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Banking shares rally after RBI eases cash, bond holding rules

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SummaryState Bank of India Ltd gained 5.5 per cent, while ICICI Bank Ltd rose 4.7 per cent in pre-open trading.

India's NSE bank index surged 4.7 per cent in pre-open trading after the Reserve Bank of India eased cash and bond holding rules for banks on Tuesday.

The RBI relaxed rules on mandatory bond holdings for banks, which would help protect lenders from large mark-to-market losses and said it would buy long-dated government bonds worth 80 billion rupees ($1.3 billion).

State Bank of India Ltd gained 5.5 per cent, while ICICI Bank Ltd rose 4.7 per cent in pre-open trading.

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