IOB receives an infusion of government capital of Rs.3,360 million

CHENNAI: state owned Indian Overseas Bank has received the infusion of capital from the government of Rs 4,360 million rupees towards the contribution in the preferential allocation of capital Share .

The bank informed the stock exchanges that it received Rs 4,360 million rupees on Friday for the contribution of the central government in the preferential allocation of capital costs (securities/special bonds) of the bank during fiscal year 2019-20 as a government investment.

The bank, which is under the Rapid Corrective Action (PCA) framework of the Reserve Bank of India, reported an increase in net loss to Rs 2,253.64 rupees for the quarter ended September 30, 2019.