This year, at least eight public sector banks are set to scrap their existing Bancassurance tie-ups with insurers. They are: Bank of India, Union Bank, Karnataka Bank, Allahabad Bank, Indian Overseas Bank, Bank of Maharashtra and Federal Bank.
The markets continue to consolidate at the higher levels and ended the day on a flat note with selective buying seen in index pivotals.
Four banks -- Bank of Rajasthan (16 per cent), ING Vysya Bank (14.66 per cent), South Indian Bank (10 per cent) and Karnataka Bank (8.67 per cent) -- have sold their stakes aggregating 49.33 per cent in BhOB to IOB.
Sensex ended up 110.10 points at 11,660.79, while Nifty closed up 24 points at 3390.
Though most experts remain bullish on the banking space, they suggest investors buy only those banks whose NPAs are at a manageable level of 3% to 4% and there is credit growth or earnings visibility.
The markets have opened in the positive terrain in line with global peers on account of buying interest seen in construction, pharma, banking and capital goods
The markets have opened the week with positive note as Asian markets
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
The rupee had recovered by 19 paise to close at 61.15 against the dollar in Friday's trade in tune with local equities.
It's been bright times for banking sector stocks, ever since the passage of the Securitisation Act in November 2002.
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
Banking services across the country were hit on Wednesday by the day-long strike by 10 central trade unions and 14 bank unions, but workers of largest lender SBI and a few other banks stayed off the agitation.
Experts tell Ujjval Jauhari that investors need to be careful in picking stocks given high valuations and with markets possibly ignoring potential risks
Shares of Kotak Mahindra Bank on Friday surged nearly 9 per cent after the private sector lender announced the acquisition of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
Sensex ends lower; govt schemes in focus.
Banks want lower provisioning burden on recast debt, interest on cash reserve ratio deposits.
Custodian banks are selling dollars for their foreign fund clients.
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
Suspected pro-Tamil protesters attacked and damaged a hotel run by a native of Karnataka in Chennai.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
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