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<ul><li>At 7:49 am, the SGX Nifty was trading 0.98% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global market, the Indian stock market is likely to open higher. At 7:49 am, the SGX Nifty was trading up 0.98%, indicating a green start for Nifty50. The US stocks also ended in the green on Wednesday on the back of further stimulus hopes. The Dow Jones Industrial Average closed 1.20% higher; whereas the S&amp;P 500 was down 28 points on Wednesday. These are the stocks to watch out for during the trading session on October 1: Reliance Industries (RIL) Mukesh Ambani’s owned Reliance Retail Ventures Limited has<a href="https://www.businessinsider.in/business/news/reliance-retail-raises-another-1875-crore-as-silver-lake-comes-back-with-an-additional-investment/articleshow/78412992.cms"> raised ₹1,875 crore </a>from Silver Lake co-investors. The shares of RIL ended 0.49% lower yesterday Oil and Natural Gas Corp, GAIL India, Oil India and other natural gas stocks The stocks of natural gas companies will be in focus today as the Indian government slashed the rate by 25% to $1.79 for the period of October 2020 to March 2021. This is the price at which most of the natural gas produced in India is sold. The shares of Oil and Natural Gas Corp and GAIL Limited ended 2% lower yesterday, whereas Oil India was up nearly 2%. Also watch out for IGL, MGL and Gujarat Gas. Inox Leisure and PVR Limited As part of the unlock 5.0 guidelines, the Ministry of Home Affairs (MHA) has allowed reopening of cinema halls from October 15. The stock of Inox Leisure and PVR Limited will be in focus today during the trade. The shares of Inox Leisure and PVR LImited ended 2% higher yesterday. Lupin The drug major Lupin launched Lapatinib tablets, used in the treatment of advanced or metastatic breast cancer, in the US market. The company has launched Lapatinib tablets in the strength of 250 mg after its alliance partner Natco Pharma received final approval for its abbreviated new drug application (ANDA) from the United States Food and Drug Administration (USFDA), it said in a statement. The shares of Lupin ended 0.8% higher yesterday. Sanofi India Sanofi India on Wednesday launched a booster vaccine for preschoolers to protect against four major diseases - diphtheria, pertussis, tetanus and polio. “Booster vaccines are designed to boost the immunity acquired during prior vaccination,” the company said. The shares of Sanofi India ended 1.4% higher yesterday. Dhanlaxmi Bank Shareholders of Dhanlaxmi Bank ousted chief Sunil Gurbaxani, little over seven months after he assumed charge of the lender. This came a day after the Reserve Bank of India appointed its General Manager D K Kashyap on the board of the bank for two years. The shares of Dhanlaxmi Bank ended 1% lower yesterday. Punjab National Bank The state-run public sector bank Punjab National Bank (PNB) declared its ₹1,203.26 crore exposure to Sintex Industries as a fraud. The shares of Punjab National Bank ended 2% lower yesterday. HDFC Limited The National Housing Bank imposed a monetary penalty of ₹1.5 lakh on HDFC Limited for non-compliance of the housing finance companies directions. The shares of HDFC Limited ended 1.16% higher yesterday. Bank of Baroda The state-run Bank of Baroda has dissolved its wholly-owned arm BOB (UK) in the United Kingdom with effect from September 22. The shares of Bank of Baroda ended 0.85% lower yesterday. Auto stocks in focus today Watch out for the likes of Maruti, Tata Motors and other listed auto stocks as they report their monthly sales for September. The <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms">estimates from brokerages</a> showed that passenger vehicles and farm equipment would report strong growth. However, the situation for the commercial vehicle segment will continue to remain grim. Mazagon Dock, Likhitha Infrastructure and UTI AMC The IPO subscription for Mazagon Dock, Likhitha Infrastructure and UTI AMC will close today. CAMS, Chemcon <a href="https://www.businessinsider.in/stock-market/news/cams-ipo-shares-are-trading-at-over-25-premium-in-the-grey-market/articleshow/78400317.cms">CAMS </a>and <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-for-chemcon-ipo-share-price-trading-at-over-111/articleshow/78404223.cms">Chemcon shares </a>are slated to hit the bourses today. The grey market premium for the companies suggests a bumper listing ahead. SEE ALSO: <a href="https://www.businessinsider.in/india/news/from-income-tax-to-credit-card-payment-here-are-all-the-rules-changing-from-october-1/articleshow/78418580.cms" data-type="tilCustomLink">From income tax to credit card payment - here are all the rules changing from October 1</a> <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms" data-type="tilCustomLink">All eyes on September auto sales — Cars and tractor sales likely to remain healthy but commercial vehicles may feel the pain</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-expected-to-outperform-bajaj-auto-and-tvs-sales-numbers-in-september-two-wheeler-sales/articleshow/78407559.cms?upcache=2" data-type="tilCustomLink">September two-wheeler sales expectations — Hero MotoCorp expected to outperform Bajaj Auto and TVS Motor</a>

Top stocks to watch— RIL, ONGC, HDFC, GAIL, PVR, Oil India, Lupin, PNB, Dhanlaxmi Bank and others

<ul><li>The Reserve Bank of India has launched a centralised portal to find unclaimed deposits.</li><li>The <keyword id="18436041" type="General" weightage="20" keywordseo="udgam-portal" source="Orion">UDGAM portal</keyword> allows citizens to find unclaimed deposits across various banks.</li><li>Here’s how you can find if there are any unclaimed deposits in your name.</li></ul>The Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) has launched a centralised portal, UDGAM (Unclaimed Deposits – Gateway to Access information) to help customers find unclaimed deposits in bank accounts. The portal has been launched to help citizens easily find their unclaimed deposits across multiple banks, without having to contact each bank separately. At present, the bank has data from seven banks and the rest of the banks are expected to be added by October 15. “The launch of the web portal will aid users to identify their unclaimed deposits/accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks”, the Reserve Bank of India said in its statement. <cmsannotation type="cmsannotation" annotationid="What is an unclaimed deposit?" comment="subhead" text="What is an unclaimed deposit?">What is an unclaimed deposit?</cmsannotation> An unclaimed deposit is a deposit where there has been no activity for ten years or longer. These deposits are transferred to the Depositor Education and Awareness fund maintained by the central bank and can be claimed by the respective depositor along with the applicable interest. According to the RBI, as of February 2023, the central bank had unclaimed deposits worth over INR 35,000 crore from 10.24 crore citizens. <cmsannotation type="cmsannotation" annotationid="How to use the UDGAM portal to find unclaimed deposits" comment="subhead" text="How to use the UDGAM portal to find unclaimed deposits">How to use the UDGAM portal to find unclaimed deposits</cmsannotation> You can use the UDGAM portal to find your unclaimed deposits by following the below steps – <cmsannotation type="cmsannotation" annotationid="Sign up and login" comment="subhead2" text="Sign up and login">Sign up and login</cmsannotation> <ul><li>Go to the new UDGAM portal by clicking<a href="https://udgam.rbi.org.in/unclaimed-deposits/#/register"> here</a>.</li><li>Create an account by entering details such as your phone number, name password and the captcha.</li><li>Enter the OTP that you receive and click on “Register”.</li><li>Now, login to your account by clicking<a href="https://udgam.rbi.org.in/unclaimed-deposits/#/login"> here</a>.</li></ul><cmsannotation type="cmsannotation" annotationid="Find your unclaimed deposits" comment="subhead2" text="Find your unclaimed deposits">Find your unclaimed deposits</cmsannotation> <ul><li>Now, enter the name of the account holder.</li><li>Then, click on the dropdown under “Select banks” and click on “All”.</li><li>Now, enter one of the following details – PAN, Voter ID, Driving licence number, Passport or Date of birth.</li><li>Then, click on “Search”.</li></ul> The portal will show the unclaimed deposits, if any, on your name. <cmsannotation type="cmsannotation" annotationid="How to claim unclaimed deposits" comment="subhead2" text="How to claim unclaimed deposits">How to claim unclaimed deposits</cmsannotation> Once you get an unclaimed deposit in your name, you can file an application with the relevant bank. The portal will take you to the application page of the respective bank. <cmsannotation type="cmsannotation" annotationid="Banks available on the portal" comment="subhead" text="Banks available on the portal">Banks available on the portal</cmsannotation> At present, the following banks are available on the portal – <ul><li>Central Bank of India</li><li>Citi Bank</li><li>DBS Bank</li><li>Dhanlaxmi Bank</li><li>Punjab National Bank</li><li>South Indian Bank</li><li>State Bank of India</li></ul> SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a> <a href="https://www.businessinsider.in/tech/news/how-to-find-phone-numbers-registered-in-your-name-and-block-those-that-arent-yours/articleshow/100297548.cms">How to find phone numbers registered in your name and block those that aren’t yours</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a>

Have unclaimed bank deposits? Here’s how to find it using UDGAM portal

New Delhi, Feb 27 () Private sector Dhanlaxmi Bank on Thursday said its new managing director and CEO Sunil Gurbaxani has taken charge from February 27."It is informed that Sunil Gurbaxani has taken charge as Managing Director &amp; CEO of the Bank with effect from February 27, 2020," the bank said in a regulatory filing.Gurbaxani has been appointed as MD&amp;CEO of the bank for a period of three years from the date of taking charge pursuant to RBI approval, it said.He has 35 years of banking experience with State Bank of Bikaner &amp; Jaipur (now State Bank of India) and Axis Bank and handled various roles and responsibilities including operations head, Assistant General Manager, Assistant Vice President, Vice President, Senior Vice President and Executive Vice President.Gurbaxani is an MBA degree and a post-graduate in Economics and has also passed the CAIIB from the Indian Institute of Bankers. He replaces T Latha, who resigned on October 30, 2019 due to personal reasons.The lender was also amongest the RBI's Prompt Corrective Action (PCA) framework and was removed from the list by the regulator in February 2019 subject to certain conditions and continuous monitoring,Shares of the bank closed 1.18 per cent down at Rs 14.20 on BSE. KPM MRMR

Dhanlaxmi Bank MD & CEO Sunil Gurbaxani takes charge

New Delhi, Jun 22 () Dhanlaxmi Bank on Monday reported 90.5 per cent decline in net profit at Rs 2.60 crore for March quarter 2019-20 due to higher provisions for bad loans and contingencies. The bank had posted a profit of Rs 27.61 crore in January-March period of the preceding financial year. Income during the quarter under review rose to Rs 280.98 crore from Rs 268.97 crore in the year-ago same period, the bank said in a regulatory filing. The bank's provisions for bad loans and contingencies were raised substantially to Rs 56.89 crore during March quarter as against Rs 16.27 crore parked aside for the year-ago same period. The lender made an ad hoc provision of Rs 3.94 crore during the quarter towards the salary revision due from November 1, 2017, under 'Provisions and Contingencies', it said. In 2019-20, Dhanlaxmi Bank's net profit grew multi-fold to Rs 65.78 crore from Rs 11.67 crore in 2018-19. Income rose to Rs 1,100.44 crore from Rs 1,024.22 crore. On the asset front, the bank showed improvement with gross non-performing assets (NPAs) falling to 5.90 per cent of the gross advances as on March 31, 2020 from 7.47 per cent by March-end last year. In absolute terms, gross NPAs were Rs 401.22 crore, down from Rs 495.84 crore in the year-ago same period. Likewise, net NPAs or bad loans too came down to 1.55 per cent (Rs 100.94 crore) from 2.41 per cent (Rs 151.71 crore). The private sector lender said it exercised the option of moving to lower tax slab provided by the government in October 2019 and re-measured its deferred tax assets (DTA) as on March 31, 2020 and had a write-back of Rs 19.70 crore towards the same. Dhanlaxmi Bank said that no divergence was observed by RBI for 2018-19 in respect of bank's asset classification and provisioning. "Hence the bank has not exceeded the limit specified... on Divergence in the Asset Classification and Provisioning," it said. On the COVID-19 impact, the lender said the extent to which the pandemic will impact the bank's future results will depend on related developments, which remain highly uncertain. "Major challenges for the bank would arise from extended working capital cycle and dwindling cash flows. Despite these conditions, there is not likely to be any significant impact on the liquidity position of the bank," it said. Further, it said that in accordance with RBI mandated moratorium facility to borrowers and the required provisions, it made the entire 10 per cent provision amounting to Rs 37.88 crore in March quarter 2020. Provision coverage ratio as on March 31, 2020 was 89.87 per cent, it said. Dhanlaxmi Bank stock closed 3.72 per cent up at Rs 16.16 on BSE. KPM ANU ANU

Dhanlaxmi Bank Q4 profit falls over 90 pc at Rs 3 cr

New Delhi, Feb 4 () Dhanlaxmi Bank on Tuesday reported a 26 per cent rise in net profit at Rs 21.28 crore for the third quarter ended December on healthy core income and fall in bad loan ratio.
 The private sector lender had registered a net profit of Rs 16.90 crore during the corresponding period in previous fiscal.
 Total income rose to Rs 285.85 crore from Rs 272.16 crore in October-December 2018-19, Dhanlaxmi Bank said in a regulatory filing.
 The bank's interest income rose to Rs 280.88 crore during the reported quarter from Rs 245.08 crore a year ago. Income from other sources also increased to Rs 34.97 crore as against Rs 27.08 crore in the year-ago period.
 Gross non-performing assets (NPAs) came down to 7.13 per cent of gross advances at the end of December 2019 from 8.11 per cent a year ago.
 Net NPAs stood at 1.62 per cent, down from 2.93 per cent.
 In absolute terms, gross NPAs stood at Rs 490.47 crore at the end of third quarter, lower than Rs 507.95 crore a year ago.
 Net NPAs also came down to Rs 105.21 crore from Rs 173.58 crore.
 Provisions for bad loans and contingencies rose to Rs 24.35 crore during the quarter from Rs 20.17 crore a year ago.
 Provision coverage ratio as on December 31, 2019 stood at 89.31 per cent, the bank said.
 Shares of Dhanlaxmi Bank on Tuesday closed 0.49 per cent lower at Rs 14.18 on the BSE. KPM RVK

Dhanlaxmi Bank Q3 net up 26 pc at Rs 21 cr as bad loans fall

<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank slumps 20% after CEO goes on leave

New Delhi, Apr 17 () Banking and financial stocks were in high demand on Friday, advancing up to 21 per cent after the Reserve Bank announced a host of liquidity-boosting measures to support the economy amid the coronavirus crisis. Axis Bank zoomed 13.45 per cent, ICICI Bank rose by 9.89 per cent, IndusInd Bank 9.13 per cent, Federal Bank 9 per cent, City Union Bank 5.39 per cent and Kotak Mahindra Bank 4.96 per cent on the BSE. Axis Bank was the top gainer in the Sensex pack. Also, HDFC Bank jumped 3.33 per cent, RBL Bank 3.22 per cent and SBI 2.49 per cent. Led by the rally in these scrips, the BSE Bank index rose by 6.83 per cent. Likewise, from the finance pack, Equitas Holdings zoomed 21.15 per cent, Shriram Transport Finance Company 20 per cent, J&amp;K Bank 19.95 per cent, Indiabulls Housing Finance 17.61 per cent, Dhanlaxmi Bank 17.51 per cent, DCB Bank 16.54 per cent, Ujjivan Financial Services 14.54 per cent and Cholamandalam Investment and Finance Company 11.33 per cent. The BSE Finance index gained 5.44 per cent. "Given the unprecedented times we are in, it is heartening that RBI is addressing all these challenges at a war footing. We believe the key measures announced by RBI will help inject the much needed liquidity in the system, facilitate and incentivise credit flow and provide flexibility on regulatory forbearance. Markets are in buying zone," according to Motilal Oswal, MD and CEO of Motilal Oswal Financial Services. In the broader market, the 30-share BSE Sensex ended 986.11 points or 3.22 per cent higher at 31,588.72. "The RBI's announcement has correctly focused on the financial sector, specifically the NBFCs. However, given the current macro conditions, we need to watch how the banks utilize the various windows and options given by the RBI to assess whether credit growth increases and the extent of support that the NBFC sector gets," said Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities. The RBI on Friday further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled the second set of measures to support the economy hit hard by the coronavirus-led slowdown. In his second televised address since the nationwide lockdown began from March 25, the Reserve Bank of India (RBI) Governor Shaktikanta Das pledged to boost liquidity and expand bank credit. Other interest rate-sensitive indices like auto and realty also closed with significant gains. "NBFCs are clear beneficiaries of these measures. For investors in banks, the provision of higher liquidity and relaxation in provisioning norms are welcome, but the bar on dividend distribution and new provisioning norms are negatives for the time being. "While the RBI is doing its part in providing reliefs in the current times, the street could keep expecting more and there could also be some concern about the time it would take for these measures to have an impact at the ground level," said Deepak Jasani - Head Retail Research, HDFC Securities. SUM ABMABM

Banking, financial stocks zoom up to 21 pc after RBI lift

Mumbai, Dec 31 () Over a month after it was barred by Sebi from taking new clients for misusing clients' securities, the troubled Karvy Group on Tuesday announced corporate restructuring to separate non-financial businesses from the financial ones.
 It has also appointed Amitabh Chaturvedi, who used to head private sector lender Dhanlaxmi Bank, as the company's group chief executive for financial services.
 Sebi, through an interim order passed on November 22, barred KSBL from taking new brokerage clients and also prevented it from using the power of attorneys (PoA) given by its clients after the brokerage was found to have allegedly misused clients' securities to the tune of over Rs 2,000 crore.
 Securities held by KSBL were used by the brokerage for borrowing from the lenders courtesy the PoA.
 This led to widespread anxiety in the financial system, starting with the nearly 1 lakh clients whose securities were pledged and also among the banks, who had lent against the securities to Karvy.
 Karvy Group Chairman G Parthasarathy said Chaturvedi has been mandated to "completely overhaul the governance processes, ensure best practices and to bring in greater fiduciary discipline" to the business, according to an official statement.
 Chaturvedi hinted at fundraising plans being in the offing and said that the leadership team will work on strengthening the brand.
 A statement said stock broking, wealth management, commodities trading and investment banking will come under the financial services vertical, while the other vertical will comprise data management services, data analytics, market research and allied businesses.
 Details of who will be heading the non-financial services vertical were not shared by the Hyderabad-based company.
 Apart from Dhanlaxmi Bank, Chaturvedi has worked Reliance AMC, ICICI and the Essel Group, according to the statement. AA HRS

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Top stocks to watch— RIL, ONGC, HDFC, GAIL, PVR, Oil India, Lupin, PNB, Dhanlaxmi Bank and others

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Have unclaimed bank deposits? Here’s how to find it using UDGAM portal

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Dhanlaxmi Bank MD & CEO Sunil Gurbaxani takes charge

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Dhanlaxmi Bank Q4 profit falls over 90 pc at Rs 3 cr

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Dhanlaxmi Bank Q3 net up 26 pc at Rs 21 cr as bad loans fall

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RBL Bank slumps 20% after CEO goes on leave

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Banking, financial stocks zoom up to 21 pc after RBI lift

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Karvy Group splits biz in two verticals; non-fin businesses to be housed in separate arm

PTI

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