Bank Of India gets Rs 2.257 crore from Govt; re-capitalisation plan
Written by : SMTV24x7 | Sat, Dec 30, 2017, 07:46 PM
State run Banks are in a mess with heavy bad loans and poor performance. On October 24, government unveiled a Rs 2.11 lakh crore two-year roadmap for strengthening NPA-hit public sector banks. The plan includes re-capitalisation bonds, budgetary support and equity dilution.
Under this plan the Bank Of India has got a capital loan of Rs 2,257 crore from the government on Saturday.
"The bank has on December 29 received infusion of Rs 2257 crore from the Government of India, in form of Common Equity Tier-1 Capital, which is being kept as Share Application money and would be alloted after due procedure/conditions for allotment," Bank of India said in a BSE filing today.