Money flow into financial savings increased post note ban: Viral Acharya

Post demonetisation, there has been a visible channelising of money towards financial assets like insurance and mutual funds, Reserve Bank of India (RBI) Deputy Governor Viral Acharya said on Saturday.

"It will take us many years to understand the outcome of demonetisation. I sense that in financial assets, something has changed as black money transactions are now not easy,"

NCLT admits SBI`s insolvency application against Electrosteel Steels

The Kolkata bench of the National Company Law Tribunal (NCLT) on Friday issued an interim order admitting State Bank of India's (SBI) insolvency application against the city based Electrosteel Steels Limited for initiating the corporate insolvency resolution process.

"The petition filed by the Financial Creditor (in the case SBI) under section 7 of the Insolvency & Bankru

Hold Canara Bank Ltd For Target Rs.319.00 - SPA Sec

Canara bank reported better NIMs at 2.56% vs 2.39% in Q4 FY17 largely due to improvement in spreads. Non-interest income grew 33% y-o-y, INR 1.3 bn of PSLC sales income. However, GNPA stood at 10.56% (+85bps y-o-y) resulting in higher provision (+ 48% y-o-y) and lower PAT of Rs 2.5bn (-10% y-o-y). We maintain our hold rating with an SOTP based TP of INR 319 (1x FY19E ABVPS). Investment in Canfi

22/07/2017 10:53:43 AM | Posted in Broking Firm Views - Long Term Report read full news
Positive On RBL Bank Ltd - Sharekhan

Key points

* Robust operating performance:

RBL Bank (RBL) posted strong operational performance in Q1FY18 as the net interest income increased by 54.7% YoY to Rs378.4 crore while the noninterest income was up by 53.3% YoY to Rs256.9 crore. Strong growth in the net interest income was driven by healthy loan bo

22/07/2017 10:15:11 AM | Posted in Broking Firm Views - Long Term Report read full news
Carlyle affiliate to buy 26 percent in State Bank of India credit cards JVs

  An affiliate of buyout firm Carlyle will buy a 26 percent stake in each of two credit card joint ventures of State Bank of India, the top Indian lender said on Friday.

After GE Capital, SBI's partner in the two joint ventures -- SBI Cards & Payment Services Ltd and GE Capital Business Process Managament Services Ltd -- decided to exit the businesses as part of a global

RBI sets rupee reference rate at 64.3185 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3185 against the US dollar and 74.8796 for the euro. The corresponding rates were 64.4273 and 74.1880 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.5369 and 57.53 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

RBI to issue Rs 20 denomination notes soon: Reports

The Reserve Bank has said that it will shortly issue bank notes of denomination Rs 20 in Mahatma Gandhi series 2005 that will be similar in design to those currently in circulation. Commenting on the issue, a RBI Official told the media, “The new notes will be bearing inset letter 'S' in the number panel and signature of Governor Urjit R Patel.”

“Both the num

RBI sets rupee reference rate at 64.4273 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4273 against the US dollar and 74.1880 for the euro. The corresponding rates were 64.3211 and 74.2265 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9166 and 57.45 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Karnataka Bank eyes agri credit of Rs 6,800 cr in FY`18

Karnataka Bank said it is targetting Rs 6,800 crore agri credit in the current financial year, reported PTI. This constitutes 18.09 per cent of adjusted net bank credit as against the minimum regulatory requirement of 18 per cent, the bank said in a statement.

The private sector lender said it achieved the target of 18 per cent agriculture advance target in the fiscal ended March and

Lakshmi Vilas Bank to raise Rs 1,256 cr via various modes

Lakshmi Vilas Bank plans to raise over Rs 1,250 crore through various instruments, reported PTI. The decision was taken at the bank's annual general meeting held on July 18, 2017, the lender said in its annual report for 2016-17. The bank further said that it will tap both domestic and global markets for the funding. The private sector bank said it will issue 5 crore equity shares, which on

Kotak Mahindra Bank first-quarter net profit rises 23 percent

Kotak Mahindra Bank , India's fourth largest private sector lender by assets, posted a 23 percent jump in its first-quarter net profit, helped by higher interest and fee income.

Net profit rose to 9.13 billion rupees ($141.84 million) in the quarter ended June 30 from 7.42 billion rupees a year earlier, the bank said on Thursday. f 10.24 billion rupees, according to Thomson Reuter

20/07/2017 11:08:03 AM | Posted in Broking Firm Views read full news
HDFC Bank expands foreign exchange offering in Kerala

 HDFC Bank Ltd. on Wednesday, announced the expansion of its foreign exchange offering in Kerala by increasing the product range to include 20 currencies.

It now also offers the Haj Umrah ForexPlus card, which is aimed at meeting the requirements of Haj pilgrims, customers, as well as businesses.

Pilgrims can use this card to make all payments during the pilgr

RBI to issue Rs 20 notes with Urjit Patel`s signature

The Reserve Bank of India on Wednesday said it will shortly issue Rs 20 denomination banknotes in the Mahatma Gandhi Series, with the inset letter 'S' in both the number panels. “The design of these banknotes to be issued now is similar in all respects to the 20 banknotes in the same series issued earlier,” RBI notified today. All the banknotes in the denomination of Rs 20 i

Banks to take Rs 2.4 tn haircut to resolve top 50 stressed accounts

Banks are likely to take a haircut of Rs 2.4 trillion, or nearly 60 per cent, to resolve 50 large stressed accounts, said a Crisil report said as per the PTI. These 50 companies are from the metals (30 per cent of total debt), construction (25 per cent) and power (15 per cent) sectors, and account for half of the Rs 8 lakh crore non -performing assets (NPAs) in the banking system as on March 31

RBI sets rupee reference rate at 64.3211 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3211 against the US dollar and 74.2265 for the euro. The corresponding rates were 64.3301 and 74.1469 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.8554 and 57.43 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Banking Sector Update Gap between assets and liabilities at the lowest point in the past decade - Kotak Sec

One more risk fading away.

In FY2017 the gap between retirement assets and liabilities were at the lowest point in the past decade for public banks. Retirement costs contribute ~20% to overall staff costs. The sharp decline in interest rates only increased the present value of future liabilities by 12% yoy; employee payouts declining yoy, the decline

19/07/2017 1:36:38 PM | Posted in Broking Firm Views - Sector Report read full news
FPI holding: Federal Bank under RBI watch

Reserve Bank will monitor foreign shareholding in Federal Bank so that it does not cross the upper limit of 74 per cent, reported PTI. The board of the company has passed a resolution to hike the limit of foreign investment to up to 74 per cent, RBI said. Earlier, foreign investment in Federal Bank was 49 per cent.

"The increase is subject to regulation 5(2) and 5 (2A) of Foreign

Nine public lenders reported losses in 2016-17

Out of 22 public sector banks (PSBs), nine lenders, led by IDBI Bank, had reported losses in 2016-17, parliament was told on Tuesday.

IDBI Bank reported Rs 5,158 crore loss, the highest by any PSB, in the last financial year, Minister of State for Finance Santosh Kumar Gangwar told the Rajya Sabha in a written reply.

During 2016-17, Allahabad Bank reported Rs 314 c

RBI not reviewing 90-day NPA classification window: Government

The finance ministry said the Reserve Bank is not examining any proposal to extend the 90-day period for classification of non-performing assets (NPAs) or bad loans to help small businesses, reported PTI. The extant prudential NPA norms were brought in after extensive consultations and were based on the report of the Committee headed by M Narasimham on Banking Sector Reforms, Minister of State

Banks to take hit of Rs 180 bn for 12 loan defaulters

Indian banks need to provide a bare minimum Rs 180 billion additionally towards 12 accounts identified by the Reserve Bank of India (RBI) for reference to the National Company Law Tribunal under the Insolvency and Bankruptcy Code in FY18, estimates India Ratings and Research (Ind-Ra). Ind-Ra’s said that the weighted average provisioning currently at 42 per cent by banks towards the 12 ide

`RBI not considering extension of NPA classification window`

The Reserve Bank of India was not considering extending the bad loan or non-performing assets (NPAs) classification window beyond 90 days, parliament was told on Tuesday.

"Reserve Bank of India has informed that it is not examining any proposal on extending the NPA classification norms from the current 90-day window to help small and medium enterprises," Minister of State fo

IBC: Banks to set aside Rs 18,000-cr in FY18, expect 25% profit dip

Resolution of the 12 large, RBI- identified dud assets under provisions of bankruptcy code will require Rs 18,000-crore additional minimum provisioning and impact banks' profitability by 25 per cent in FY18, India Ratings said as per the PTI report. "Indian banks need to provide a bare minimum Rs 18,000 crore additionally towards the 12 accounts identified by the Reserve Bank of India

Banking Sector Update Where is capital consumption in public banks - Kotak Sec

Where is capital consumption in public banks?

Overall tier-1 ratio improved by ~30bps yoy to 9.7% but core tier-1 ratio was broadly flat yoy at 8.8% of loans. Interestingly, despite NPLs increasing 55% since FY2015, RWA growth was muted at 2%. Public banks received a capital infusion of US$~4bn in FY2017 mostly from the Government. They need ~US$ 7bn t

18/07/2017 3:33:24 PM | Posted in Broking Firm Views - Sector Report read full news
Buy State Bank of India Ltd For Target Rs.355.00 - Reliance Se

STOCK IN FOCUS

* SBI closed 0.6% higher, outperforming benchmark NIFTY by 0.3%

* Post mega merger, SBI stands to gain market share in fastgrowing Retail and SME segments. Further, the Bank has been able to deliver relatively better operating performance compared to its peers despite elevated stress in balance sheet.

* Moreover, the

18/07/2017 2:56:33 PM | Posted in Broking Firm Views - Short Term Report read full news
RBI sets rupee reference rate at 64.3301 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3301 against the US dollar and 74.1469 for the euro. The corresponding rates were 64.3666 and 73.6933 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.2917 and 57.39 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot