The government has approved over Rs 9,000 crore capital infusion in IDBI Bank with a view to increase lender’s capital base.
Information and Broadcasting minister Prakash Javadekar said that the Union Cabinet cleared recapitalisation of IDBI Bank with one-time infusion of funds by both the government and the LIC.
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Out of Rs 9,000 crore, the government will provide Rs 4,557 crore as one-time re-capitalisation to IDBI Bank, he said.
The finance minister Nirmala Sitharaman last month had announced capital infusion of Rs 55,250 crore in 10 state-run banks.
The shares of the lender closed 7.66 per cent higher at Rs 28.80 on BSE.