Nifty Bank Today: Banking stocks rallied on June 9 after the Reserve Bank of India (RBI) shared details of its new concessional forex swap facility, a move aimed at attracting more foreign money into India.
Nifty Bank Surges 2% As RBI Unveils Forex Swap Window To Attract Overseas Funds
Nifty Bank Today: The index, comprising 14 major banking stocks, climbed as much as 2 per cent during the session, outperforming the broader market, after the RBI unveiled forex swap facility
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The Nifty Bank index, which tracks 14 major banking stocks, rose as much as 2 per cent during the day.
Among the top gainers were Bank of Baroda, which jumped 5.5 per cent, Canara Bank, up nearly 4 per cent, and Punjab National Bank, which gained 3.8 per cent. Federal Bank and IDFC First Bank also climbed around 3.25 per cent each.
Investors cheered the RBI's move as it is expected to help banks raise funds from overseas at a lower cost. The facility could also improve liquidity in the banking system and support credit growth.
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