Government approves PSBs fund raising from markets

Government has given nod for raising funds of Rs 949.27 crore from the markets to public sector banks.

Allahabad Bank, United Bank, Bank of India, UCO Bank and Central Bank will raise funds via preferential shares from markets, as per the Finance Ministry. The stock price of Allahabad Bank increased 0.21 per cent, United Bank declined 0.42 per cent, Bank of India increased 0.28 per cent, UCO Bank remained unchanged and Central Bank decreased 0.25 percent on an intraday basis.

The total accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY) in the country were 27.83 crore as on March 1. 

Before demonetisation, the balance of deposits in PMJDY accounts stood at Rs 45636 crore and as on January 4 at Rs 70070 crore. The number of customers who have opened e-insurance accounts with four insurance repositories as on March 7 is 9.70 lakh.

PMJDY will also fulfil Know Your Customer requirements, and these may be converted into savings bank accounts at the request of the account holders; and such a conversion will not be linked to deposit of more than Rs 50,000.