Shares of public sector banks rallied sharply on the bourses, as the Finance Minister, Mr Pranab Mukherjee, announced capital infusion for them in the Union Budget for 2012-13.
Mr Mukherjee said that Rs 15,888 crore will be provided for the capitalisation of public sector and regional rural banks and Nabard.
Cheering the move, SBI gained 2 per cent, Bank of India gained 3.5 per cent, Indian Bank 2.2 per cent, Syndicate Bank 2 per cent, while Andhra Bank, Bank of Maharashtra, Canara Bank, Central Bank, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank, PNB, UCO Bank, United Bank and Vijaya Bank also gained over one per cent each.