The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
The actual expenditure will only be marginally higher and hence, the multiplier effect will be muted.
HCL Tech was the top gainer in the Sensex pack, rallying around 5 per cent, followed by Tech Mahindra, Infosys, PowerGrid, Sun Pharma, L&T and Nestle India. NSE Nifty climbed 137.90 points or 1.03 per cent to 13,466.30.
Markets under pressure; IT financials grab spotlight.
Tata Steel was the top loser in the Sensex pack, shedding over 2 per cent, followed by Sun Pharma, ICICI Bank, SBI, Kotak Bank and Dr Reddy's. NSE Nifty dropped 151.75 points to 15,727.90.
Retail inflation has eased from double digits in 2013.
The scrutiny is expected to be over this month itself.
Official GDP data for the second quarter of the current fiscal year ending March are due to for release this Friday.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Banks will introduce hybrid home loans with stiff penalty on prepayment and shifting.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
Money managers have turned cautious about the technology space.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
The Reserve Bank on Friday accepted most of the recommendations of its working group on corporate ownership of private sector banks, by allowing unrestrained promoter shareholding in the first five years of operations and hiking the same to 26 per cent after 15 years from the extant 15 per cent and also the new capital requirements. The move will benefit leading banks like Kotak Mahindra Bank and IndusInd Bank, among others, which have been seeking more time from the regulator to divest their stakes for many years now. Accepting 21 of the 33 recommendations of the internal working group, the central bank said the remaining suggestions are under its consideration.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
'Kindling the private sector's animal spirits is more important than focusing on how government can give jobs on its own.'
Of the 80 new appointments, 51 women are becoming directors.
The Reserve Bank of India kept its policy interest rate unchanged at a five-year low of 6.50 percent on Tuesday.
The short answer, as usual, is I don't know. But this is what could happen in the next one year...
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
IIM Lucknow has concluded its 2020-21 final placements.
The global COVID-19 situation, rollout of vaccines, geopolitical trends, Union Budget and economic recovery would be the major factors driving investor sentiments in 2021 after a tumultuous year which saw both 'the worst of times and the best of times' for the stock market, said analysts. What a year 2020 turned out to be! From witnessing gigantic losses to record-shattering gains, investors went on a roller-coaster ride amid the coronavirus pandemic and massive stimulus measures. Markets closed 2020 with remarkable gains of around 16 per cent, but will the winning ways continue in 2021 as well?
Bandhan Bank is the first bank to be launched in eastern India post Independence.
The Sensex rally was driven by Tata Motors, Vedanta, Bharti Airtel, Maruti, Reliance Industries, Tata Steel, Larsen and Toubro and HCL Tech.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
The broader NSE Nifty rose 32.15 points or 0.29 per cent to settle at 11,284.30.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Progress on monsoons along with favourable base effect in 2HFY2017 continues to point towards RBI achieving its near 5 per cent inflation target by the year-end
After opening on a weak note, the 30-share BSE index settled 226.79 points, or 0.55 per cent, higher at 41,613.19 -- hitting an intra-day high of 41,697.03 and a low of 41,275.60. Likewise, the broader NSE Nifty closed 67.90 points, or 0.56 per cent, up at 12,248.25.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
The 30-share Sensex provisionally ended up 366 points at 27,275 and the 50-share Nifty ended up 132 points at 8,235.
The 30-share Sensex ended higher by 177.46 points at 28,885.21 and the Nifty gained 63.90 points at 8,778.30.
The Survey shows fiscal consolidation despite slowdown in growth.
Equity benchmark Sensex rallied 487 points on Monday to close at a fresh lifetime peak, tracking gains in Infosys, HDFC twins and HCL Tech amid massive foreign fund inflows.
Equity benchmark Sensex rebounded 454 points on Thursday, boosted by gains in index heavyweight Reliance Industries amid a positive trend in global markets.
The bank will have around 501 branches.
Largest bidder says FTIL not following correct process and MCX not extending cooperation; FTIL and MCX say cooperating fully
Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.
EduBridge is emerging as a strong player in training unemployed youth.
HDFC and HUL are the latest entrants in the club
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