Shares of banks and non-banking financial companies (NBFCs) soared in trade after the government appointed a successor to Urjit Patel. The Centre on Tuesday announced the appointment of Shaktikanta Das, former finance secretary to lead the Reserve Bank of India (RBI).
Yes Bank, Kotak Mahindra Bank, IDFC Bank, Federal Bank, and Punjab National Bank, among others rose 1-4 percent.
In the NBFC space, Indiabulls Housing Finance, HDFC and Bajaj Finance among others, too, rose up to 2 percent.
Meanwhile, banks under the prompt corrective action (PCA) framework are soaring as well as investors hope for some relief from Das under this framework. The likes of Allahabad Bank, United Bank of India, Corporation Bank, Oriental Bank of Commerce, among others rose.
Shaktikanta Das, member of the 15th Finance Commission and former Economic Affairs Secretary, will take over as the new Reserve Bank of India (RBI) Governor, the government said on December 11.
Das’s appointment comes a day after Urjit Patel unexpectedly resigned as the central bank chief, amid festering disagreements between the RBI and the Finance Ministry on several issues.
"The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri Shaktikanta Das, former secretary, department of economic affairs, as the Governor, Reserve Bank of India (RBI), for a period of three years," a government statement said.
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