PSU banks extend gain; Uco Bank, Dena Bank up 5%
At 01:19 pm; Nifty PSU Bank index was up 0.36% at 2,981, extending its past two days 3% gain on the NSE
 "PSBs")
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PSBs. (Illustration by Ajay Mohanty)
Shares of select public sector undertaking (PSU) banks were quoting higher for the third straight trading days ahead of the finance Minister Piyush Goyal meeting today with the chief executives of 15 public sector banks (PSBs) in Mumbai.
Dena Bank, Uco Bank and Corporation Bank were up 5% each, while Punjab National Bank (PNB), Bank of Maharashtra, Indian Overseas Bank, Andhra Bank and Allahabad Bank were up in the range of 3% to 4%. Shares of State Bank of India (SBI) however, trading 0.17% lower at Rs 269 on the National Stock Exchange (NSE).
At 01:19 pm; Nifty PSU Bank index was up 0.36% at 2,981, extending its past two days 3% gain. On comparison, the benchmark Nifty 50 index was trading 0.33% lower at 10,732, up 1.3% during the period.
Sources said Goyal would meet heads and senior executives of PSBs based in the western and southern regions to discuss issues plaguing banks and the way forward for the banking system. The meeting is organised by SBI and will be attended by Rajiv Kumar, secretary in the department of financial services, along with other finance ministry officials, the Business Standard reported.
The government will discuss a road map that banks are supposed to prepare to strengthen their risk mechanism systems. Issues related to multiple banking arrangements, the prompt corrective action (PCA) framework, and plugging gaps in credit flow were likely be discussed, bank executives said, added report. CLICK HERE TO READ FULL REPORT
Moody's Investors Service expects the Indian government's recapitalization plan will still broadly resolve the regulatory capital needs of the country's 21 PSBs and help augment the banks' loan-loss buffers, but will be insufficient to support credit growth.
Dena Bank, Uco Bank and Corporation Bank were up 5% each, while Punjab National Bank (PNB), Bank of Maharashtra, Indian Overseas Bank, Andhra Bank and Allahabad Bank were up in the range of 3% to 4%. Shares of State Bank of India (SBI) however, trading 0.17% lower at Rs 269 on the National Stock Exchange (NSE).
At 01:19 pm; Nifty PSU Bank index was up 0.36% at 2,981, extending its past two days 3% gain. On comparison, the benchmark Nifty 50 index was trading 0.33% lower at 10,732, up 1.3% during the period.
Sources said Goyal would meet heads and senior executives of PSBs based in the western and southern regions to discuss issues plaguing banks and the way forward for the banking system. The meeting is organised by SBI and will be attended by Rajiv Kumar, secretary in the department of financial services, along with other finance ministry officials, the Business Standard reported.
The government will discuss a road map that banks are supposed to prepare to strengthen their risk mechanism systems. Issues related to multiple banking arrangements, the prompt corrective action (PCA) framework, and plugging gaps in credit flow were likely be discussed, bank executives said, added report. CLICK HERE TO READ FULL REPORT
Moody's Investors Service expects the Indian government's recapitalization plan will still broadly resolve the regulatory capital needs of the country's 21 PSBs and help augment the banks' loan-loss buffers, but will be insufficient to support credit growth.