PSU banks gain on government Rs 70,000 crore capital infusion plans

Shares of State Bank of India (SBI) hit a new high of Rs 373, up 2 per cent on the NSE in the intra-day trade.

Shares of public sector banks (PSBs) moved higher by up to 4 per cent on the National Stock Exchange (NSE), as the government under Budget 2019 announced that state-owned lenders would get Rs 70,000 crore boost for credit improvement.

Newly-appointed Finance Minister Nirmala Sitharaman, proposed in her maiden budget speech that the public sector lenders would be provided budgetary support of Rs 70,000 crore for recapitalisation. Analysts expected capital infusion in the range of Rs 35,000-40,000 crore.

Shares of State Bank of India (SBI) hit a new high of Rs 373, up 2 per cent on the NSE in