Friday, 20 January 2017

Government to infuse Rs 1,894 cr in SBI -Ripples Advisory

The Indian Government has said that it has asked State Bank of India to take necessary regulatory approvals for the fund infusion as the Government is planning to infuse Rs 1,894 crore capital into the bank. As per reports, this is the part of Rs 7,575 crore capital infusion announced by the government in July last year.

As per the announcement, the government released 75 per cent of the amount while the rest was withheld. Commenting on the issue, a Government Official told the media, "In continuation of decision of July 19, 2016, the government has approved to increase the paid up capital by way of preferential allotment of equity shares."

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