Shares of companies that have applied for a banking licence are in focus after the Reserve Bank of India (RBI) Governor Mr Raghuram Rajan roughly indicated that new bank licenses are likely to be announced around January 2014.
Bajaj Finance, JM Financial Services, LIC Housing Finance, IFCI, L&T Finance Holdings, Muthoot Finance, India Infoline and IDFC are up 4-6% on the Bombay Stock Exchange (BSE).
BS Bank Aspirex, a new index by Business Standard that covers 16 companies that have applied for a banking licence, was up 3.4% as compared to 2.4% rise in the BSE benchmark index S&P BSE Sensex at 0930 hours.
The governor has also stated that the RBI is expected to shortly free bank branching for domestic scheduled commercial banks without permission of the RBI. Over a medium-term, he also underscored the need to reduce banks’ requirement to invest in government securities in a calibrated way when government finances improve.
Bajaj Finance, JM Financial Services, LIC Housing Finance, IFCI, L&T Finance Holdings, Muthoot Finance, India Infoline and IDFC are up 4-6% on the Bombay Stock Exchange (BSE).
BS Bank Aspirex, a new index by Business Standard that covers 16 companies that have applied for a banking licence, was up 3.4% as compared to 2.4% rise in the BSE benchmark index S&P BSE Sensex at 0930 hours.
The governor has also stated that the RBI is expected to shortly free bank branching for domestic scheduled commercial banks without permission of the RBI. Over a medium-term, he also underscored the need to reduce banks’ requirement to invest in government securities in a calibrated way when government finances improve.
