India's banking sector is standing tall, says Prime Minister Mr. Narendra Modi
- IBEF
- September 20, 2023
While addressing the Central Hall of Parliament on September 19, 2023, Prime Minister Mr. Narendra Modi noted that India's banking industry is flourishing and has become the centre of discussion.
He praised his administration and said that it had restored the financial health of the country, with the country now known for the sector’s strength.
Speaking at a Rozgar Mela after virtually handing out appointment letters to over 70,000 recruits, Prime Minister Mr. Narendra Modi emphasised that many of them had worked in the banking industry
According to data, the Public Sector Undertaking (PSU) Bank index has increased by 52% over the past year, whereas the share prices of certain prominent private banks have only increased by an average of 12%. With astounding gains of nearly 223.20% and 178.70%, respectively, shares of Public Sector Banks (PSBs) like UCO Bank and Punjab and Sind Bank have performed exceptionally well. Bank of Maharashtra and Central Bank of India have also gained significantly, rising 140.04% and 122.70%, respectively.
The Nifty PSU Bank Index, which tracks the performance of PSBs, has increased by a notable 52% over the past year, despite turbulence in the market caused by rising interest rates and inflation. This is far higher than the Nifty Bank Index’s 12% gain in the same period.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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