Public sector undertaking bank shares jump up to 5% as government to infuse Rs 70,000 crore

Shares of public sector banks gained up to 5 percent on Friday after Finance Minister Nirmala Sitharaman announced fund infusion of Rs 70,000 crore into PSBs to strengthen them and enhance lending capacity.

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Corporation Bank jumped 5 percent, Bank of Baroda rose by 2.20 percent, Canara Bank by 2.19 percent, Bank of India by 2 percent and Indian Overseas Bank by 1.89 percent on BSE. Andhra Bank gained 1.67 percent, Punjab National Bank rose by 1.64 percent, SBI by 1.48 percent, Indian Bank by 1.40 percent and Bank of Maharashtra by 1.21 percent.

Unveiling the Budget for 2019-20, the finance minister said non-performing assets of PSBs have come down by Rs 1 lakh crore. Banks have recovered Rs 4 lakh crore due to the Insolvency and Bankruptcy Code and other means effected in the past four years, she said. The government has decided to infuse Rs 70,000 crore in state-owned banks so that credit growth can be improved, the minister added.

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With this announcement regarding the fund infusion of Rs. 70,000 crore into PSBs, all the finance-savvy netizens are taking to Twitter as they express how they feel about this new advancement, take a look: