SBI Life Insurance is in the process of seeking permission from foreign regulators to sell its products to Non-Resident Indians through the overseas branches of the State Bank of India.
The market rally was driven by strong buying in telecom, banking, realty, metal, FMCG and PSU counters.
The 50-share Nifty scaled a high of 10,207.90 intra-day but succumbed to profit-booking to finish at 10,184.15, up 53.50 points
Terming the home loans package of PSU banks highly inadequate, Assocham President Sajjan Jindal demanded that the government peg the interest rate on housing loans up to Rs 30 lakh at 6% and at 8.5% for loans above this amount.
Recent rates cuts by most banks may not have a significant impact on margins, say analysts.
Here are the highlights of the economic package announced by the government on Sunday.
The government has cleared a second round of voluntary retirement scheme for shedding 10 per cent of the total workforce of public-sector general insurance companies involving a cash outgo of Rs 1,000 crore.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Foreign institutional investment flows remain key driver for the Indian markets.\n
If a name does not unify the three, there could be continued clash of identities, which could splinter the brand even before it takes shape, say Abhijit Lele and Nikhat Hetavkar.
India's state banks are under pressure to improve profitability.
Observing that a look out circular (LOC) restricts a person's free movement and the right to travel, the Calcutta high court has said it should be issued only in exceptional circumstances.
'Retail investors have been selling since the Budget and Foreign Portfolio Investors started selling.' 'Thus far, domestic institutions have picked up the slack, buying enough to keep the major indices from falling off a cliff.' 'However, there has been carnage in smaller stocks and the financial sector has been hit much harder than the major market indices,' points out Devangshu Datta.
Banking PSU stocks were being drubbed today following reports that the Centre may charge a premium on returned equity by these banks.
Laggards yet, a number of smaller PSBs in the category have balance sheets which do not give much comfort.
The laggards include FMCG (16 per cent), Energy (37 per cent) and Media (34 per cent).
'There is no change in the overall story of economic recovery.'
Dwaipayan Bose on how index funds play a key role in the diversification of portfolios and help manage risks
Five ratios you must know before putting your money into banking stocks.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
Banks cannot shirk their responsibility in cases of frauds.
Banks in India must have a modern approach, suggests a panel comprising of banking bigwigs.
The government on Monday budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one general insurance company, in the next fiscal year beginning April 1. The amount is lower than the record Rs 2.10 lakh crore which was budgeted to be raised from CPSE disinvestment in the current fiscal year. However, the COVID-19 pandemic impacted the government's CPSE stake sale programme, and the target has been lowered to Rs 32,000 crore in the Revised Estimates.
'While GST and demonetisation are likely to cause disruption for longer than the market currently expects, they can have meaningful positive impact over the medium-term.'
Mid- and small-cap indices have outperformed the frontline benchmarks - the S&P BSE Sensex (up around 10 per cent) and the Nifty50 (13 per cent) - in the first half of calendar year 2021 (H1-CY21) by rallying 26 per cent and 39 per cent, respectively. The trend, analysts believe, is likely to continue in H2-CY21 as well. The outperformance in H1-CY21 comes on the back of improved earnings and strong inflows from the foreign portfolio investors (FPIs) in Indian equities. However, good monsoon so far, gradual opening up of the economy and the pick-up in the pace of vaccination provides support to the market.
The indices closed with losses for the week, with the Sensex declining 476.14 points, and the broader NSE Nifty falling 155.45 points during the period.
The broader NSE Nifty reclaimed the key 10,000-mark and touched a high of 10,143.50 before finally settling at 10,130.65
The Delhi high court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings related to recovery of Rs 1200 crore loan granted to two of his companies. The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now. This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.
Urging India Inc to participate in the growth story, Sitharaman said they should participate in the divestment programme by becoming the first bidders.
As of December 2014, NPAs of PSU banks were at Rs 2,60,531 crore.
'They want (the ownership and management of PSU banks) to pass into the hands of a private sector entity.' 'Ownership of these banks will go from the public sector to private sector.'
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
Raghuram Rajan rejected the argument that inflation has come down largely because of "good luck" stemming from low oil prices.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
Sectoral performance was mixed with media and PSU banking stocks attracting buyer interest and healthcare, FMCG and metal stocks bearing the brunt of the bears
The new guidelines restrict bankers not just from advising private sector companies in the 'same line of business' on public issues.
Cyber crime wing has been receiving 4-5 complaints every day involving impersonation
On the heels of the Reserve Bank of India making out a case for better pay packages for PSU bankers, global consultancy KPMG said that not only senior personnel, but non -executive directors, too, should be paid salaries on par with their private sector counterparts.
State Bank of India (SBI) on Wednesday reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances