To augment capital base of its public sector undertaking banks, the Union Finance Ministry on October 22 finalised a Rs 14,000-crore infusion plan, the Union government announced on October 22. The Union Finance Minister P Chidambaram said this after meeting the heads of PSU banks in Delhi.
For enhancing its capital base, Indian Oversea Bank (IOB) has sought capital support of Rs 2,100 crore from the government. The bank's total capital funds stood at Rs 18,366 crore as of March 2013, due to allotment of preferential shares to the government of India. It got Rs 1,000 crore from the government last fiscal as part of recapitalisation package.