Central Government to infuse Rs 3,004 crore in SBI

The Central Govt will infuse a capital of Rs. Rs 3,004 crore in State Bank of India (SBI) as a part of capital infusion plan for the current fiscal.

The liquidity infusion will enable the bank to support national and international banking operations undertaken through its subsidiaries and associates.

The capital will be infused by way of preferential allotment of equity shares to the government.

In the last fiscal, SBI was infused with Rs 7,900 crore to increase its Tier-I capital.

After the capital infusion in March 2012, the government stake in SBI increased to 61.58 % from 59.4%.

The government had recently given nod to capital infusion of Rs 12,517 crore in around 10 state-owned banks by March, 2013.

Month: Current Affairs - January, 2013