSBs to be above reg PCA triggers, ensure PSBs brought out remain above PCA triggers, avoid PCA for PSBs in breach, & min reg capital for all PCA PSBs,” Mr Kumar tweeted.

Bank of India and Bank of Maharashtra will receive Rs 4,638 crore and Rs 205 crore respectively. The two banks have exited the Prompt Corrective Action (PCA) and will remain above PCA trigger.

The Punjab National Bank would be recapitalized with Rs 5,908 crore, the Union Bank Rs 4,112 crore, Andhra Bank Rs 3,256 crore and Syndicate Bank Rs 1,603 crore. They are equipping non-PCA banks, breaching the PCA threshold, Mr Kumar added. (UNI)