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India to inject 700B rupees into state banks to boost balance sheets

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India to inject 700B rupees into state banks to boost balance sheets

The Indian government plans to inject 700 billion rupees into state-owned banks in the current fiscal year to boost their weak balance sheets, MoneyControl reported Aug. 23, citing Finance Minister Nirmala Sitharaman.

The move will likely release 5 trillion rupees into the banking system for lending, the report said.

Separately, the Indian government will also provide 200 billion rupees to struggling housing finance companies to boost their lending capacity, Press Trust of India reported the same day.

As of Aug. 23, US$1 was equivalent to 71.64 Indian rupees.