PSU bank News

FM Sitharaman is also expected to urge banks to increase credit flow to productive sectors to support the slowing economy. 

Among sectors, the Nifty IT and Nifty Metal indices were the worst hit, both falling 0.7 per cent due to concerns over the US tariffs. 

In a big relief for banks, RBI Governor Sanjay Malhotra had also announced the postponement of the proposed Liquidity Coverage Ratio (LCR) as well as project financing norms by a year. 

Sensex Today: In the sectoral indices of Nifty 50, the Nifty Realty index declined by more than 2 per cent, while Nifty Auto was down by 1.72 per cent. 

In the sectoral indices, Nifty FMCG, Nifty Pharma, and Nifty PSU Bank opened with a marginal decline, while other indices, including Nifty IT, Media, Metal, Realty, Bank, and Auto, gained in the opening session. 

In the Sensex pack, Tata Steel, Tech Mahindra, Bajaj Finance, HCL Tech, HDFC Bank, ICICI Bank and Bharti Airtel were the top gainers. Whereas, Zomato and NTPC were the top losers. 

Overseas, European stock markets were trading slightly higher while most Asian stocks rose in anticipation of US inflation data and earnings from some of the large banks.

The S&P BSE benchmark sensex failed to maintain 30,000 level and Nifty also tumbled from all-time high level due to fag-end selling pressure after the news of US striking Syria.

Markets ended red due to fresh selling pressure from operators as the S&P BSE benchmark sensex dropped by 228 points to end the week at 29,421.40 and and the NSE 50-share Nifty by 52 points to close at 9,108.

Banking operations could be hit for two days this week as a section of public sector bank employees have threatened to go on a nationwide strike beginning July 12 to protest against the proposed merger of SBI associates and privatisation of IDBI Bank.

Welcoming RBI's easing of rules to allow lenders to bolster capital ratios, Finance Minister Arun Jaitley Wednesday said the government will take all steps and provide resources to keep public sector banks in good health.

The bank has been ranked 27th globally among 250 banks and stood at number 6 in Asia Pacific region, a statement said.

Eight public sector banks, including SBI, Punjab National Bank and Bank of Baroda, Wednesday said they have allotted equity shares on preferential basis to the government against capital infusion of Rs 13,955 crore.

A senior Reserve Bank official Wednesday said state-run lenders should use the capital received from the government to grow their credit books rather than clear their large pile of bad assets.

It said the board of the bank at a meeting held today approved the proposal of issuing equity shares on preferential basis to the government in lieu of the capital infusion.

Indian banking sector is going through challenging times, characterised by low credit, impairment of assets and low profitability, RBI deputy governor H R Khan said Sunday.

With Bandhan from West Bengal becoming India's newest full-service bank to begin operations, Finance Minister Arun Jaitley Sunday said a 'blue-painted' city has given birth to a new institution which was not the case when it was 'painted red' -- referring to the past Left rule.

Bank stocks were in huge demand today, surging up to 15 percent, following a slew of reform measures announced in order to revive the fortunes of the public sector lenders.

Concerned over banks hiding their actual NPA numbers, RBI Governor Raghuram Rajan Tuesday said the central bank is "increasingly turning towards taking action" on such divergences.

Indian Bank Managing Director and CEO (Additional Charge), Mahesh Kumar Jain presented the cheque to Finance Minister Arun Jaitley in New Delhi, the Chennai-based bank said in a statement.