India's state-owned banks jump on appeal against RBI's infra finance proposal

Bank Of India

08/05/2024 09:59

** India's index of state-run banks  .NIFTYPSU  up 2.2%,
snapping a four-session losing rally
    ** State-run banks will appeal against a Reserve Bank of
India proposal to set aside higher provisions for
under-construction infrastructure projects, Reuters reported
late on Tuesday
    ** Excluding session's rebound, the index has fallen ~6%
since the RBI's proposal on Friday
    ** The index's gains is highest among 13 major sub-indexes
    ** Canara Bank  CNBK.NS  and Indian Bank  INBA.NS  up 3.2%
and 3%, respectively, top gainers on the index
    ** The index is up 26% YTD vs ~3% gains in the Nifty 50 inex
 .NSEI 

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))