PSU banks rise up to 3% on merger and privatization news

Public sector banks surged by up to 3% during Monday's trading session following reports of a government plan to merge certain banks and privatize smaller lenders. The proposed merger of Union Bank of India and Bank of India could create the second largest state-owned bank in India, enhancing operational efficiency in the sector. 📈

This initiative aligns with the government's broader banking reform strategy aimed at optimizing functions within the industry over the coming years.

Not investment advice. For informational purposes only.