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Indian government to infuse 6.77B rupees into Corporation Bank

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Indian government to infuse 6.77B rupees into Corporation Bank

CorporationBank will receive a capital infusion of 6.77 billion rupees by wayof preferential allotment of equity to the Indian government.

The bank said July 22 that the government will infuse 5.08billion rupees immediately, while the remainder will be infused based on theperformance of benchmark activities by the end of December.

The government has pledged to inject 229.15 billion rupees into 13 publicsector banks to help them meet capital needs.