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India says to inject 721.5 million pounds into nine state-run banks

Published 07/02/2015, 11:11
Updated 07/02/2015, 11:11
© Reuters. India's Finance Minister Jaitley gestures during the session 'India's Next Decade' in the Swiss mountain resort of Davos

© Reuters. India's Finance Minister Jaitley gestures during the session 'India's Next Decade' in the Swiss mountain resort of Davos

MUMBAI (Reuters) - India will inject 69.90 billion rupees (721.50 million pounds) into nine state-run banks including State Bank of India (NS:SBI) in the financial year 2015, the finance ministry said on Saturday.

In a statement, it said the plan aimed to reward the banks' efficient use of assets and shareholder funds.

The move marks a change in the government's usual practice of injecting capital into banks which have suffered difficulties.

© Reuters. India's Finance Minister Jaitley gestures during the session 'India's Next Decade' in the Swiss mountain resort of Davos

Other lenders due to receive government funds include Bank of Baroda (NS:BOB), Punjab National Bank (NS:PNBK), Canara Bank (NS:CNBK) and Syndicate Bank (NS:SBNK).

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