NEW DELHI: Shares of private banks were in the green in Wednesday's morning trade. Shares of Federal Bank (up 2.69 per cent), IDFC Bank (up 1.82 per cent), Kotak Mahindra Bank (up 1.24 per cent), RBL Bank (up 0.84 per cent) and Axis Bank (up 0.62 per cent) were among the top gainers in the index. ICICI Bank (up 0.31 per cent), HDFC Bank (up 0.14 per cent) and City Union Bank (up 0.11 per cent) too were trading with gains. While IndusInd Bank (down 0.87 per cent) and YES Bank (down 0.71 per cent) were the top losers. The Nifty Private Bank index was trading 0.43 per cent up at 16,761.7 around 10:03 am. Benchmark NSE Nifty50 index was up 82.20 points at 12,074.7, while the BSE Sensex was up 271.81 points at 41,166.19. Among the 50 stocks in the Nifty index, 38 were trading in the green, while 12 were in the red. Shares of Vodafone Idea, YES Bank, Tata Motors, Aurobindo Pharma, SBI, SAIL, Coal India, Bharti Infratel, Hathway Cable and Indiabulls Housing were among the most traded … [Read more...] about Stock market update: Private banks advance; Federal Bank gains 3%
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NEW DELHI: Bank shares were trading with gains in Thursday's morning session. Shares of IndusInd Bank (up 3.96 per cent), Federal Bank (up 2.19 per cent), Yes Bank (up 0.85 per cent), Axis Bank (up 0.65 per cent), IDFCBANK (up 0.63 per cent), State Bank of India (up 0.58 per cent), RBLBANK (up 0.47 per cent) and ICICI Bank (up 0.08 per cent) were among the top gainers. The Nifty Bank index was trading 0.11 per cent up at 30872.85 around 09:54 am. Benchmark NSE Nifty50 index was down 13.70 points at 12112.2 , while the BSE Sensex was down 53.86 points at 41269.14. Among the 50 stocks in the Nifty index, 24 were trading in the green, while 26 were in the red. Shares of Vodafone Idea, YES Bank, Tata Motors, Max Financial Services, SBI, Aurobindo Pharma, Ashok Leyland, Tata Power and IndusInd Bank were among the most traded shares on the NSE. … [Read more...] about Share market update: Bank shares gain; IndusInd Bank climbs 4%
To support the loan growth of India banks, government may need to pump in another $7 billion equity by the next financial year, said Fitch in a report. “Fresh equity will support loan growth, achieve 75% NPL cover, and build a buffer over the minimum Basel III capital standards,” the report added. The additional capital will help the banks bridge their regulatory capital gaps, provide for ageing impaired loans, and absorb the costs of merging 10 state-run banks into 4 big entities by April 2020. Fitch believes that because banks’ ability to issue fresh capital is currently limited, it is now the responsibility of the government to address capital shortfalls “especially since the state banks have already offloaded considerable assets to boost capital”. Poor loan-book growth According to an RBI report released last month, At 7.1% per cent, Indian banks in the year 2019 expanded their loan books at the second slowest pace at a jaw-dropping 7.1% given the … [Read more...] about Indian banks need an additional $7 billion equity by FY21: Fitch
After failed talks to sell Max Financial to Sunil Munjal's Hero Corporate Services, Analjit Singh, promoter of Max group, is now in talks to sell more than 20% in Max Life Insurance. Max Financial Services, which is listed, owns 71.79% stake in Max Life, the country’s largest non-bank private life insurer. Japan’s Mitsui Sumitomo Insurance Co Ltd owns 26% and Axis Bank 2%. The Axis - Max dealThe proposed Max Life deal is aimed at building a strategic and long-term partnership with Axis Bank, which is also the insurer's largest source of revenue at 54%, according to an ET report. Axis plans to infuse Rs 2,000 crore in Max Life, which will be used for expansion.The deal will also eliminate the uncertainty about a bancassurance partner for the insurer.Bancassurance deals are struck with banks so that cash is set off in the form of future commission income that they will earn. It is the most sought-after distribution channel for insurance companies because of its relatively low … [Read more...] about Will Analjit Singh exit Max Financial after Axis Bank deal?
Online payday lenders deposit the funds electronically in consumer bank accounts, and retrieve loan payments the same way. As a result, half of consumers who obtained a loan online are penalized by their banks because at least one debit attempt overdrafts or fails, while a third of those getting hit with a bank penalty wind up having their account closed involuntarily, according to the CFPB, which analyzed data from an 18-month period in 2011 and 2012 involving 330 lenders. … [Read more...] about Online payday loans a path to hefty bank fees, account closures
But the newsflow was not good, Sewing added, as S&P questioned his ability to get the bank back to profit after three years of losses by scaling back its global investment bank and refocusing on Europe and Germany. … [Read more...] about ‘Troubled’ Deutsche Bank backed by key investor after S&P downgrade