At 14:55 IST, the BSE Bankex was up 1.68% to 10,203.74. It outperformed the Sensex, which was up 1.30% at 17,004.63.
Axis Bank (up 0.78% to Rs 992.55), Punjab National Bank (up 1.05% to Rs 909.05), ICICI Bank (up 1.07% to Rs 895), Andhra Bank (up 1.19% to Rs 114.80), IndusInd Bank (up 1.34% to Rs 128.40), Bank of Baroda (up 1.76% to Rs 540.10), Indian Overseas Bank (up 1.85% to Rs 113), State Bank of India (up 1.96% to Rs 2325.20), Bank of India (up 2.01% to Rs 385.90), Oriental Bank of Commerce (up 2.36% to Rs 282), Union Bank of India (up 2.92% to Rs 269.50) and Dena Bank (up 7.77% to Rs 77.70) edged higher. But, Corporation Bank declined 1.04% to Rs 450.
As per reports, Union Bank, Bank of Baroda and Punjab National Bank are keen on acquiring Corporation Bank whereas Canara Bank and Punjab National have shown interest in acquiring Dena Bank. As per reports, chiefs of Punjab National Bank, Canara Bank, Union Bank of India, Bank of India and Bank of Baroda met Finance Ministry official on Wednesday, 18 November 2009, to discuss the pros and cons of consolidation among banks in India.
On 16 November 2009, Usha Thorat, Deputy Governor of the Reserve Bank of India said that the central bank will soon issue guidelines on provisioning for bad loans by banks.
Banks and co-operatives have reportedly disbursed farm loans to the tune of Rs 1.38 lakh crore in the first half of 2009-10, meeting over 42% of the target set by the government for the whole financial year.