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Report: Indian government to approve 1st round of capital infusion into public banks

India's Finance Ministry will likely approve its initialround of capital infusion into public sector banks soon to support lenders amidtheir growing bad loans, the Press Trust of India reported July 15, citingsources.

India's finance minister, Arun Jaitley, is expected toapprove the capital infusion soon, with the first tranche amounting to less to200 billion rupees, the sources said.

The country's government has budgeted 250 billion rupees forcapital infusions into state-owned banks in the current fiscal year endingMarch 31, 2017, but Jaitley had previously said that more funds would beprovided if needed.

In 2015, the government announced a plan to infuse 700 billion rupees intopublic sector banks over four years, with banks expected to raise 1.1 trillionrupees from the market to meet capital requirements.

As of July 15, US$1was equivalent to 67.08 Indian rupees.