Current Affairs - Banking - Discussion

Public sector Syndicate Bank announced capital infusion of Rs 728 crore from the government in lieu of preferential allotment of shares. The government in its October 17th order issued that it would infuse Rs 728 crore to Syndicate Bank against preferential allotment of equity shares during 2018-19. On October 22 the bank had received the amount and kept it in Syndicate Bank Share Application Money Account. In 2017-18, Rs 88,139 crore was infused into 20 public sector banks (PSBs). The banks will get capital infusion of Rs 65,000 crore in 2018-19.