Stocks

SBI, PNB, ICICI Bank shares surge on BSE

Our Bureau Mumbai | Updated on July 23, 2014

Bank stocks moved up strongly this morning at the Bombay Stock Exchange. The shares of State Bank of India, Punjab National Bank, ICICI Bank and HDFC Bank were all seen moving up.

State Bank of India’s share rose Rs 28 to Rs 2,551, while the ICICI Bank share rose by Rs 15 to Rs 1,499. PNB rose Rs 11.45 to Rs 931, while HDFC Bank was almost flat at Rs 841.

These banks are among those likely to be identified as systemically important banks by the Reserve Bank of India for the domestic financial system and will, therefore, have to provide higher capital than other banks as a buffer against any crisis.

Banks whose size equals 2 per cent of GDP will be designated as systemically important. The RBI has said the higher capital requirements will be applicable from April 2016.

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Published on July 23, 2014
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