Govt unlocks banking, sets stocks free to soar higher – Economic Times

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Mumbai: Banking and finance stocks surged Monday, their steepest climb in more than 10 months, after India proposed a bad bank to house loans gone sour.

The proposed privatisation of IDBI Bank and two others, yet unnamed, underscored the Centre’s intent to enhance efficiency in the financing industry .

Given the budget’s accent on boosting infrastructure, the bets are on lenders that will play key roles in bankrolling them.

Both Nifty Bank and Nifty PSU Bank rose 8 per cent each Monday.

The 10-year benchmark yield pierced the 6 per cent-mark for the first time this year.

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