The Government of India has approved the release of Rs 8,655 crore as fresh capital to three public sector banks. The list includes Allahabad Bank, Indian Overseas Bank (IOB) and UCO Bank. The infusion will be done for preferential allotment of shares.
Fresh capital amounting to Rs 2,153 crore will be allocated to Allahabad Bank, Rs 2,142 crore to UCO Bank and Rs 4,630 crore to Indian Overseas Bank (IOB) for preferential allotment of shares.
Important takeaways for all competitive exams:
- MD & CEO of Indian Overseas Bank: Karnam Sekar.
- Chairman of UCO Bank: Atul Kumar Goel.
Source: The Live Mint