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Govt Approves Rs 48,239 Crore For Recapitalizing 12 PSU Banks

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The Indian government has approved a sum of Rs 48,239 crore on Wednesday for the recapitalization of 12 public sector banks. The capital infusion is hoped to help strengthen these banks and maintain regulatory capital to keep them better equipped and help improved public sector banks to come out of RBI's (Reserve Bank of India) prompt corrective action (PCA) framework.

Govt Approves Rs 48,239 Crore For Recapitalizing 12 PSU Banks

Secretary Department of Financial Services (DFS), Ministry of Finance, Rajeev Kumar tweeted on Wednesday in this regard saying, "Govt approves ₹ 48239 cr recap to 12 PSBs (₹ 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."

 

The list of banks chosen by the government and the capital amount to be infused will be:

  • Corporation Bank: Rs 9,086 crore
  • Allahabad Bank: Rs 6,896 crore
  • Punjab National Bank: Rs 5,908 crore
  • Bank of India: Rs 4,638 crore
  • Union Bank: Rs 4,112 crore
  • Indian Overseas Bank: Rs 3,806 crore
  • UCO Bank: Rs 3,330 crore
  • Andhra Bank: Rs 3,256 crore
  • United Bank: Rs 2,839 crore
  • Central Bank of India: Rs 2,560 crore
  • Syndicate Bank: Rs 1,603 crore
  • Bank of Maharashtra: Rs 205 crore
Read more about: psb psu
Story first published: Wednesday, February 20, 2019, 17:07 [IST]
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