India expects $3 bn from WB for bank recap

Reuters
Posted: Friday, Jan 16, 2009 at 1534 hrs IST
Updated: Friday, Jan 16, 2009 at 1534 hrs IST

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New Delhi: India expects to get about $3 billion from the World Bank to help recapitalise 17-18 state-run banks by the end of March 2010, a finance ministry official said.

"We plan to infuse about 20,000 crore (200 billion) rupees by March 2010," said the official, who did not wish to be identified. The first World Bank funds were expected to flow from June, he told reporters.

The funds are needed to help the banks meet the central bank's capital adequacy rules.

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