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Cabinet approves 122 billion rupees recapitalisation plan

Source : REUTERS
Last Updated: Thu, Jan 10, 2013 08:50 hrs
An employee arranges Indian currency notes at cash counter inside a bank in Agartala

The cabinet has approved a plan to infuse 122 billion rupees in state-run banks, a minister, who declined to be named, told reporters on Thursday.

India's state-run banks are facing rising non-performing assets (NPA) and write-offs because of poor lending decisions.

Finance Minister P. Chidambaram said the combined injection of capital would not exceed the 150 billion rupees provisioned in the budget for the fiscal year ending 2013, which is short of the banks' requirements.


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