Indian Overseas Bank gets Rs 4,360 cr from Centre for meeting norms

In a regulatory filing to the stock exchanges, the bank said it has received the amount as contribution of the government in preferential allotment of equity shares during FY20 as govt's investment

Indian Overseas Bank (IOB) has received capital infusion of Rs 4,360 crore from the Central government, the bank said on Saturday.
 
In a regulatory filing to the stock exchanges, the bank said it has received the amount as contribution of the government in preferential allotment of equity shares during the financial year 2019-20 (FY20) as government’s investment.
 
In December, the bank had said it would receive capital infusion from the government in the current financial year for meeting the regulatory requirement. In August, the finance ministry had announced capital infusion of Rs 3,800 crore which was later increased