PSBs in focus; SBI, Bank of Baroda, Canara Bank up over 2%

Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.5% as compared to 0.96% rise in the Nifty 50 index, at 11:33 am.

Shares of public sector banks (PSBs) are in focus with Nifty PSU Bank index gaining more than 2% on Monday, ahead of the Allahabad Court verdict on stressed power assets as the Reserve Bank of India (RBI) deadline ends today.

The RBI’s February 12 circular said all stressed assets will either get resolved by August 27 or get taken to the NCLT.

According to a Business Standard report, “State Bank of India (SBI), the country’s largest lender, on Friday said about seven-eight power sector projects worth Rs 170 billion is likely to be resolved soon, as lenders are