Tap equity market: Govt tells 5 PSU banks

Each of these PSBs looking to raise Rs 1,000-6,000 crore

The central government has asked five state-owned banks to raise capital from the markets to meet their requirements for the fiscal year 2017-18. The Department of Financial Services has asked the relatively strong public sector banks (PSBs) — Canara Bank, Bank of Baroda (BoB), Indian Bank, Vijaya Bank, and Syndicate Bank — with a fairly good market capitalisation to not depend on the government’s recapitalisation plan.

“We have asked five strong banks that have consistently performed well, to raise funds on their own from the market. We are encouraging them to tap the market as their market capitalisation is fairly