On Thursday at 12:27 pm, the Nifty bank index was up by 2.15 percent.
UCO Bank,Central Bank of India and Bank of Maharashtra were up by more than 5 percent.
This is the first meeting after the COVID-19 lockdown cooling that Prime Minister Narendra Modi will hold with financial institutions through video conferencing.
Some bank executives have said, “The agenda of the meeting hasn’t been circulated yet. But it is expected that the PM will discuss credit flow to the economy, especially the micro, small and medium enterprises (MSMEs), and map the progress of the government’s COVID-19 package”.
On Monday, the finance commission chairman N K Singh said that “India will see a sharp V-shaped recovery in the third and fourth quarter of the current fiscal, but FY21 GDP growth would ultimately be in the negative territory as the covid-19lockdown has led to serious demand and supply dislocations,I think over the next five years, there is huge public outlay which will be needed to keep PSU bank adequately recapitalised”.
