Bank of India gets capital infusion of Rs 2,257 Crore from the Government

State-run Bank of India today said it has received capital infusion of Rs 2,257 crore from the government. “The bank has on December 29 received infusion of Rs 2,257 crore from the Government of India, in the 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.

The government had on October 24 unveiled a Rs 2.11 lakh crore two-year roadmap for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds,

budgetary support and equity dilution.

The government has provided over Rs 7,500-crore fresh equity to six stressed state-run banks to help them meet the prescribed regulatory capital requirement and state its commitment to keep banks well-funded.

Bank of India, IDBI Bank, Uco Bank, Bank of Maharashtra, Dena Bank and Central Bank of India have received equity through preferential issue of shares with two of them informing stock exchanges about the decision.

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