Seventeen bank stocks rose 0.13% to 2.82% at 12:32 IST on BSE after the Reserve Bank of India in a notification yesterday, 21 May 2015, extended to 31 March 2016 the timeframe to spread over the shortfall arising out of sale of bad assets.
Among public sector banks, State Bank of India (up 2.82%), Punjab National Bank (up 1.78%), Bank of Baroda (up 1.97%), Union Bank of India (up 1.83%), Indian Overseas Bank (up 1.54%), IDBI Bank (up 1.23%), Andhra Bank (up 0.71%), Corporation Bank (up 0.44%), United Bank of India (up 0.59%), Bank of India (up 0.31%), and Central Bank of India (up 0.13%) edged higher.
Among private sector banks, ICICI Bank (up 1.39%), IndusInd Bank (up 1.41%), Axis Bank (up 0.78%), Yes Bank (up 0.74%), Kotak Mahindra Bank (up 0.25%) and HDFC Bank (up 0.21%) edged higher.
Meanwhile, the S&P BSE Sensex was up 209.45 points or 0.75% at 28,018.80.
The S&P BSE Bankex index outperformed the market over the past one month till 21 May 2015, advancing 2.32% compared with Sensex's 0.48% rise. The index had also outperformed the market in past one quarter, sliding 2.62% as against Sensex's 4.86% fall.
The Reserve Bank of India (RBI) in a notification yesterday, 21 May 2015, extended the timeframe to spread over the shortfall arising out of sale of non-performing assets (NPAs) if the sale value is lower than the net book value (NBV), over a period of two years, to up to 31 March 2016 from its earlier timeframe of 31 March 2015.
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