Bank stocks advance as FM says Govt to increase peoples' access to formal banking

Shares of nineteen banks rose 0.31% to 4.01% at 11:41 IST on BSE after Finance Minister Arun Jaitley in Union Budget 2015-16 today, 28 February 2015 said that government is committed to increasing people's access to formal banking.

Meanwhile, the S&P BSE Sensex was up 112.39 points or 0.38% at 29,332.51.

Among public sector banks, Bank of Baroda (up 4.01%), Canara Bank (up 2.06%), Punjab National Bank (up 1.78%), Indian Overseas Bank (up 1.75%), United Bank of India (up 1.62%), Corporation Bank (up 1.63%), Union Bank of India (up 1.57%), Bank of India (up 1.53%), Bank of Maharashtra (up 1%), Oriental Bank of Commerce (up 0.93%), Central Bank of India (up 0.68%), UCO Bank (up 0.42%), and State Bank of India (up 1.07%) edged higher.

Among private sector banks, HDFC Bank (up 0.37%), Axis Bank (up 0.87%), ICICI Bank (up 1.39%), ING Vysya Bank (up 0.39%), Kotak Mahindra Bank (up 0.31%) and IndusInd Bank (up 0.35%) edged higher. Yes Bank (down 0.21%) and Federal Bank (down 0.49%) edged lower.

Finance Minister Arun Jaitley in his first full-fledged Union Budget 2015-16 today, 28 February 2015 said the government is committed to increasing people's access to formal banking, and to expand the postal system.

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