WB to give $3 bn to India for bank recap – The Financial Express
India expects to get USD three billion from the World Bank in two tranches by March 31, 2010, to help it recapitalise public sector banks, besides National Housing Bank and EXIM Bank.
The World Bank may most probably give the first phase of the loan by June this year, a senior finance ministry official said here.
He said 17-18 public sector banks as well as National Housing Bank and EXIM Bank require more capital. In total, Rs 20,000 crore is needed to recapitalise these entities. (via WB to give $3 bn to India for bank recap – The Financial Express).
Crumbs coming your way …
The US is throwing a few bones, our way, to keep us quiet. While they continue the flooding the world with these depreciating pieces of paper. India is losing 10% of its foreign currency reserves every year due to dollar devaluation. What we are getting from the IMF/WB duo is just 1% of this as debt.
And we have a few preening bureaucrats who think this calls for some self-congratulaions!