Govt raises authorised capital of Punjab & Sind Bank to Rs 10,000 crore

State-owned Punjab & Sind Bank on Wednesday said the government has raised its authorised capital to Rs 10,000 crore.

"Government of India vide Gazette Notification No.F.No.l l/8/2019-BOA-I dated 06.01.2021 has increased the Authorized Share Capital of the Bank from Rs 3,000 crore to Rs Rs 10,000 crore," the bank said in a filing.

Last year, the government had approved capital infusion of Rs 5,500 crore into the bank through preferential allotment of shares.

The fund was approved from Rs 20,000 crore cleared by Parliament in September 2020 for capital infusion in PSBs as part of the first batch of Supplementary Demands for Grants for 2020-21.