April 18, 2017 / 4:53 AM / 4 months ago

BUZZ-India's PNB, BoB gain; report says banks may take over smaller lenders

** Shares of Punjab National Bank and Bank of Baroda Ltd rise more than 2.5 percent each

** Indian govt is working on next round of consolidation, which could see PNB and BoB taking over smaller lenders, Economic Times reports, citing a senior finance ministry official (bit.ly/2oH2uqJ)

** No decision has been made as yet and plans are only at proposal stage, report adds

** Punjab & Sind Bank can be merged into PNB, and big lenders like BoB can take over banks like Indian Overseas Bank, report says, citing the official

** Shares of Punjab & Sind Bank and Indian Overseas Bank jump as much as 6.35 percent and 5.23 percent, respectively

** Earlier this month, country's largest lender State Bank of India merged five subsidiary banks with itself, in a move seen as the beginning of consolidation in India's public sector banks

** Nifty PSU bank index gains up to 2.16 percent, touching its highest since Aug 2015

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