SBI to get Rs 3,004 cr capital from govt by March

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Fund infusion will enable the bank to support national and international banking operations. (Reuters) Fund infusion will enable the bank to support national and international banking operations. (Reuters)
SummaryFund infusion will enable the bank to support national and international banking operations.

State Bank of India (SBI) today announced it will get Rs 3,004 crore as part of the government's capital infusion plan for the current fiscal.

The fund infusion will enable the bank to support national and international banking operations undertaken through its subsidiaries and associates, SBI said in a BSE

filing.

"The central board of the bank in 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," it said.

The capital will be infused by way of preferential allotment of equity shares to the government.

The proposal is subject to necessary regulatory approvals, it said.

Last fiscal, the government had infused Rs 7,900 crore in SBI to increase the Tier-I capital of the country's largest bank.

Following the capital infusion in March 2012, the government holding in SBI rose to 61.58 per cent from 59.4 per cent.

The government approved infusion of Rs 12,517 crore in around 10 state-owned banks by March.

Last fiscal, the government pumped in about Rs 12,000 crore additional in public sector banks as against Rs 20,117 crore in 2010-11.

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