The government of India is set to inject INR69.9bn (1.12bn) in nine public sector banks, in a bid to improve their capital base and comply by global risk standards.

The beneficiaries include the State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank. SBI is the largest benefactor with a capital infusion of INR29.7bn, followed by BoB (INR12.6bn), PNB (INR8.7bn), and Canara Bank (INR5.7bn).

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The capital injection has been decided on the basis of performance of each lender, with better performing banks securing more capital infusion.

This is the first tranche of capital infusion for which the government had allocated INR11.2bn in the 2014-15 budget.

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