Bank of America's India ops to get $175mn

Bank of America today said it was committing additional capital to the tune of $175 million (Rs 767 crore) for shoring up its India franchise.

"The capital infusion is mainly to meet the requirements of the Reserve Bank of India (RBI) on single and group borrower exposure limits and to provide for growth of its client base in India," the bank said in a release today.

Of the fresh infusion of $175 million, the bank has already brought in an additional Tier-I capital of $150 million (Rs 657 crore), taking the total capital base of its Indian arm to Rs 1,400 crore.

The bank said the additional Tier-II capital of $25 million (Rs 110 crore) will be infused in the current fiscal.

Vishwavir Ahuja, managing director and country head of the bank, said: "The increased capital base will enable the bank to grow its business further in India with existing clients and add new clients."

Bank of America's five branches in the country are located in Mumbai, New Delhi, Kolkata, Chennai and Bangalore.