India to inject $1.65bln in five state banks in about a week: government source

The official said the capital was part of a total 2.11 trillion rupee package that was announced last year

  
A man counts his currency after buying food from a street side restaurant in New Delhi, February 29, 2016.

A man counts his currency after buying food from a street side restaurant in New Delhi, February 29, 2016.

REUTERS/Adnan Abidi

NEW DELHI - The Indian government will inject a total 113.36 billion rupees ($1.65billion) in five state-run banks, including fraud-hit Punjab National Bank, in a week or so, a seniorgovernment official told Reuters on Wednesday.

Punjab National Bank will get 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra Bank and Allahabad Bank are the other four lenders in which the government willinject capital in the latest round, said the official who did not want to be named.

The official said the capital was part of a total 2.11 trillion rupee package that was announced last year, and would not require separate approval from parliament.

There is no demand from banks at this stage to increase the package beyond the planned sum, the official said.

($1 = 68.5500 Indian rupees)

(Reporting by Manoj Kumar; Writing by Devidutta Tripathy; Editing by Sanjeev Miglani

© Reuters News 2018

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