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India: Syndicate Bank Gets Rs 728 Crore Funding from Government

India: Syndicate Bank Gets Rs 728 Crore Funding from Government

The government of India has given fundings of Rs. 728 crore to Syndicate bank. Instead of shares, the government released the money in terms of cash.

According to Syndicate Bank, on October 17, the ministry of finance confirmed about the fund getting sanctioned from the government.  The fund is a part of the government’s invests during 2018-19. The government investments include preferential allotment of equity shares.

The bank received the funding amount on October 22 this year and kept in its share application money account.  For allotting requisite equity to the government, the bank will take necessary approvals.

In return towards the special allotment of shares to the government, Central Bank of India will get Rs. 2,345 crore.

The public sector banks will get Rs 1.35 lakh crore as per the plan. The money will be dispatched through re-capitalization bonds and the remaining money through capital from the market.

Ten public sector banks got Rs 88,139 crore funding in 2017-18. And in 2018-19, the banks will get a funding of Rs. 65,000 crore.

In July this year, five public sector banks had got capital infusions of Rs. 11,336 crore for this fiscal. Banks like Punjab National Bank, Corporation Bank, and Andhra Bank was among the five banks.

In this, the following banks were hit by the Nirav Modi scam:  Allahabad Bank, Andhra Bank, Indian Overseas Bank, Punjab National Bank, and Corporation Bank.


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