Government will provide capital support to the tune of Rs.18000 crore for 12 public sector banks during the current fiscal year that ends on March 2012. Further, the Finance Ministry will sigh supplementary grants of about Rs.14,000 crore from Parliament during the budget session.
The banks that will be benefitted out of the capital injection are State Bank of India, Punjab National Bank, Central Bank of India, Bank of Baroda etc. The notable gainer of the Government fund infusion into the public sector bank is State Bank of India, which will get fund to the tune of Rs.7,900 crore.
Last week, Finance Ministry had approved to provide a capital support of Rs.7,900 crore in this fiscal year. Punjab National bank will get Rs.1,285 crore through the preferential shares allotment.
During the last financial year 2010-11, the Government had infused Rs.20,157 crore into the Public Sector banks. The banks such as Bank of Baroda, Union Bank of India, Oriental Bank of Commerce, UCO Bank and Dena Bank were beneficiaries of Government fund infusion in last financial year.
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