More than one-third of this amount (Rs 6,000 crore or Rs 60 billion) is likely to go to the country's largest lender, State Bank of India, while the demand for most other banks is less than Rs 1,000 crore (Rs 10 billion) each.
The finance ministry on Tuesday cited "green shoots" of recovery in agriculture, manufacturing and services sectors, and said the prompt policy measures taken by the government and RBI have helped reinvigorate the economy with minimal damage. Stating that the agricultural sector remains the foundation of the Indian economy, the ministry said that a normal monsoon, as has been forecast, should support the rebooting of economy.
Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
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Out of 200-odd countries, just 16 nations have the coveted triple-A rating.
The bank had earlier announced that it would double its medium term note borrowings to shore up the tier-II capital to $10 billion this fiscal.
