The Nifty PSU Bank index was one of the top Nifty sectoral gainers on August 19, gaining more than 1.5 per cent.
The upward trajectory was witnessed amidst a meeting of the union finance minister Nirmala Sitharaman with PSU and regional bank chiefs in New Delhi to review their performance.
Nifty PSU Bank advanced 1.44 percent in August 19 session with Punjab & Sind Bank leading the pack by rising 4.16 percent. It was closely followed by Central Bank of India gaining 3.22 percent, UCO Bank (2.35%), Union Bank of India (2.16%), Canara Bank (2.03%) among others.
The country's largest public sector lender State Bank of India (SBI) traded in green to quote at Rs 816.70. Bank of Baroda share price was up 1.50 percent to hit Rs 247.10 per share on the NSE while IDBI Bank was up 2.50 percent to Rs 96.66 apiece.
The crucial review meet at Vigyan Bhawan is to evaluate key financial measures, the efficacy of several government policies, and the performance of Public Sector Banks (PSBs) and Regional Rural Banks (RRBs).
Besides, initiatives for micro, small, and medium-sized enterprises (MSMEs) will be discussed at the meeting.
Credit-deposit ratio, deposit growth, asset quality are some of the major key agendas on table for discussions, as per reports.
This is the first full review meeting after the presentation of union Budget and general elections.
Progress on the National Asset Reconstruction Company Ltd (NARCL) may came up for discussion. NARCL, a government entity, was incorporated in 2021 with a majority stake held by Public Sector Banks (PSBs) and the balance by private banks.
It is registered with the Reserve Bank of India as an asset reconstruction company under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
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