Public sector banks edge lower

Shares of 15 public sector banks fell 0.25% to 2.79% at 11:56 IST on BSE on reports the employee unions of these banks yesterday, 23 February 2015, withdrew their strike call following an agreement with Indian Banks' Association on 15% wage hike.

Bank of Baroda (down 2.79%), Allahabad Bank (down 1.65%), Bank of India (down 1.17%), Punjab National Bank (down 1%), Andhra Bank (down 1.27%), Corporation Bank (down 0.79%), Punjab & Sind Bank (down 1%), Syndicate Bank (down 0.38%), Union Bank of India (down 0.48%), Canara Bank (down 0.34%), IDBI Bank (down 0.54%), Dena Bank (down 0.27%), United Bank of India (down 0.67%), State Bank of Bikaner & Jaipur (down 0.38%), and Bank of Maharashtra (down 0.25%), edged lower. UCO Bank (up 0.28%), Oriental Bank of Commerce (up 0.19%), State Bank of Travancore (up 0.24%), Indian Overseas Bank (up 0.31%), and Central Bank of India (up 3.21%), edged higher.

Meanwhile, the S&P BSE Sensex was up 32.83 points or 0.11% at 29,007.94.

State Bank of India fell 0.08% at Rs 296. The stock hit a high of Rs 297.60 and a low of Rs 292.10 so far during the day. The Ministry of Defence after trading hours yesterday, 23 February 2015, said a Memorandum of Understanding (MoU) was signed between the Indian Army and State Bank of India (SBI) on the Defence Salary Package. The basic features of the MoU include a number of free/concessional services like free drafts, free cheque books, free funds transfers to any bank in India through RTGS/NEFT, free ATM cards etc. The provision also includes the Nepal Express Remittance Scheme which enables instant fund transfers to Nepal for the benefit of the Nepali Domicile Gorkha Soldiers serving in the Indian Army. Additional improved features are linking of the Personal Accident Insurance (PAI) to the savings account instead of the debit card, enhancement of the PAI amounts, enhancement of the exemption percentage of margin money for house and car loans and waiving off of the processing charges on the loans. The revised MoU will benefit almost 19.5 lakh pensioners and 10 lakh serving personnel who hold Pay or Pension accounts with SBI and also provide them an opportunity to access modern banking facilities, the Ministry of Defence said in a statement.

According to reports, employee unions of public sector banks (PSBs) yesterday, 23 February 2015, withdrew their strike call following an agreement with Indian Banks' Association (IBA) on 15% wage hike. Further, the bank employees will now also get holidays on two Saturdays in a month, reports suggested.

The bank unions had threatened to go on 4-day nation-wide strike from tomorrow, 25 February 2015 demanding 19% hike in wages. The wage hike was due from November 2012.

Powered by Capital Market - Live News