Govt to infuse Rs 12,200 cr in banks; will sell 10% in EIL

The Cabinet Committee on Economic Affairs (CCEA) today cleared the proposal to infuse Rs 12,200 crore in public sector banks. Speaking to the press after the meet, finance minister P Chidambaram said around 9-10 banks are likely to be recapitalised. PSU banks are plagued by rising non-performing assets (NPA) and write-offs.

Chidambaram said the combined injection of capital would not exceed the Rs 15,000 crore provisioned in the budget for the fiscal year ending 2013, which is short of the banks' requirements. Banks like Union Bank of India were gunning for Rs 1500 crore recapitalisation.

The CCEA also  also cleared 10 percent disinvestment in Engineers India. The government currently holds 80.50 percent stake in EIL.  This divestment is part of government aim to raise Rs 30,000 crore from share sales in state-run companies in fiscal year 13. Thus far, it has managed to garner just under 25 per cent of that target.

Scooters India revival package plan was not taken up by CCEA.

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