SBI to get Rs 3,004 cr for capital infusion

SBI to get Rs 3,004 cr for capital infusion

Public sector lender State Bank of India (SBI) on Saturday said that it will get Rs 3,004 crore as part of the government's capital infusion plan for augmenting its Tier-I capital in the current fiscal.

In a filing with the Bombay Stock Exchange, SBI said the fund infusion will enable it to support national and international banking operations undertaken through its subsidiaries and associates.

"The central board of SBI at its meeting today has approved infusion of capital funds in the bank by the Government of India to the tune of Rs 3,004 crore during 2012-13," according to the filing.

Further, the bank said the capital infusion will be made through a preferential allotment of equity shares to the government.

The proposal is subject to necessary regulatory approvals, it stated.
DH News Service