NEW DELHI -- Indian Prime Minister Narendra Modi's government on Tuesday announced a massive 2.11 trillion rupee ($32.4 billion) recapitalization plan for state-run banks, a move aimed at reviving investment amid a slowdown in the economy and giving a boost to a sector grappling with rising nonperforming assets.
Of the total, 1.35 trillion rupees will be infused through recap bonds -- the nature of which, the government said, will be determined in due course -- and the remaining 760 billion rupees through budgetary support and market-based fundraising.
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