GENERAL18 Sept 2026
SBI, PNB to Bank of Maharashtra: Why are PSU bank stocks rising today? | Stock Market News
A fake document posing as a Finance Ministry gazette claimed several smaller public sector banks would merge into SBI, PNB and Bank of Baroda. The government called it fake, and PIB Fact Check confirmed it was not issued by the Finance Ministry. Still, public sector bank (PSU) stocks rose, with Bank of Maharashtra up 2%. Verify such news only through official sources.
Key Statutory Highlights
- A document formatted like an Extraordinary Gazette of India claimed an "Amalgamation of Public Sector Banks Scheme, 2026" had been proposed.
- PIB Fact Check said the document is fake and was not issued by the Finance Ministry, and urged people to verify claims through official sources.
- PSU bank stocks rose on Friday, September 18, with Bank of Maharashtra up 2% to ₹82.33 and SBI up around 1%.
Actionable Advice for Taxpayers / Founders:If you receive a bank merger circular on social media or WhatsApp, do not act on it or forward it. Check the Finance Ministry or PIB Fact Check first, and confirm with your bank before believing it.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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