The Union Cabinet has reportedly given an in-principle approval for merger of PSU banks, paving the way for the government’s ambitious plan for consolidation among state-run lenders to help them gain efficiency and scale. Public sector bank shares surged on the news, with the Nifty PSU Bank index gaining as much as 1.8% to 3,290.4 points. Allahabad Bank was the top gainer, up 4.9%, while Bank of India shares jumped 3.8%; Punjab National Bank rose 3.44%; Bank of Baroda gained 1.6%; and India’s largest lender SBI was up 1.37%. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774
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