Shares of PSU banks rally as P. Chidambaram talks about capital infusion

Mar 06 2014, 10:05 IST
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P. Chidambaram said on Wednesday that he would meet the Reserve Bank of India (RBI) on Thursday. (AP) P. Chidambaram said on Wednesday that he would meet the Reserve Bank of India (RBI) on Thursday. (AP)
SummaryP. Chidambaram said on Wednesday that he would meet the Reserve Bank of India (RBI) on Thursday.

Shares of PSU banks rallied after finance minister P. Chidambaram said on Wednesday that he would meet the Reserve Bank of India (RBI) on Thursday to discuss ways to infuse more capital in the state-owned lenders.

Shares of Bank of Baroda (5.45%), Canara Bank (4.33%), State Bank of India (1.33%), Union Bank of India (3.12%), Indian Overseas Bank (1.51%), Punjab National Bank (5.14%) and United Bank of India (3.91%) were trading higher on the BSE.

The issue of inadequate capital in PSU banks was recently highlighted amid reports that the Calcutta-based United Bank of India had stopped its lending facility due to low capital.

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