FM announced upfront release of Rs 70000 crore capital for public sector banks last week
The finance minister has announced the upfront capital infusions of Rs 55250 crore into 10 public sector banks. Last week on 23 August, the finance minister had announced measures to boost economy, including upfront release of Rs 70000 crore of capital for public sector banks aiming for additional credit expansion through PSBs.Among the major banks to receive capital, Punjab National Bank is being allocated Rs 16000 crore, followed by Union Bank Rs 11700 crore, Bank of Baroda Rs 7000 crore, Canara Bank Rs 6500 crore and Indian Bank Rs 2500 crore.
Indian Overseas Bank is also allocated capital funds of Rs 3800 crore, followed by Rs 3300 crore to Central Bank of India, Rs 2100 crore to Uco Bank, Rs 1600 crore to United Bank of India and Rs 750 crore to Punjab and Sind Bank.
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