'PSBs need to step up as govt lifts embargo on grant of biz to pvt banks'

Some large private banks, unlike mid-sized banks, were allowed to participate in the government's businesses even after the RBI restricted the private lenders' participation in 2012

Private bank stocks such as Axis Bank and IndusInd Bank were ruling the bourses on Thursday, a day after Finance Minister Nirmala Sitharaman announced lifting of embargo on private banks against participation in government business.

At 11:00 am, Axis Bank was quoting 4.2 per cent higher at Rs 781 on the National Stock Exchange (NSE), and was the second best performing stock on the index. Closely behind it was IndusInd Bank with a 4 per cent gain, at Rs 1,115. In comparison, the frontline Nifty50 was trading 1 per cent higher while the Nifty Private Bank index was up 1.6