Generally, the central bank grants its approval by mid-March, or latest by March 31, but most banks have not received RBI approval on bonus packages this year.
Axis Bank's acquisition of Citibank's consumer finance business for Rs 12,325 crore - the second biggest deal in the Indian banking sector - is seen as a good deal at a good price. The acquisition enables Axis Bank to close the gap with competition in some key segments such as credit cards. At the same time, there are some key issues that are crucial for the deal's success, apart from the fact that it will take some time for Axis to reap the full harvest of its investment.
Irked by ICICI Bank's 'callous and devil-may-care attitude', a district consumer court has directed it to pay a compensation of Rs 125,000 to one of its customers against whom it had lodged a criminal case for non-payment of a car loan which he never took.
The combined market valuation of top seven Sensex companies tanked by a whopping Rs 1 lakh crore in the past week, with TCS, ONGC and RIL taking the steepest hit.
Selling in index heavyweights, including Infosys, TCS, ICICI Bank and Reliance Industries, dragged the benchmark indices into the negative for the second straight session, analysts said. Among the Sensex shares, Asian Paints fell the most by 3.9 per cent as analysts expressed concerns over rising competition in the domestic paints market following the entry of Aditya Birla group company Grasim Industries into the paints segment. IT shares Infosys, TCS, HCL Tech, Wipro and Tech Mahindra continued to slide amid inflation concerns in the US market.
The BSE benchmark Sensex climbed 326.84 points on Monday, tracking gains in global equity markets and buying in index majors ICICI Bank and Hindustan Unilever. The 30-share BSE index gained 326.84 points or 0.62 per cent to settle at 53,234.77. During the day, it jumped 394.06 points or 0.74 per cent to 53,301.99. The NSE Nifty went higher by 83.30 points or 0.53 per cent to close at 15,835.35.
'They are ideal for short-term financial goals like children's education or a down payment for a house.' 'They are also useful for transitional savings, such as during job switches or while starting a business.'
Fresh hiring might slow as banks likely to focus on improving efficiencies.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
The m-cap of ITC slumped Rs 19,958 cr to Rs 2,58,300 cr, taking the steepest hit among the top-10 firms
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Wipro was the biggest loser among Sensex firms, sliding 2.32 per cent, followed by HDFC Bank, Power Grid, UltraTech Cement, ITC, ICICI Bank and Tata Motors. IndusInd Bank, Maruti, State Bank of India, Mahindra & Mahindra, Asian Paints and Bajaj Finserv were among the gainers.
Lenders taking up incubator-style roles with small investments in start-ups
Equity benchmark indices rallied nearly 1 per cent to re-visit the 59,000-mark on Monday, tracking heavy buying in index heavyweights Reliance Industries and ICICI Bank. The BSE benchmark rose 442.65 points or 0.75 per cent to settle at 59,245.98. During the day, it jumped 504.92 points or 0.85 per cent to 59,308.25.
Among the Sensex firms, Asian Paints, Titan, Larsen & Toubro, JSW Steel, ITC, Hindustan Unilever, Maruti and Reliance Industries were the major gainers. ICICI Bank, NTPC, Infosys, Tech Mahindra, Tata Steel and Bajaj Finance were among the laggards.
Only CIL, SBI and HDFC Bank made gains
TCS took the steepest hit among the top-10 firms as its m-cap plunged Rs 17,334 cr
Valuation of TCS, ITC declines in the week
ICICI Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv and Tech Mahindra. NSE Nifty advanced 32 points to 15,856.05.
UltraTech Cement was the top gainer in the Sensex pack, rising 3.06 per cent, followed by IndusInd Bank, ICICI Bank, HDFC Bank, Titan, Axis Bank, SBI and Reliance Industries. NSE Nifty advanced 78.35 pointsto close at 14,814.75.
Worli-Haji Ali sea link project was awarded by Maharashtra State Road Development Corporation to the company in February 2010.
Among the Sensex firms, Bajaj Finance jumped the most by 4.64 per cent. Bajaj Finserv, Kotak Mahindra Bank, Asian Paints, UltraTech Cement, ICICI Bank, NTPC, JSW Steel and Tata Steel were among the major gainers. Infosys, Mahindra & Mahindra, Wipro, Tata Consultancy Services, IndusInd Bank and HCL Technologies were the major laggards.
Banks are expected to cut lending rates from April 1.
The market capitalisation of TCS plunged by Rs 18,911.52 crore (Rs 189.11 billion) to Rs 5,24,772.61 crore (Rs 5,247.72 billion).
Largecap, flexicap, and balanced advantage funds together recorded a net inflow of Rs 9,363 crore in August, representing a 70% increase from the previous month's total.
While rising interest rates and tighter liquidity are giving negative signals for the financial sector, increasing economic activity could mean higher business volumes for lenders. Liquidity in the banking system has moved from Rs 8 trillion surplus into a deficit of Rs 33,000 crore over the 2022 calendar year. By the end of November, bank credit had grown 17.5 per cent YoY (year-on-year).
Among Sensex shares, Bajaj Finserve, ICICI Bank, Bharti Airtel, Bajaj Finance, Sun Pharma, Maruti Suzuki, ITC, and Nestle were the lead gainers. On the other hand, L&T Wipro, IndusInd Bank and TCS and Tata Motors were the lead losers.
The valuation of CIL dropped by Rs 20,875 cr to Rs 2,27,926 cr
Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).
Benchmark stock indices opened the week on a muted note on Monday, with the Sensex plunging nearly 483 points due to selling in IT, capital goods and banking shares amid losses in global equities. The Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. During the day, it tumbled 552.78 points or 0.92 per cent to 58,894.40. The 50-issue Nifty declined by 109.40 points or 0.62 per cent to finish at 17,674.95 as 29 of its stocks declined.
ICICI Bank announced on Tuesday a cut in interest rates on retail domestic deposits by 0.25 to 1 per cent for various maturities effective from Thursday.
The ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
Seven consecutive sessions of decline in the equity market has eroded the wealth of investors by a whopping Rs 10.42 lakh crore and the benchmark Sensex has tumbled more than 2,000 points during this period. Concerns over more rate hikes by developed economies, weak global equity markets and fresh foreign fund outflows from the domestic market have dented investor sentiments. On Monday, the BSE Sensex dropped 175.58 points or 0.30 per cent to end at 59,288.35 points, marking a decline for seven straight trading sessions.
The market valuation of top seven Sensex companies fell by Rs 24,783.44 crore last week in an overall weak stock market.
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.
Among the Sensex shares, Infosys rose the most by 1.37 per cent, followed by Larsen & Toubro (0.90 per cent), and Wipro (0.83 per cent). HDFC Bank, ICICI Bank, Reliance Industries, ITC, TCS, Kotak Bank, Asian Paints and Titan were among the lead gainers.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
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