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PSU Banks Set To Get ₹42,239-Crore Fund.

Corporation Bank gets the highest infusion of Rs 9,086 crore.

The government on Wednesday February 20 approved the infusion of Rs 48,239 crore in 12 public sector banks in the current financial year(2018-2019).

The government has now provided Rs 1,00,958 crore out of the Rs 1.06-lakh-crore bank recapitalisation plan.

Corporation Bank emerged as the biggest beneficiary of the latest round of capital infusion with Rs 9,086 crore,followed by Allahabad Bank (Rs 6,896 crore).

Here’s a list of banks getting an infusion in the descending order of the amount:

Corporation Bank – Rs 9,086 crore

Allahabad Bank – Rs 6,896 crore

Punjab National Bank – Rs 5,908 crore

Bank of India – Rs 4,638 crore

Union Bank – Rs 4,112 crore

Indian Overseas Bank – Rs 3,086 crore

UCO Bank – Rs 3,330 crore

Andhra Bank – Rs 3,256 crore

United Bank – Rs 2,839 crore

Central Bank of India – Rs 2,560 crore

Syndicate Bank – Rs 1,603 crore

Bank of Maharashtra – Rs 205 crore

The RBI removed Bank of India, Bank of Maharashtra and Oriental Bank of Commerce from the PCA framework on January 31.

Department of Financial Services said that the banks would receive the capital to “equip better performing PCA banks to be above regulatory capital threshold, to help banks that are out of PCA to remain so and equip non PCA banks to stay above regulatory norms of PCA”.

As per the recapitalisation drive, the government has categorised the banks in three categories with respect to their capital position as against that required by the RBI.

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