Bank Nifty hits record high ahead of government, bankers meet

MUMBAI: The Bank Nifty opened with a gap-up and hit an all-time high in early trade on expectations of some positive newsflow, as the government meets RBI Governor, bankers and financial institutions in two-day conclave in Pune starting today.

The government has organised a two-day retreat for public-sector banks, insurance companies and financial Institutions in Pune.

Prime Minister Modi Narendra Modi and RBI Governor Raghuram Rajan will take part in this off-site event.

Some of the key issues that are likely to be discussed include strategy for financial inclusion, leveraging technology to boost efficiency, revisiting priority sector lending, improving risk management & asset quality, improving efficiency, governance at public banks, improving capital efficiency at public banks and consolidation & restructuring of public banks.

Analysts are of the view the two-day brain storming session will set the agenda for banking sector reforms. At the session’s end on Saturday, a reforms blueprint for phased implementation will be presented to Prime Minister Narendra Modi.

At 09:50 a.m.; the Bank Nifty was at 18,940.70, up 1.01 per cent against 0.86 per cent rise on the Nifty. The Bank Nifty touched an all-time high of 18,961.35 in early trade.

ICICI Bank (up 1.55 per cent), Axis Bank (up 1.16 per cent), Yes Bank (up 1.15 per cent), HDFC Bank (up 1.01 per cent) and Federal Bank (up 0.83 per cent) were the top Bank Nifty gainers.