MUMBAI — India has launched its recapitalization scheme totaling 2.1 trillion rupees ($32.3 billion) to help state-run banks write off nonperforming loans and put the economy back into high gear.
State Bank of India, the country’s largest commercial bank, said Friday that shareholders approved a private allotment of preferential shares for the government. The bank will receive an injection of 88 billion rupees in return, in a transaction slated to close this month.
Others such as Punjab National Bank, Canara Bank and the Bank of Baroda have approved similar state-backed infusions, with Bank of India raising 22.5 billion rupees through the recapitalization effort. India’s government approved the two-year bank bailout plan in Oc…
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