PSU banks on the rise

PSU banks are on the rise today morning. Union Bank of India, Allahabad Bank, PNB - the usual suspects and the most troubled, are amongst the sharpest risers in the PSU banks sector.

The PSU banks are celebrating the news that the Govt is planning to infuse around Rs.8000 crore into five or six PSU banks, including PNB.

To avoid any default on interest payments, which in turn could affect the credit rating, the Govt is planning to make this move.