Total capital need at Rs 6500cr; fund raising on cards: BoB

The Finance Ministry reiterated on Wednesday that public sector banks will be given more capital support following which PSU bank stocks jumped. 

"We are working and trying to understand exactly what the capital requirements are going to be in the next two-three years for (public sector) banks. And we are there to support them and provide them the capital they need,” Minister of State for Finance Jayant Sinha said on Wednesday.

The PSU Banks need an additional Rs 2.40 lakh crore in the next three years to meet Basel III capital adequacy norms.

Speaking about revamping needs, K Venkata Rama Moorthy, ED at Bank of Baroda said the bank requires capital amounting to Rs 6500 crore and has submitted proposal for  infusion to the government. Apart from it, the bank is keen to raise funds using alternative methods, he told CNBC TV18.