In his address to the Central Hall of Parliament on September 19, 2023, Prime Minister Narendra Modi highlighted the thriving state of India’s banking industry, positioning it as a focal point of national discourse. He commended his government’s efforts in restoring the country’s financial well-being, resulting in India gaining recognition for the strength of its banking sector.
Subsequently, during a Rozgar Mela where he virtually distributed appointment letters to more than 70,000 recruits, Prime Minister Narendra Modi underscored that a significant number of these recruits had previous experience in the banking industry.
Statistical data reveals that the Public Sector Undertaking (PSU) Bank index has surged by an impressive 52% over the past year, while the share prices of select prominent private banks have recorded an average increase of just 12%. Notably, Public Sector Banks (PSBs) like UCO Bank and Punjab and Sind Bank have delivered remarkable gains, reaching almost 223.20% and 178.70%, respectively. Bank of Maharashtra and Central Bank of India have also experienced substantial growth, registering increases of 140.04% and 122.70%, respectively.
Moreover, the Nifty PSU Bank Index, which monitors the performance of PSBs, has demonstrated a notable 52% upswing over the past year, even amidst market turbulence driven by escalating interest rates and inflation. This performance significantly outpaces the Nifty Bank Index, which posted a 12% gain during the same period.
