PSU banks extend gain on government Rs 830 bn fund infusion plan

Central Bank of India, United Bank of India, PNB, Syndicate Bank, Allahabad Bank, IOB, Union Bank, Dena Bank, OBC, Corporation Bank, BOB, Canara Bank and Andhra Bank were up in the range of 1% to 4%.

Shares of public sector undertaking (PSU) banks gained up to 4% on the BSE on Friday in otherwise subdued market in intra-day trade, after Finance Minister Arun Jaitley on Thursday said that government will infuse Rs 830 billion in public sector banks in the remaining months of the current fiscal (2018-19).

Central Bank of India, United Bank of India, Punjab National Bank (PNB), Syndicate Bank, Allahabad Bank, Indian Overseas Bank, Union Bank of India, Dena Bank, Oriental Bank of Commerce, Corporation Bank, Bank of Baroda, Canara Bank and Andhra Bank were up in the range of 1% to 4%.