Modi govt to infuse Rs 40,000 crore into 12 PSU banks; check who gets how much

Modi Govt Recaptalisation plan, PSU bank recap, PNB, allahabad bank, IOB, Uco Bank, Corporation bank,bank of india, union bank

Government on Wednesday approved Rs 48,239 crore capital infusion into 12 public sector banks (PSBS.
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The government on Wednesday approved Rs 48,239 crore capital infusion into 12 public sector banks (PSBS) in this financial year to help them maintain regulatory capital requirements and finance growth plans.

“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,” DFS Secretary Rajeev Kumar said in a tweet.

The government will infuse Rs 9,086 crore in Corporation Bank and Rs 6,896 crore in Allahabad Bank, Rajeev Kumar said. Bank of India and Bank of Maharashtra will get Rs 4,638 crore and Rs 205 crore respectively, he added.

Punjab National Bank will get Rs 5,908 crore, Union Bank of India Rs 4,112 crore, Andhra Bank Rs 3,256 crore and Syndicate Bank Rs 1,603 crore. The government will pump in Rs 12,535 crore in Central Bank of India, United Bank, UCO Bank and Indian Overseas Bank, he also informed.

Meanwhile, last month, the Reserve Bank of India has taken three public sector banks — Bank of India, Bank of Maharashtra and Oriental Bank of Commerce — out of the Prompt Corrective Action (PCA) framework and lifted various restrictions on lending and expansion of businesses.“The RBI will continuously monitor the performance of these banks under various parameters,” the central bank had said.

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