Bank of America to bring in Rs330 crore for India operation

Bank of America (BoA) has announced an injection of $83 million (Rs330 crore) into its India operation, to boost the capital base of the bank and further strengthen its capital adequacy ratio.

Earlier, in 2005, the bank had brought in $175 million (Rs767 crore) for its India operations.

The Tier I capital of the bank''s India branches now increases to $466 million and its total capital base goes up to $510 million (Rs2,029 crore). This will help position the bank for further growth in India, the bank said in a statement yesterday.

BoA India''s managing director and country executive Vishwavir Ahuja said that the infusion of additional capital reflects the confidence of the bank in its India operations and its recognition of India as a key growth market in Asia.

He said it would help the bank to grow its client and trading businesses, strengthen its focus on strategic growth areas and provide world-class products and services to its key Indian clients.