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PSU Bank Index gains after RBI allows spreading debt losses

The PSU Banking Index gained over 2% on Tuesday. The Reserve Bank of India allowed banks to spread their MTM losses over the next four quarters, thereby providing a relief for banks in the March 2018 quarter.

The banks are allowed to stagger the losses of both Dec 2017 and March 2018 quarters.

All the banking stocks were trading in the green except Andhra Bank.

Union Bank of India is currently trading at Rs98.05, up by Rs2.9 or 3.05% from its previous closing of Rs95.15 on the BSE.

Bank of India is currently trading at Rs107.35, up by Rs2.85 or 2.73% from its previous closing of Rs104.50 on the BSE.

Bank of Baroda is currently trading at Rs145.15, up by Rs3.15 or 2.22% from its previous closing of Rs142 on the BSE.

Syndicate Bank is currently trading at Rs57.55, up by Rs1.2 or 2.13% from its previous closing of Rs56.35 on the BSE.

State Bank of India is currently trading at Rs251, up by Rs4.7 or 1.91% from its previous closing of Rs246.30 on the BSE.

IDBI Bank Ltd is currently trading at Rs72.50, up by Rs1.4 or 1.97% from its previous closing of Rs71.10 on the BSE.

Canara Bank is currently trading at Rs265.90, up by Rs1.7 or 0.64% from its previous closing of Rs264.20 on the BSE.