Banks told to use UTI expertise

NEW DELHI, June 17: A leading industry chamber has called upon commercial banks to utilise the Unit Trust of India’s expertise to invest in shares to lift the sagging stock markets.

Identifying lack of expertise as the main reason behind banks’ reluctance to invest in the market, Ficci said "investment by banks at this critical juncture would be significant to support capital markets." If banks commit at least five per cent of their incremental deposits for investing in shares, a whopping Rs 5,000 crore would be pumped into the markets, the chamber pointed out.