MUMBAI: Bank stocks rose sharply on Monday as markets reacted positively to RBI‘s decision to gradually release Rs 1-lakh-crore deposits locked in by a higher cash reserve ratio requirement.
The BSE Bankex index surged by over 1%, with public sector lenders Canara Bank (6%) and Bank of Baroda (3%) among the top gainers. The country’s largest lender, SBI, gained 1.4%.