World Bank, India agree on $1.2 bln loan for banks

India has finalised negotiations for a $1.2 billion loan from the World Bank to help recapitalise state-run banks, a bank spokesman said on Monday.

India has finalised negotiations for a $1.2 billion loan from the World Bank to help recapitalise state-run banks, a bank spokesman said on Monday.

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The spokesman said the board of the World Bank board had to approve it at a meeting in late September, and signing of the loan agreement would take another one or two months.

Last year, the World Bank's India head said the bank agreed to increase lending to $14 billion for three years, including loans for recapitalising state-run banks.