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The Silicon Review Asia

Central government to Infuse Rs 3,054 Crore To Allahabad Bank

Central government to Infuse Rs 3,054 Crore To Allahabad Bank

The central government of India will give capital infusion of Rs 3,054 to public sector bank, Allahabad Bank as an investment. The funds will be provided during the current fiscal.

According to Allahabad Bank in the stock exchange filing, the government of India, ministry of finance, department of financial services has communicated with them regarding the capital infusion The capital infusion is towards the contribution of the central government in the preferential allotment of equity shares (special securities/bonds) of the bank during the financial year 2018-19, as government’s investment.

As per Basel-III, as on June 30, 2018, the bank’s capital adequacy stood at 6.88%. In the end of first quarter of FY19, the government owned a stake of 71.81% in the bank.

The bank has some additional restrictions imposed by the central bank in May this year. The restrictions are imposed under the Prompt Corrective Action Framework.

Fort the first quarter of FY18, the public banking unit reported a net loss of Rs 1,944.37 crore as compared to last year’s profit of Rs 28.84 crore during the last fiscal year. The bank’s operating profit fell by 29% and a 53.6 per cent rise in provisions to cover sticky loans.

On a quarterly basis, the bank, however, managed to prune the losses at a less time. The bank’s net loss for the fourth quarter last fiscal stood at Rs 3, 509.63 crore.

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