May 14, 2014 / 5:18 AM / 4 years ago

MARKET EYE -India's state-run banks gain on cbank panel's report

* State-run banks gain after a committee appointed by Reserve
Bank of India proposed on Tuesday the Indian government should
cut its stakes in state banks to below 50 percent.
* State Bank of India is up 0.8 percent, Oriental Bank
of Commerce is gains 1 percent, Punjab National Bank
 is up 1.4 percent while Canara Bank surges
2.4 percent.
* "From a purely financial standpoint this is a favourable
trade-off for the government, as a more competitive set of banks
can be expected to improve the financial returns to the
government," the committee chaired by former Axis Bank Chief
Executive P. J. Nayak wrote. 

 (abhishek.vishnoi@thomsonreuters.com /
abhishek.vishnoi.thomsonreuters.com@reuters.net)

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