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The price of the shares of PNB, BIO, Andhra Bank, Corporation Bank and Allahabad Bank reacted positively to the government capital infusion plan.
As part of the infusion plan, these 5 PSU banks will get Rs 11,336 crores from the government as part of its Indradhanush scheme, which was unveiled in 2015.
This is the last tranche of infusion in the diet. [19659002] From Rs 11,336 crore, Rs 2,816 crore will be infused into GNP, Rs 2,157 crore into IOB, Rs 2,019 crore to Andhra Bank, Rs 2,555 into Corporation Bank, and Rs 1,790 crore to Allahabad Bank.
In October last year, the government had announced a plan for recapitalization of Rs 2.11 lakh crores, of which Rs 1.35 lakh ridge was to be raised by the two-year recapitalization program was intended to help state banks to cope with rising bad debts and boost credit growth
. The Indian bank Overseas Bank was trading at Rs 15.09, up 11.86 percent and Andhra Bank at Rs 32.20, up 3.87 percent.
Corporation Bank was trading at Rs 28.55, up 7.74 percent and Allahabad Bank was quoted at Rs 43.40, up 2.72% on BSE
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