State-run Bank of India, the country's sixth biggest lender by assets, said on Saturday it received 22.57 billion rupees ($353.6 million) from the government, joining other lenders in which the government is injecting funds to shore up their capital base.

Bank of India, which is three-quarters owned by the Indian government, was earlier this month placed under the central bank's prompt corrective action (PCA) framework due to high non-performing loans and insufficient core capital.