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India injects 286.29B rupees into 7 state-run banks

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India injects 286.29B rupees into 7 state-run banks

Bank of India, United Bank of India, Oriental Bank of Commerce and four other Indian state-run lenders said they are getting 286.29 billion rupees worth of capital in the aggregate from the Indian government, confirming previous media reports.

The government decided to inject 100.86 billion rupees into Bank of India through a preferential allotment of equity shares. The lender said Dec. 29, 2018, that its board of directors will meet Jan. 2 to consider the capital injection and other matters. United Bank of India and Oriental Bank of Commerce will receive 21.59 billion rupees and 55 billion rupees, respectively.

Meanwhile, UCO Bank, Syndicate Bank Ltd. and Bank of Maharashtra said they received 30.76 billion rupees, 16.32 billion rupees and 44.98 billion, respectively, from the government. In addition, Central Bank of India received 16.78 billion rupees.

As of Dec. 31, 2018, US$1 was equivalent to 69.60 Indian rupees.