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Report: India likely to inject 286.15B rupees into 7 public-sector banks

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Report: India likely to inject 286.15B rupees into 7 public-sector banks

India's government is expected to announce plans Dec. 27 to inject 286.15 billion rupees of capital into seven public sector banks, The Economic Times reported, citing sources in the government.

Central Bank of India, United Bank of India, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, UCO Bank and Syndicate Bank Ltd. are likely to receive capital injections from the government, with Bank of India likely to get about 100.86 billion rupees.

Oriental Bank of Commerce, Bank of Maharashtra and UCO Bank could receive 55 billion rupees, 44.98 billion rupees and 30.56 billion rupees of capital, respectively. United Bank of India, Central Bank of India and Syndicate Bank may get funds worth 21.59 billion rupees, 16.78 billion rupees and 16.38 billion rupees, respectively, according to the report.

As of Dec. 26, US$1 was equivalent to 70.07 Indian rupees.