Govt to inject up to Rs 7,000 cr into SBI by next week

The government will inject Rs 6,000 crore to Rs 7,000 crore in State Bank Of India by next week, banking secretary DK Mittal said on Friday.

The government is the bank's largest shareholder.

Earlier this year, the bank had said it will receive about Rs 7,900 crore from the government through a preferential allotment of shares.

Ratings agency Moody's downgraded SBI's standalone rating in October, citing inadequate capital and declining asset quality, putting pressure on the government - its the largest shareholder - to inject money into the bank.