PSU banks in demand

Shares of 23 public sector banks rose by 0.02% to 3% at 11:31 IST on BSE after the Union Finance Minister Mr. P Chidambaram proposed to provide Rs 11200 crore for capital infusion in public sector banks in the fiscal year ending March 2015.

Allahabad Bank (up 3%), Indian Overseas Bank (up 2.80%), Oriental Bank of Commerce (up 2.39%), Punjab National Bank (up 2.33%), UCO Bank (up 2.22%), Syndicate Bank (up 2.20%), Canara Bank (up 2.16%), Union Bank of India (up 1.90%), State Bank of India (up 1.81%), Bank of India (up 1.74%), Bank of Baroda (up 1.64%), Dena Bank (up 1.44%), Vijaya Bank (up 1.44%), Indian Bank (up 1.27%), United Bank of India (up 1.23%), Andhra Bank (up 1.19%), IDBI Bank (up 1.07%), Corporation Bank (up 0.73%), Jammu and Kashmir Bank (up 0.68%), Punjab & Sind Bank (up 0.59%), Central Bank (up 0.33%), Bank of Maharashtra (up 0.17%) and State Bank Of Bikaner and Jaipur (up 0.02%), edged higher.

The S&P BSE Sensex up 171.46 points, or 0.84% at 20,635.52.

The Union Finance Minister Mr. P Chidambaram provided an amount of Rs 11200 crore for capital infusion in public sector banks (PSU banks) in the Interim Budget 2014-15. Chidambaram presented the Interim Budget in the Parliament on Monday, 17 February 2014.

The Finance Minister informed that the PSU banks have opened 5207 branches so far and nearing the goal of installing an ATM at every branch. Mr P. Chidambaram said that bankers have assured that they will be able to contain the non-performing assets (NPA)'s, recover more loans and build healthier balance sheets as the economy turns.

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