Eight leading teams, including the defending champions Indian Bank, will vie for honors in the 56th PSG Trophy All India Basketball Tournament for Men beginning here from August 3.

The teams will play the matches on a league basis till August 5 and the semi-finals and finals will be played on August 6 and 7 respectively, PSG Institutions Managing Trustee L.Gopalakrishnan told reporters here on Monday.

The participating teams are Punjab Police, Punjab, Indian Navy-Lonavala, Indian Bank, Chennai, Sports Hostel of Excellence, Chennai, Integral Coach Factory, Chennai, Kerala State Electricity Board, and Kerala Police, and Bank of Baroda - Bengaluru, he said.

The winners will get Rs. 1 lakh cash prize and PSG Trophy and the runners Rs.50,000 and a trophy, which is introduced in this edition Third Runner will be given Rs.20,000 cash, the fourth runner Rs.15,000 and the Best player will be awarded Rs.10,000, PSG Sports Club President, Dr. R Rudramurthy said.

District Collector, Dr. G S Sameeran will be the Chief Guest on the final day, and he will be presenting the trophy and cash prizes, he said. All the matches will be live on PSG's YouTube channel.