State-run banks gain on RBI panel report

Tags: Banks, RBI, Companies
State-run banks gain after a committee appointed by Reserve Bank of India proposed on Tuesday the Indian government should cut its stakes in state banks to below 50 percent.

State Bank of India is up 1.1 percent, Oriental Bank of Commerce gains 4.2 percent, Punjab National Bank is up 4.4 percent while Canara Bank surges 7.3 percent.

"From a purely financial standpoint this is a favourable trade-off for the government, as a more competitive set of banks can be expected to improve the financial returns to the government," the committee chaired by former Axis Bank Chief Executive P. J. Nayak wrote.

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