The central government is going to give big help to six government banks. The Finance Ministry has approved the grant of Rs 7,577 crore to the public sector banks.
Banks which are being provided government help. They are all under the immediate remedial action of the Reserve Bank. Explain that the capital which is giving the government falls under the rainbow scheme of the capital government.
Under this, until March 2019, a promise of the capital of Rs 70,000 crore has been promised in the banks. Banks, including Bank of India, IDBI Bank, and UCO Bank, will be able to get the money from the government by issuing the preference shares. After getting the necessary regulatory approval including approval from the shareholders, actual capitalization will be started in the next few weeks.
Kolkata-based UCO Bank today announced that the Board of Directors has got approval for the proposal to issue a preference share in return for the capitalization of Rs 1,375 crore by the government. In addition, Central Bank of India said that the Board of Directors of the Board of Directors has approved the allotment of 3.88 crore shares to raise Rs 323 crore for 83.15 rupees per unit.
According to the information, the Ministry of Finance has decided to put Rs 2,257 crore in Bank of India, Rs 2,729 crore in IDBI Bank, Rs 650 crore in Bank of Maharashtra and Rs 243 crore in Dena Bank. The government has decided to capitalize all the public banks, in which these six banks have started issuing capital so that they can help fulfill the requirement of equity shares and improve the business again.
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