 "PSU banks gain on government capital infusion plan")
Banking shares mainly public sector undertakings (PSU) were trading higher by up to 5% on the bourses after the Finance Minister Arun Jaitley said that the government will infuse capital in public sector banks in the next three to six months.
Union Bank of India (up 5% at Rs 158), Punjab National Bank (4% at Rs 144), Bank of Baroda (3.7% at Rs 152), Syndicate Bank (3% at Rs 108) and Oriental Bank of Commerce (3% at Rs 189) have rallied between 3%-5%, while Allahabad Bank, Canara Bank, IDBI Bank, Bank of India and State Bank of India (SBI) were up 1%-2% on the National Stock Exchange (NSE).
At 0945 hours, CNX PSU Bank index was up 2% compared to 0.30% rise in the CNX Nifty.
Jaitley has earmarked Rs 7,940 crore in the Budget for recapitalisation of public sector banks (PSBs) during the current financial year, the PTI report suggests. CLICK HERE TO READ FULL REPORT.
Meanwhile, Finance Secretary Rajiv Mehrishi said, the government intends to provide $9 billion (about Rs 57,000 crore) to public sector banks (PSBs) towards recapitalisation over the next two fiscal to meet global risk norms and for growth.
Union Bank of India (up 5% at Rs 158), Punjab National Bank (4% at Rs 144), Bank of Baroda (3.7% at Rs 152), Syndicate Bank (3% at Rs 108) and Oriental Bank of Commerce (3% at Rs 189) have rallied between 3%-5%, while Allahabad Bank, Canara Bank, IDBI Bank, Bank of India and State Bank of India (SBI) were up 1%-2% on the National Stock Exchange (NSE).
At 0945 hours, CNX PSU Bank index was up 2% compared to 0.30% rise in the CNX Nifty.
Jaitley has earmarked Rs 7,940 crore in the Budget for recapitalisation of public sector banks (PSBs) during the current financial year, the PTI report suggests. CLICK HERE TO READ FULL REPORT.
Meanwhile, Finance Secretary Rajiv Mehrishi said, the government intends to provide $9 billion (about Rs 57,000 crore) to public sector banks (PSBs) towards recapitalisation over the next two fiscal to meet global risk norms and for growth.