The government on Saturday cleared the infusion of Rs 6,211 crores in five public sector banks. This will help them lend an additional Rs 77,637 crores to various sectors of the economy.
“The five banks would be able to leverage this capital and lend an additional approximate amount of Rs 77,637 crores to the productive sectors of the economy, giving a push to all-round economic activity besides paying additional dividends and tax revenues to the government,” an official release said.
IDBI Bank will get Rs 3,119 crores, Central Bank of India Rs 2,016 crores, Bank of Maharashtra Rs 590 crores, UCO Bank Rs 375 crores and Union Bank of India Rs 111 crores. With this the government’s total capital support during the current financial year will go up to Rs 8,911 crores, the highest in recent times.
The government has stipulated certain conditions as part of this capital infusion and will watch the performance of these banks.
***
From July 1, no altered cheques
Age Correspondent
Hyderabad
From July 1, banks will not accept cheques with alterations or corrections even if the customer appends a signature above them.
The RBI has issued guidelines asking commercial, cooperative and urban banks not to entertain such cheques because of increasing complaints of fraud.