Government of India has decided to inject Rs. 60 billion to Rs 70 billion ($1.19-$1.39 billion) in State Bank Of India (SBI) by next week. Banking secretary D.K. Mittal said it on Friday.
In October 2011,financial ratings agency Moody downgraded SBI’s standalone rating, citing inadequate capital and declining asset quality, putting pressure on the government to inject money into the bank.