Mumbai: State Bank of India (SBI), the country’s top lender, said on Saturday that its board had approved a capital injection of Rs.3,004 crore by the government through preferential allotment of shares in the current fiscal year.
The funds will be used to support local and international banking operations, and the bank is seeking separate approvals from the government and the Reserve Bank of India (RBI) to raise its issued capital, SBI said in a statement to the stock exchanges.
RBI had said in September that the government needed to inject Rs.90,000 crore into state-run banks to meet the upcoming Basel III requirements.
