India to Inject $1.1 Billion in Nine State-Owned Lenders
This article is for subscribers only.
State Bank of India and Bank of Baroda are among nine state-owned Indian lenders that will receive 69.9 billion rupees ($1.13 billion) in capital as the government bolsters their risk buffers amid rising bad loans.
State Bank, the nation’s biggest lender by assets, will get 29.7 billion rupees, while Bank of Baroda will take 12.6 billion rupees, the finance ministry said in an e-mail statement. The government has adopted new criteria to reward more efficient banks with extra capital, the ministry said. The infusion is from the budget for the financial year to March 31.