New Delhi, April 28 -- Shares of PSU banks declined on Tuesday after the Reserve Bank of India (RBI) reiterated its stance on transitioning to the expected credit loss (ECL)-based provisioning framework, rejecting industry requests for an extension.

The central bank on Monday made it clear that the new norms will come into effect from April 1 next year, offering no additional transition time to lenders.

The Nifty PSU Bank index fell nearly 2%, with all its constituents trading in the red. Bank of India, Union Bank of India, Punjab & Sind Bank and Canara Bank were the top index losers, falling more than 2% each.

State Bank of India (SBI), Bank of Baroda, Punjab National Bank (PNB), Bank of Maharashtra, Indian Bank and UCO Bank also suff...