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Nifty PSU Bank index hits over two-year high; SBI hits fresh 52-week high

SI Reporter / Mumbai 05 May 17 | 11:32 AM

Shares of public sector undertaking (PSU) banks were trading higher for the third straight trading sessions as the cabinet approved an ordinance to amend the Banking Regulation Act to tackle the mounting non-performing assets (NPAs) of public sector banks.

At 11:21 am; Nifty PSU Bank index, the largest gainer among sectoral indices, was up 2.2% at 3,902, extending its Thursday’s 3.4% surge on the National Stock Exchange (NSE). On comparison, Nifty Private Bank index was up 0.06%, while the benchmark Nifty 50 index down 0.41%. The Nifty PSU Bank index is trading at its highest level since March 4, 2015.

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Most of the PSU banks, include State Bank of India (SBI), Bank of Baroda (BoB), Bank of India (BOI), Oriental Bank of Commerce, Canara Bank, Indian Bank, Punjab National Bank and Union Bank of India, among 17 banks are trading at their respective 52-week highs.

According to Business Standard reports, the new framework for NPAs will allow state-owned banks to conduct open auctions of NPAs, wherein cash-rich public sector companies will be encouraged to buy such assets in their sector. 

President Pranab Mukherjee has given his nod to the ordinance dealing with the banking sector's non-performing loans and the amendment to the Banking Act, television channels reported on Friday.

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