S&P BSE Bankex surges by 2% on hopes of reforms

S&P BSE Bankex stocks gained after a two day Bankers Retreat organized by Ministry of Finance begins today, January 02, 2014 to prepare a blue print of reform action plan for banking sector.

On the BSE, Axis Bank up 2.88%, ICICI Bank up 2.76%, Yes Bank up 2.50%, BOI up 1.89%, BOB up 1.40%, HDFC Bank up 1.42%, SBI up 1.23%, Indusind Bank up 1.31%, Kotak Mahindra Bank up 1.22% at 2.14 pm.

The Prime Minister Narendra Modi will interact with bankers during two day Bankers Retreat called ‘Gyan Sangam’ in Pune today, January 02, 2014 and tomorrow,  January 03, 2015, to prepare a blue print of reform action plan for banking sector. The objectives of this retreat are to create a platform for formal and informal discussions around the issues which are important for banking sector reform, the finance ministry had said on December 24, 2014. At the session’s end tomorrow, January 03, 2015, a reforms blueprint for phased implementation will be presented to Prime Minister Narendra Modi.

The meeting’s agenda includes universal financial inclusion, leveraging technology, improving risk management, recovery and asset quality, talent management in PSU banks, and consolidation & restructuring of PSU banks for better efficiency, governance and capital efficiency.

Besides the Prime Minister Narendra Modi and the Finance Minister Arun Jaitley, the Reserve Bank of India Governor Raghuram Rajan and top Finance Ministry officials are attending the retreat.

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