Shares of eleven PSU banks edged higher after the central government alloted Rs 20,000 crore for bank recapitalization.
Presenting the Union Budget 2021, Finance Minister Nirmala Sitharaman said that there is a need to clean up bank books. FM announced Rs 20,000 crore in FY22 for recapitalisation of public sector banks.
Central Bank of India (up 6.27%), Bank of Baroda (up 5.22%), Bank of India (up 4.22%), SBI (up 3.93%), Indian Bank (up 3.84%), Canara Bank (up 3.56%), Bank of Maharashtra (up 3.34%), Indian Overseas Bank (up 3.27%), Punjab National Bank (up 2.85%), Union Bank of India (up 2.09%) and UCO Bank (up 1.56%) advanced.
The Nifty PSU Bank index rose 3.06% to 1,869.65 while the benchmark Nifty 50 index gained 1.89% to 13,892.45.
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