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SBI To Get INR 80 Billion Cap Infusion; India Govt. Launches $1 Billion Innovation Fund

State bank of India received the Finance Ministry approval for a capital infusion of 60-80 billion rupees. Diwaker Gupta, chief financial officer, confirmed last month that the bank had received formal notification from the government on capital infusion. The bank, has sought Rs.200 billion since 2010 from Government to order to develop its capital base apart from it being 59% state-owned.

India Inclusive Innovation Fund - Microsoft says India is Innovation

India Inclusive Innovation Fund - Microsoft says India is Innovation

In other news, Indian Government plans to allocate a fund of $1 billion by June-July, with an initial capital of Rs.5 billion, in plans and innovations to generate services and products for the betterment of the poor and underdeveloped. It will be a private fund and Government is one of the investors as said by Pitroda.

It is called India Inclusive Innovation Fund, which will be invested in agriculture, irrigation, energy and healthcare sectors. A return of 10-12% approximately, is expected. The present industry standard is about 18-20%. RBI (Reserve Bank of India ) also declared, earlier this month, a set of guidelines for implementing Basel-III norms. It proposed that banks should have minimum tier-I capital of 7% and total capital of at least 9%.

Sources – this & this, Image

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