State-run banks gain on RBI panel report

Tags: 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

  • It makes sense to highlight PM’s achievements with little noise to attract greater attention

    Are prime minister Narendra Modi and the BJP going over the top?

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Nigavekar

Can Hefa actually become a reality?

The ministry of human resource development (MHRD) is actively wo­rking ...

Kuruvilla Pandikattu

The India of our dreams

The speech “I have a dr­eam,” that Martin Luther King ...

Shona Adhikari

Head to Tate Modern for a refresher course on Bhupen Khakhar

India’s celebrated artist Bhupen Khakhar’s exhibition, titled You Can’t Please ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture