India Says State-Run Banks Need $28 Billion Capital Over Four Years

The government plans to provide 700 billion rupees ($10.92 billion) to banks through budgetary support as banks need more capital.

NEW DELHI: The state-run banks will need 1.8 trillion rupees ($28.07 billion) capital beyond their own growth from now until 2018/19 to meet lending requirements and global regulatory rules, a finance ministry statement said on Friday.

Out of this, the government plans to provide 700 billion rupees ($10.92 billion) through budgetary support. Banks would be required to raise the remaining amount from the market, the statement said.

Earlier on Friday, Finance Minister Arun Jaitley sought parliament's nod to more than double to $3.14 billion budgeted spending to shore-up state banks struggling with bad loans this fiscal year.

($1 = 64.1200 rupees)

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com