SBI rises on fund infusion clearance from govt

Country's biggest lender State Bank of India (SBI) gained as much as 0.87 percent to Rs 2,392 on Thursday after the bank said the government has cleared fund infusion of Rs 3,004 crore.

In an interview to CNBC-TV18, Diwakar Gupta, MD & CFO of the bank said the bank would need Rs 12,000-17,000 crore over next two years. "We do not need more than Rs 3,000 crore in near-term," he quickly adds.

Immediately after the Banking Amendment Bill  was passed in Lok Sabha, Finance Minister P Chidambaram had expressed commitment of the government to infuse Rs 15,000 crore into public sector banks in the current financial year.

At 10:27 hours IST, the stock rose 0.5 percent to Rs 2,383 on the Bombay Stock Exchange. Yesterday the stock rallied 1.84 percent to close at Rs 2,371.20.

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