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Syndicate Bank gets capital infusion of Rs 728 crore from government

Syndicate Bank has received capital infusion of Rs 728 crore from the government in lieu of preferential allotment of shares.

The finance ministry had conveyed to the bank on October 17 of getting government sanction for release of Rs 728 crore towards contribution of the preferential allotment of equity shares during 2018-19 under plan as government’s investment. The said fund was received by the bank on October 22 and has been kept in Syndicate Bank Share Application Money Account.

Syndicate Bank is one of the oldest and major commercial banks of India.

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