India will inject 229.15 billion rupees ($3.41 billion) in 13 state-run banks to help shore up the cash-strapped lenders and revive loan growth that has hit a two-decade low. The capital infusion is part of New Delhi's plans to invest 700 billion rupees in state lenders over four years to March 2019.
Finance Minister Arun Jaitley has budgeted 250 billion rupees for bank recapitalisation this fiscal year, but he has committed to infuse more if required. Top lender State Bank of India will get 75.75 billion rupees in capital, the finance ministry said in a statement on Tuesday.
Indian Overseas Bank, which has the worst bad-loan ratio, is set to get 31.01 billion rupees. A surge in bad loans and the full implementation of global Basel III bank capital rules mean Indian banks need billions of dollars of new capital.
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