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Nifty PSU Bank gains 4% on report govt may extend ‘ratna’ title to some lenders

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Bank

The Nifty PSU Bank index surged 4% on Wednesday as against a 0.24% decline in the benchmark share index. Shares of public sector banks rose 1-5% on the National Stock Exchange (NSE).

According to media reports, the government is considering extending the ‘ratna’ title to state-owned lenders like State Bank of India (SBI) and Bank of Baroda. As per government rules, a public sector enterprise can be awarded ‘ratna’ title to give them financial autonomy. Currently, there are four categories of ‘PSU ratna’ in India– miniratna-II, miniratna-I, navratna and maharatna.

SBI shares gained 5% to 203.85, a level last seen on 20 March. From the beginning of the year, SBI lost 39% against a drop of 7% in the benchmark index, Nifty.

Meanwhile, the Nifty Private Bank index fell about 0.5% with Kotak Mahindra Bank down 1% and Bandhan Bank declining 1.36%.

 

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