The Indian government on Thursday sought parliament approval for Rs 800 billion ($12.62 billion) extra spending to recapitalise state banks as part of a move to help lenders deal with bad debts and revive credit growth.
Last October, Finance Minister Arun Jaitley announced the plan to recapitalise banks with Rs 2.11 trillion over two years, including Rs 1.35 trillion through recapitalisation bonds and 580 billion rupees from share-sale by state-run banks.
($1 = 63.4000 Indian rupees)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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