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.

EDITORIAL OF THE DAY

  • No ifs and buts, please, in India’s engagement with Iran

    Some foreign policy purveyors in this country have for long insisted that India does not leverage its civilisational connections as it should or is ca

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Taslima Nasreen

Hate in the time of bhaijaan

A few days ago I went to watch Bajrangi Bhaijaan, ...

Purnendu Ghosh

Death reveals the true colours of life

Death is instantaneous but it comes progressively. Some say, death ...

Gautam Gupta

Our fashion schools need to notch it up

"Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture