India to inject $1.32bln to state-run banks

The government aid worth 62.11 billion rupees will be injected into five state-run banks for their capital and lending needs.

A statement from the Indian government specified the five banks are Bank of Maharashtra, Central Bank of India, IDBI Bank, UCO Bank and Union Bank of India.

"These Banks would be able to leverage this capital and lend an additional approximate amount of Rs.77,637 crore (776.37 billion rupees) 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," said the statement according to Reuters.