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PSU Bank Stocks Surge on Capital Infusion Plan
Public sector banking stocks surged on Tuesday after the Finance Minister Arun Jaitley said that it will infuse capital in public sector banks in the next three to six months.
Punjab National Bank was trading higher by 3.77 per cent at Rs 144, Bank of Baroda up by 1.91 per cent at Rs 149, Syndicate Bank was up by 1.34 per cent at Rs 106.
Allahabad Bank, Canara Bank, IDBI Bank, Bank of India and State Bank of India (SBI) were up 1%-2 per cent on the National Stock Exchange (NSE) at 12.50 pm IST.
Earlier, the finance minister had proposed to infuse Rs 7,940 crore funds during this year in the public sector banks.
The Indian government intends to provide USD 9 billion (about Rs 57,000 crore) to public sector banks towards recapitalisation over the next two fiscal to meet global risk norms and for growth, Finance Secretary Rajiv Mehrishi said on Monday, reports PTI.
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