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10 Public Sector Banks Submit Turnaround Plans for Capital Infusion
July 31, 2017
Bank of India, IDBI and other 8 Public Sector Banks (PSBs) have submitted their turnaround plans to qualify for capital infusion as promised by the government.
Minister of state for finance Santosh Kumar Gangwar said in a written reply to the Rajya Sabha that while Bank of Maharashtra, United Bank of India, UCO Bank, Dena Bank, Central Bank of India, Andhra Bank, and Allahabad Bank have submitted their plans, Indian Overseas Bank is in the process of the same.
Ganwar said that the capital infusion in the banks is contingent on whether they are able to complete the fixed milestones on a quarterly basis.