PSU banking stocks down on Union Budget 2008
The finance minister’s announcement of complete waiver of loans for marginal farmers with agricultural holding of 1-2 hectors of area proved a dampener for PSU banking shares with exposure to the rural sector.
At 12:02 pm, BSE Bankex fell 1.78 per cent with Allahabad Bank down 3.41 per cent, Andhra Bank (1.63%), Punjab National Bank (4.87%), Union Bank down (3.62%), Bank of India down (2.91%).
The implementation of farm debt scheme is expected to be completed by June 30 2008. Total cost of farm debt waiver scheme stands at Rs 600 billion.
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