Chidambaram to finalise PSBs? recapitalisation soon: Mittal

The finance ministry will soon finalise the recapitalisation of state-run banks to help lenders shore up lending and spur growth in a slowing economy.

“We will finalise recapitalisation of banks soon,” financial services secretary DK Mittal told reporters.

He said the decision on rights issue as sought by State Bank of India was yet to be decided but it would be applicable for all.

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Earlier, finance minister P Chidambaram said three banks ? Indian Overseas Bank, Central Bank of India and Bank of Maharashtra ? could get capital infusion within the next few weeks.

These banks have Tier-I capital of slightly less than 8%. The government has budgeted R15,000 crore for recapitalisation for 2012-13.

Indian Overseas Bank chairman M Narendra told FE that his bank could seek a maximum R1,500 crore.