United Bank ofIndia said the Indian government decided to infuse 8.1 billionrupees into the lender via a preferential allotment.
The bank said July 20 that 6.08 billion rupees of the totalhas been allocated for infusion with immediate effect, while the remainder willbe infused by the end of 2016, based on the lender's performance againstprescribed benchmark activities. The capital will be injected viapreferential allotment of equity.
The announcement came after the Indian government recentlysaid it would inject229.15 billion rupees into 13 public sector banks to help them meet theircapital needs.
As of July 21, US$1was equivalent to 67.16 Indian rupees.