Public sector banks nudge higher

Ten public sector bank stocks rose 0.44% to 2.43% at 12:09 IST on BSE as Finance Minister Arun Jaitley is scheduled to review the quarterly performance of the state-run banks & financial institutions today, 16 September 2016.

Bank of India (up 2.43% at Rs 122.05), Indian Bank (up 2% at Rs 218.85), Bank of Baroda (up 1.98% at Rs 169.90), State Bank of India (up 1.78% at Rs 260.35), Canara Bank (up 1.71% at Rs 309.90), IDBI Bank (up 1.24% at Rs 77.35), United Bank of India (up 0.91% at Rs 22.15) and Corporation Bank (up 0.44% at Rs 45.25) edged higher.

Meanwhile, the S&P BSE Sensex was up 353.78 points or 1.25% at 28,766.67.

The union finance minister Arun Jaitley is scheduled to hold a quarterly performance review meeting with the Chief Executive Officers (CEOs) and Managing Directors (MDs) of public sector banks (PSBs) and financial institutions(FIs) today, 16 September 2016. During the one day meeting, Jaitley will review the overall performance of PSBs in the current financial year (FY 2017) and last quarter in particular. The finance minister will review the progress of credit and growth and asset quality especially with regard to priority sectors lending including credit flow to agriculture and insurance sector, MSE, minorities, SC & ST, education and housing loan among others. The issues relating to financial inclusion and literacy as well as non performing assets (NPAs) are also likely to be discussed during the one day meeting, the government said in a press statement yesterday, 15 September 2016.

Union Bank of India was up 1.74% at Rs 146. The bank said that on 15 September 2016 it issued 10,000 non-convertible, unsecured subordinated Basel III compliant perpetual debt instruments eligible for inclusion in Additional Tier 1 capital. The bonds are issued for face value of Rs 10 lakh each at par aggregating to Rs 1000 crore on private placement basis bearing 9.50% per annum coupon payable annually. The announcement was made after market hours yesterday, 15 September 2016.

Punjab National Bank was up 2.05% at Rs 141.55. The bank said that consequent upon receipt of capital funds to the tune of Rs 2112 crore from the Government of India on 14 September 2016, the bank has issued and allotted 16.43 crore equity shares at Rs 128.49 per equity share on preferential basis to Government of India. The announcement was made after market hours yesterday, 15 September 2016.

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