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Global rating agency Moody s on Thursday said that India s economic recovery reduces the risk of a sharp deterioration in public sector banks (PSBs) mildly improving asset quality. However, the capital shortfalls will remain despite a likely government equity infusion and this makes banks vulnerable to unexpected shocks and restricting credit growth. Various measures by the government to support borrowers have helped curb growth in public sector banks non-performing loans (NPLs), and the volume of restructured loans is not as large as we anticipated, said Rebaca Tan, a Moody s assistant vice president and analyst. Asset quality at the five largest rated PSBs in India – State Bank of India , Bank of Baroda, Punjab National Bank, Canara Bank, and Union Bank of India – improved mildly in the first 9 months FY21 despite an economic contraction exacerbated by the Coronavirus (Covid-19) pandemic.
In the last few months, lenders including State Bank of India, Canara Bank and Punjab National Bank (PNB) have raised about Rs 50,000 crore from the market.
Shares of eleven PSU banks edged higher after the central government alloted Rs 20,000 crore for bank recapitalization.
Presenting the Union Budget 2021, Finance Minister Nirmala Sitharaman said that there is a need to clean up bank books. FM announced Rs 20,000 crore in FY22 for recapitalisation of public sector banks.
Central Bank of India (up 6.27%), Bank of Baroda (up 5.22%), Bank of India (up 4.22%), SBI (up 3.93%), Indian Bank (up 3.84%), Canara Bank (up 3.56%), Bank of Maharashtra (up 3.34%), Indian Overseas Bank (up 3.27%), Punjab National Bank (up 2.85%), Union Bank of India (up 2.09%) and UCO Bank (up 1.56%) advanced.
The Nifty PSU Bank index rose 3.06% to 1,869.65 while the benchmark Nifty 50 index gained 1.89% to 13,892.45.