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Indian government to infuse capital into 4 public sector banks

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Indian government to infuse capital into 4 public sector banks

India's government plans to infuse capital into four public sectorbanks by way of preferential allotment of equity shares.

Central Bank ofIndia and Allahabad Banksaid in separate March 29 releases that they will issue shares to the government.

Central Bank of India will allot 5.35 billion rupees of sharesto the government, while Allahabad Bank will issue 6.90 billion rupees of shares.

The government also plans to infuse capital into and , the lenders said in separateMarch 30 releases.

United Bank of India will issue 4.80 billion rupees of equityto the government, while Vijaya Bank will issue 2.20 billion rupees of shares.

As of March 30, US$1 wasequivalent to 66.17 Indian rupees.