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India to inject 60B rupees of capital into Export-Import Bank of India

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India to inject 60B rupees of capital into Export-Import Bank of India

The Indian government will infuse 60 billion rupees of capital into Export-Import Bank of India through recapitalization bonds, Press Trust of India reported Jan. 16, citing Union Minister Piyush Goyal.

The government will inject 45 billion rupees of capital into the bank before March and 15 billion rupees in the fiscal year ending March 31, 2020, Goyal said. The infusion was approved by India's Union Cabinet.

The Cabinet also approved the bank's plan to double its share capital to 200 billion rupees from 100 billion rupees, the minister said, adding that the capital infusion will improve the bank's capacity in export financing.

As of Jan. 16, US$1 was equivalent to 70.99 Indian rupees.