MUMBAI Jan 19 State Bank of India, the
country's top lender, said on Saturday that its board had
approved a capital injection of 30.04 billion rupees ($558
million) by the Indian government through preferential allotment
of shares in the current fiscal year.
The funds will be used to support local and international
banking operations, and the bank is seeking separate approvals
from the government and India's central bank to raise its issued
capital, SBI said in a statement to the stock exchanges.
India's central bank said in September that the government
needed to inject 900 billion rupees into state-run banks to meet
the upcoming Basel III requirements.
($1 = 53.82 rupees)
(Reporting by Prashant Mehra)