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Bank recapitalisation: Govt seeks parliament nod for an extra Rs 800 bn

Last October, Finance Minister Arun Jaitley announced the plan to recapitalise banks with Rs 2.11 trillion over two years

Reuters  |  New Delhi 

The Indian government on Thursday sought parliament approval for Rs 800 billion ($12.62 billion) extra spending to recapitalise state banks as part of a move to help lenders deal with bad debts and revive credit growth. Last October, Finance Minister Arun Jaitley announced the plan to recapitalise banks with Rs 2.11 trillion over two years, including Rs 1.35 trillion through recapitalisation bonds and 580 billion rupees from share-sale by state-run banks. ($1 = 63.4000 Indian rupees)  

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First Published: Thu, January 04 2018. 13:36 IST
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