PSU banks stocks rise before meeting with FM Jaitley

Shares of Public Sector Banks rose in early trade on Monday June 6, 2016 before the review meeting with Finance Minister Arun Jaitley.

Shares of State Bank of India were trading up 1%, Bank of Baroda was trading up 0.93%, PNB at 0.71%, Federal Bank was up 1.76% on the BSE.

The S&P BSE Banex was up 0.23% at 9:45 am as against the broader market’s gain of 0.06%.

The finance minister is scheduled to review banks’ performance in terms of overall credit growth, financial inclusion and perfomance of new initiatives of the present Government including Stand Up India, MUDRA, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Surkasha Bima Yojana (PMSBY) and Atal Pension Yojana among others.

Ministry of Finance, in a statement on June 3 had said, “During the one day Meeting, the Finance Minister Shri Jaitley would review the overall Performance of PSBs during the Financial Year 2015-16 as well as with regard to the flow of credit to agriculture, insurance and MSE sectors among others.”

Besides it, issues relating to housing loan, Medium and Small Enterprises credit, financial inclusion and literacy etc are also likely to be discussed in the review meeting, the statement said. 

Jaitley is also expected to review the performance of PSBs with regard to the new projects and proposals, stalled projects and possible remedial measures among others.

Find out latest stock prices of banks here.