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Private sector <keyword id="19945702" type="General" weightage="100" keywordseo="rbl-bank" source="keywords">RBL Bank</keyword> on Friday reported an 11% increase in its profit to Rs 233 crore in the third quarter ended in December 2023. The bank had earned a net profit of Rs 209 crore in the same quarter a year ago. Total income increased to Rs 3,969 crore during the quarter under review against Rs 3,116 crore in the same period last year, RBL Bank said in a regulatory filing. Interest income of the bank also improved to Rs 3,191 crore during the quarter compared to Rs 2,498 crore in the same period a year ago. The bank's gross <keyword id="19927319" type="General" weightage="20" keywordseo="non-performing-assets" source="keywords">Non-Performing Assets</keyword> (NPAs) declined to 3.12% of the total loans at the end of December 2023 from 3.61% a year ago. Net NPAs or bad loans also came down to 0.80% from 1.18% at the end of the third quarter of the previous fiscal.

RBL Bank Q3 profit rises 11% to Rs 233 crore

New Delhi, May 7 () RBL Bank on Thursday reported a 54 per cent decline in its net profit to Rs 114 crore for the March 2020 quarter, as the provisioning for bad loans spiked manyfold. The private sector lender had registered a net profit of Rs 247 crore in the corresponding quarter of the previous financial year. Sequentially, the bank posted a net profit of Rs 70 crore in the third quarter ended December 2019. Its total net income, however, grew 33 per cent to Rs 1,522 crore in the January-March 2020 period, from Rs 1,148 crore earned in the corresponding period of 2018-19, RBL Bank said in a regulatory filing. The bank's net interest income jumped 38 per cent to Rs 1,021 crore, compared with Rs 739 crore a year ago. The net interest margin (NIM), which is the difference between interest earned and expended, was at a new all-time high of 4.93 per cent in fourth quarter of 2019-20, a rise of 42 basis points as against 4.56 per cent in the year-ago quarter. For the full year 2019-20, the lender posted a fall of 42 per cent in its net profit to Rs 506 crore as against Rs 867 crore. Income, however, jumped by 39 per cent to Rs 5,540 crore from Rs 3,982 crore. The bank's net advances at the end of March 2020 grew by a modest 7 per cent to Rs 58,019 crore, whereas deposits fell 1 per cent to Rs 57,812 crore. Sequentially, both the advances and deposits were down by 3 per cent and 8 per cent, respectively. Its asset quality showed deterioration with gross non-performing assets (NPAs) rising to 3.62 per cent of the gross advances by the end of March 2020, from 1.38 per cent a year ago. Net NPAs also spiked to 2.05 per cent from 0.69 per cent. During the quarter under review, bad loan provisioning and contingencies were raised manyfold to Rs 614.08 crore as compared with Rs 199.97 crore in the year-ago period. The board of directors at its meeting on March 17 approved an interim dividend of Rs 1.50 per share for the current year. In the previous year, full and final dividend was Rs 2.70 per share. The bank did not declare final dividend for the current financial year pursuant to the Reserve Bank of India's (RBI) circular in April 2020 directing all banks not to make any further dividend pay-outs from the profits pertaining to the financial year ended March 31, 2020, until further instructions, it said. On COVID-19, it said the extent to which the pandemic will impact the bank's provision on assets will depend on future developments, which are highly uncertain, including new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether mandated by external authorities or by the bank. As per the RBI, the bank is granting a three-month moratorium on equated-monthly instalments to all eligible borrowers for the March 1-May 31 period, it added. The bank reiterated that it is well capitalised with has sound liquidity. "Overall capital adequacy at 16.45 per cent with common equity tier-1 ratio of 15.33 per cent at the end of FY20 and average liquidity coverage ratio is at 161 per cent for Q4FY20," RBL Bank said. Shares of RBL Bank on Thursday closed 2.46 per cent down at Rs 128.90 apiece on the BSE. KPM HRS

RBL Bank net profit declines 54 pc to Rs 114 cr in March quarter

Mumbai, Mar 18 () The crisis at Yes Bank has shaken the trust of a few state governments and large depositors who are pulling out large amounts from other private sector banks as well. The panic comes as the Yes Bank crisis happened within six months of one of the largest cooperative banks, Punjab &amp; Maharashtra Cooperative Bank, went belly up last September after the discovery of massive corruption at the bank and also 73 per cent of its assets turned dud with just one customer, HDIL. The current run on private banks comes despite repeated assurance from the government and regulator Reserve Bank of India to depositors about the safety of their money and also of the system. Ironically, other banks were caught in a crisis even as Yes Bank made a dramatic turnaround with its resolution and returning to normal operation from Wednesday evening. The panic among the public and some states like Maharashtra was such that the RBI was forced to write to all chief secretaries last week informing them of the sound health of private banks and asked them to reconsider their decision to shift deposits to public sector banks. But, despite all these, there were more near-run-like situation on other banks like IndusInd Bank, Karur Vasya Bank and Laxmi Vilas Bank, which had also taken a huge beating on their market value. IndusInd counter tanked nearly 50 per cent on Wednesday in intra-day trade and closed with a loss of 24 per cent at Rs 459.85 on the BSE whose benchmark continued to bleed and lost another 5.6 per cent, while RBL closed in the green after a massive route on Tuesday. Yes Bank's deposit base eroded by Rs 72,000 crore to Rs 1.37 lakh crore as of March 5 from Rs 2.09 lakh crore as at the end of December 2019, according to data shared by the then crippled bank last Friday while announcing the third quarter earnings. Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease. In a late-night statement on Tuesday, IndusInd Bank said its deposits, both retail and corporate segments, are steady. "However, a couple of state government entities have made withdrawals amounting to less than 2 per cent of our total deposits," it said. Its smaller peer RBL Bank also said it saw deposit withdrawals by large depositors and a few state government entities. "While there has been no material impact on our retail deposits, there have been some withdrawals from institutional depositors and a couple of state organisations constituting about 3 per cent of our total deposits in the last one week," RBL Bank said in a statement. Both the banks said they are actively engaging with these depositors and the respective states to address their concerns. Earlier, four private sector lenders Kotak Mahindra Bank, Karnataka Bank, RBL Bank and Karur Vysya Bank had assured customers about the safety of their money and their strong fundamentals. On Monday, RBI Governor Shaktikanta Das had said there was no instance in the nation's banking history where bank depositors had lost their money. Speaking on the decision of a few states to shift their deposits from private banks to state-run banks, Das had said, "The health of the banking sector, including private banks, is safe and, therefore, there is no reason for the state authorities to take away deposits from private banks." In a letter to chief secretaries of all states late last week, the RBI had said the apprehension on safety of deposits in private sector banks is highly misplaced and any action on pulling out of funds from private sector banks may impact the stability of financial system. "We strongly believe that such a move can have banking and financial stability implications," the RBI said in the letter. The Indian Banks Association Chief Executive Sunil Mehta has also said there is no threat to depositors' money in any banks. HV BEN HRS

Yes Bank continues to roil other private lenders, IndusInd latest

Mumbai, Apr 1 () RBL Bank on Wednesday said it has witnessed a reduction of under 8 per cent in the deposit base in March quarter as government bodies became more averse to parking money with private sector lenders following the Yes Bank crisis. The city-based bank, which has seen a massive erosion in its stock price recently, however, asserted that it is doing well across all business parameters. The crisis at Yes Bank had triggered scares on the health of private sector lenders and led to deposit withdrawals. The Reserve Bank had to step in and assure depositors, including state governments like Maharashtra that had gone public with their plans to shift money, not to do so. In a special statement issued before the announcement of quarterly results for the January-March period, RBL Bank said there have been "run-offs" in the deposit base of under 8 per cent. "Reduction (is) essentially in bulk deposits from government entities/corporations," the bank said in the statement issued after market hours. While the asset quality has been marked as "stable", the bank accepted that there has been an increase in slippages in the wholesale small and medium enterprises segment on account of stress and inability to collect in the last few days because of the lockdown. However, overall, it expects lower slippages in March quarter as compared to the December quarter, the release said, adding there is no material change in guidance on asset quality position given after the December results. RBL Bank said it will focus on balance sheet protection, reducing the reliance on wholesale advances and launching new retail products like a secured home product which has already been pilot tested. The bank said its operating profits have been "stable" when compared to the preceding quarter and have grown in a healthy way when compared with the year-ago period. This, the bank said, is reflective of the franchise strength and its strong earning capacity despite economic slowdown and shutdown in the last few days. Without divulging the exact numbers, it said net interest margins are at an all-time high on lower cost of funds and deposits. It is also well capitalised with a capital adequacy ratio of 16 per cent, including a core tier-I ratio at 15 per cent, the bank said. On the COVID-19 crisis, the bank said the business continuity plan has been started since last month and added that it will not be impacted a lot because exposure to sectors such as aviation, hospitality, transport/logistics, organised retail is low. On credit cards business, it said new acquisition has been stopped post the lockdown and it expects a dip in usage in March due to the lockdown and also an increase in credit cost for March and April as collection suffers. For micro lending segment, the bank said collections for March were completed in the early part itself and it has adopted a cautious approach even though there are no infections in rural India as yet. The bank's scrip closed 3.17 per cent lower at Rs 131.35 apiece on the BSE on Wednesday. AA RVK

RBL Bank's deposit base sees about 8 pc reduction in Jan-Mar

New Delhi, May 11 () Shares of ICICI Bank tumbled over 5 per cent on Monday after it missed earnings estimates, according to analysts. It fell 5.23 per cent to close at Rs 320.10 on the BSE. During the day, it dropped 5.80 per cent to Rs 318.15. On the NSE, the scrip declined 4.61 per cent to close at Rs 322.10. ICICI Bank was the top laggard on both the indices. In terms of volume, 32.16 lakh shares were traded on the BSE during the day, while over 8 crore shares changed hands on the NSE. "The negative impact was mainly due to financials, led by ICICI Bank, which missed earnings estimates," Geojit Financial Services Head of Research Vinod Nair said. The bank on Saturday reported a 6.91 per cent growth in March quarter net profit at Rs 1,251 crore on a consolidated basis, after setting aside over Rs 2,000 crore in provisions for potential impact of the COVID-19 pandemic over and above RBI's requirements. "The bank has created higher than the required provisions toward COVID19 which affected earnings," according to a report by Motilal Oswal Institutional Equities. On a standalone basis, the second largest private sector bank's profit grew 26 per cent to Rs 1,221 crore as against Rs 969 crore in the year-ago period. From an asset quality perspective, the bank reported an improvement in gross non-performing assets (NPAs) ratio to 5.53 per cent as against 6.70 per cent in the year-ago period and 5.95 per cent as of December 2019, despite over Rs 5,300 crore in fresh slippages during the reporting quarter. ICICI Bank President Sandeep Batra said the lender had slippages of Rs 4,300 crore in the preceding December quarter, and the additions on this front can be attributed to two accounts -- a West Asian healthcare company and a Singaporean oil trading company -- becoming NPAs during the quarter. In both the cases, borrowers had misrepresented their financial position to the lenders, and the bank has made significant provisions for both the accounts, he said, adding that it does not expect any more stress from the two accounts in the future. Its overall provisions increased to Rs 5,967 crore on a standalone basis, as against Rs 5,451 crore in the year-ago period and Rs 2,083 crore in the preceding quarter. The provisions included Rs 2,725 crore for the COVID-19 impact. The provisioning for COVID-19 has been done on a prudential basis in anticipation of possible stress and is significantly higher than the Rs 600 crore asked to be set aside by the RBI for accounts which were overdue as of March 1, the management said. Almost all the private sector lenders, who have reported their earnings for the March quarter, have set aside additional money as provisions, including HDFC Bank, Axis Bank, Indusind Bank and RBL Bank, reflecting the impact of the crisis that the banking system is bracing for. SUM RVK

ICICI Bank tumbles over 5 pc after Q4 earnings  

<ul><li><keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>, <keyword id="6986952" type="UNKNOWN" weightage="20" keywordseo="IDFC-First-Bank">IDFC First Bank</keyword>, and <keyword id="97186" type="CITY" weightage="20" keywordseo="JK-Bank">J&amp;K Bank</keyword> stocks are soaring in trade today, led by the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) committee’s recommendation to increase the cap on promoters’ stake from 15% to 26%.</li><li>The proposed change comes at a time when banks need the infusion of funds to deal with the outcome of the COVID-19 pandemic on borrowers.</li><li>Billionaire Uday Kotak, promoter of <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>, may now also be able to cement his position in courts where he was arguing to retain 26% of his shareholding.</li></ul>IndusInd Bank’s shares are up over 4% after the Reserve Bank of India’s (RBI) Internal Working Group (IWG) recommended that the cap on promoters’ stake, in the long run, should be raised from the current level of 15% to 26%. <div type="image" title="indusind bank share price" msid="79363913" hostid="261" caption="&amp;lt;p&amp;gt;IndusInd Bank share price over the last one month&amp;lt;/p&amp;gt;"></div> This brings grand tidings for the bank as its promoter, the Hinduja Group, has indicated its interest to increase shareholding. “We further estimate that, at the current market price, promoters could infuse up to ₹10,000 crore to increase their stake to 26% at the bank versus 14.85% currently,” said Motilal Oswal Financial Services in its report. Other banks are also gaining ground, with Jammu &amp; Kashmir Bank leading the pack, up by 13.3%, and IDFC First Bank also soaring by 6.4%. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jammu &amp; Kashmir Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.30 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IDFC First Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.14% </td></tr></tbody></table>Source: Nifty/BSE, share prices as of 11:20am Kotak Mahindra Bank’s share price continues to trade flat While Kotak Mahindra Bank’s shares continue to trade flat, the increase in the cap on promoter stake is favourable for its promoter Uday Kotak as well. If accepted, this recommendation may cement the case he’s making to be allowed to retain a 26% stake in Kotak Mahindra Bank. <div type="image" title="kotak mahindra bank share price" msid="79363928" hostid="261" caption="&amp;lt;p&amp;gt;Kotak Mahindra Bank share price over the past one month&amp;lt;/p&amp;gt;"></div> “We view this as a positive development across the banking sector, especially for the promoter-driven banks. This would help promoters have more ‘skin in the game’,” noted Nirmal Bang Securities. According to analysts, increasing the cap on promoters’ sharing holding in banks also levels the playing field for other stakeholders that may have already reduced their shareholder as per RBI’s existing guidelines. The recommendation is also coming at a crucial time when banks need more capital to deal with the outcome of the COVID-19 pandemic after the stay on moratorium is lifted by the Supreme Court. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/how-to-earn-money-at-home-from-googles-task-mate/articleshow/79362215.cms">Google is testing ‘Task Mate’ in India, which lets users earn money for doing tasks on their smartphones</a> <a href="https://www.businessinsider.in/tech/apps/news/hdfc-banks-net-banking-upi-services-and-atms-down-due-to-data-centre-outage/articleshow/79344484.cms">HDFC Bank’s net banking, UPI service and ATMs were down due to a 'data centre outage' but RBI demands more detailed information</a> <a href="https://www.businessinsider.in/science/environment/news/mount-everest-home-to-microplastics-and-melting-glaciers/articleshow/79324609.cms">Microplastics found at the highest point on Earth as the glaciers around Mount Everest’s death zone melt</a>

IndusInd Bank surges over 4% after RBI committee proposes to increase the cap on promoter stake in private sector banks

Mumbai, May 11 () Benchmarks Sensex and Nifty erased early gains to settle in the red on Monday, dragged by an intense selloff in financial counters amid concerns that lenders beefing up provisioning against COVID-19 may escalate slippages. The BSE gauge Sensex tumbled over 800 points from the day's high to end at 31,561.22, down 81.48 points or 0.26 per cent. Likewise, the NSE barometer Nifty fell over 220 points from its day's peak to close at 9,239.20, dropping 12.30 points or 0.13 per cent. Analysts said that overall domestic market sentiment also remained subdued due to spiking coronavirus cases in the country and tepid cues from global markets. On the Sensex chart, ICICI Bank was the top laggard, cracking over 5 per cent, followed by Kotak Bank, HUL, HDFC, IndusInd Bank, HDFC Bank and Nestle India. On the other hand, Hero MotoCorp, Bajaj Auto, Maruti, TCS and HCL Tech were among the gainers. Sectorally, BSE bankex, finance, power, FMCG and healthcare indices ended up to 2.31 per cent lower. While auto index rallied 4.23 per cent. Telecom, teck, metal and IT indices too ended with gains. In the broader market, BSE midcap jumped 0.65 per cent, while smallcap index closed in the red. Joining peers, ICICI Bank made COVID-19 related provisions of Rs 2,725 crore to further strengthen the balance sheet - a concern on fiscal slippage front. The private sector lender reported a 6.91 per cent growth in March quarter net profit at Rs 1,251 crore on a consolidated basis, after setting aside provisions for potential impact of the COVID-19 pandemic over and above RBI's requirements. Almost all the private sector lenders who have reported their earnings for the March quarter have set aside additional money as provisions, including HDFC Bank, Axis Bank, Indusind Bank and also RBL Bank, reflecting the impact of the crisis that the banking system is bracing for. "Indian markets opened on a positive note following global cues as trade-war fears receded and more countries announced plans to ease their lockdown restrictions amid hopes of global economies reopening as social distancing measures are eased," Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi, said. However, the market couldn't hold the strength during the day as selling pressure was witnessed in heavy index, erasing majority of gains in afternoon session as COVID-19 related one-time provisioning was seen undercutting the earnings on the financial companies, he added. The traders also took note of Prime Minister Narendra Modi's meeting with chief ministers of all states today which is expected to discuss the plan for exit from the ongoing nationwide lockdown to prevent the spread of coronavirus. Globally, bourses in Hong Kong and Tokyo ended on a positive note, while this in Shanghai and Seoul closed with losses. Stock exchanges in Europe were trading significantly lower in early deals. International oil benchmark Brent crude futures were trading 2.39 per cent lower at USD 30.23 per barrel. On the currency front, the rupee slipped 19 paise to close at 75.73 against the US dollar. In India, the death toll due to COVID-19 rose to 2,206 and the number of cases climbed to 67,152, according to the health ministry. Globally, the number of cases linked to the disease has crossed 41 lakh and the death toll has topped 2.82 lakh. ANS MKJ

Indices reverse gains; financials topple on COVID provisioning concerns

Mumbai, Apr 20 () The fourth largest private sector lender Kotak Mahindra Bank has slashed the interest rates on savings deposits for the second time this month.The bank had lowered the savings rates from April 1 and the new lower rates are effective Monday and comes even after reporting a healthy jump in its deposit base in the March quarter earlier this month.The largest lender SBI that controls almost a quarter of the banking system had also slashed the pricing on its savings account deposits earlier this month to just 2.75 per cent flat.In an email to its savings bank account holders on Sunday, Puneet Kapoor, the bank's president for products, alternate channels and customer experience delivery said, "effective April 20, the interest rates on daily balances in savings account stands revised to 4.5 per cent per annum for daily balances above Rs 1 lakh and 3.75 per cent for daily balances up to Rs 1 lakh."This is still a full 100 bps more than the SBI rate, which offers only a flat rate to everyone and 25-50 bps over the industry average, while its higher rate is still much above the both.When contacted, the bank's spokesman told that the move reflects falling interest rates scenario and will help better manage the cost of funds and pass on the benefit to borrowers. Kotak was one of a handful banks-–Yes Bank, Indusind Bank, RBI and DBS--to offer higher pricing on savings deposits that had peaked at 7 per cent for the past many years. These banks were offering higher rates to bring down their cost of funds by increasing the low-cost Casa (current and savings) accounts. While banks like SBI and HDFC Bank have very high Casa base of over 55 per cent, the same is very low for these banks in the mid-30 to early 40s type.A higher Casa helps banks bring down their cost of funds as there is a current account holder gets no interest on the balance in the account, the savings accounts offer 3 - 3.5 per cent on average at best. Earlier this month, Kotak Bank had said it saw an 11.7 per cent spike in customer deposits and a 1.3 per cent jump in advances in the March quarter over the December 2019 quarter.In the March quarter, its current account deposits grew 16.9 per cent sequentially, while the savings bank deposits jumped 14 per cent. This comes amidst its peers including RBL Bank and Indusind Bank, which also offer 4-5 per cent interest on savings deposits have seen a dip in deposits during the quarter as the economy has been on southward ho for many quarters now, which got a deadly shock later last month due to the Covid-19 pandemic. Effective April, Kotak had reduced the rate offered for deposits of over Rs 1 lakh in the savings account to 5 per cent from 6 per cent earlier, while those under Rs 1 lakh will continue to earn 4 per cent, saying the lower pricing was to support the economy and to extend support to government effort in fighting the pandemic. The bank also pointed to the overall falling interest rates. The share of the low cost current and savings accounts deposits in the overall deposit base rose to 56.2 per cent as on March 31, as against 53.7 per cent in December and 52.5 per cent in the year-ago period. The Kotak counter traded 0.7 per cent up at Rs 1,194.50 on the BSE at 1315 hrs against the benchmark Sensex negotiating a choppy trade. BEN AA MR

Kotak Bank lowers interest rates on savings deposits 2nd time in Apr

<ul><li>Benchmark stock indices have broken below the 200-day moving average.</li><li>This is a key level watched by traders and a breach may lead to faster fall in the market.</li><li>Sensex and Nifty have lost over 5.7% since this month as foreign investors pulled out money after the tax on super rich imposed in the latest budget.</li></ul>Indian markets are firmly in a bear grip closing the day at a five-month low. Benchmark indices, Sensex and Nifty, have lost 5.7% since the start of the month and today (July 30), they broke below the average closing price over the last 200 days. This is a key level watched by traders and when it is breached, it indicates a sharper fall ahead. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 "The trajectory of the index shall remain downwards with an initial target of 11,100 and below that, a bigger target in the zone of 10,850–10,740 levels can't be ruled out going forward," Mazhar Mohammad, Chief Strategist – Technical Research &amp; Trading Advisory, Chartviewindia.in <a href="https://www.moneycontrol.com/news/business/markets/technical-view-nifty-breaks-200-dma-to-form-big-bearish-candle-next-downside-target-seen-at-11100-4261341.html" data-type="tilCustomLink" target="_blank">told Moneycontrol</a>. The Sensex ended the day down 289.13 points at 37,397.24, while Nifty was down 103.80 points at 11,085.40. All sectoral indices other than IT ended in the red. <table style="width: 96pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:48pt">Index</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 48pt;">July 30</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">PSU Bank</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-4.90%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Auto</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2%</td> </tr> <tr> <td class="xl68" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Pharma</td> <td class="xl69" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.20%</td> </tr></tbody></table> Over <a href="https://www.moneycontrol.com/news/business/markets/d-street-buzz-over-500-stocks-hit-52-week-low-on-bse-including-rbl-bank-hero-moto-vix-jumps-4266201.html" data-type="tilCustomLink" target="_blank">500 stocks hit their lowest level in a year</a> today, including some marquee names like Coffee Day Enterprises, Vodafone Idea, RBL Bank, Ashok Leyland, Bharat Forge, Godrej Consumer, Tata Steel, Tata Motors, Maruti Suzuki, and TVS Motor among others. 
 
 
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 Mukesh Ambani-owned Reliance Industries, one of the top three stocks in India, has been a drag on the market. The stock has lost over 8% in the last six days wiping out billions in investor wealth. 
 
 
 
 
 
 
 
 
 
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 A bunch of factors have pushed investors in India to pull out money. But none more than the recent budget, which imposed a tax on super rich, which automatically brought in nearly 40% of all foreign portfolio investors in India under a higher tax bracket. This has led to a sharp reaction from the foreign investors who have pulled out $2.5 billion from India in 3 weeks, according to <a href="https://www.indiainfoline.com/article/general-blog/forget-the-monsoons-there-is-fpi-drought-in-july-119073000341_1.html" data-type="tilCustomLink" target="_blank">an India Infoline (IIFL) report</a>. The tax on share buybacks did not go well with foreign investors and neither did the proposal to increase the free float-- shares publicly held for trading-- to 35% from the existing 25%. All of these proposals threatened to eat into the profits that foreign investors could have made. 
 
 
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 A combination of erractic and uncertain monsoon, a fall in consumption, and a slowdown in corporate earnings have further eroded investor confidence. Global factors like the trade war between the US and China, the tensions in the middle east affecting oil prices as well as the fear of the monetary policy moves from the US Fed have also contributed to the fall in India. SEE ALSO: <a href="https://www.businessinsider.in/top-20-mutual-funds-in-india-latest-data/articleshow/70256239.cms" data-type="tilCustomLink" target="_blank">The top 20 mutual funds in India and their performance over the last one year</a> <a href="https://www.businessinsider.in/share-price-of-maruti-tata-motors-and-mahindra-fall-as-government-pushes-for-electric-cars/articleshow/70430370.cms" data-type="tilCustomLink" target="_blank">India's push for electric vehicles is haemorrhaging car makers</a> <a href="https://www.businessinsider.in/hdfc-bank-reliance-industries-tcs-infosys-indusind-bank/articleshow/70329099.cms" data-type="tilCustomLink" target="_blank">Six Indian blue-chip companies have declared earnings so far - most of them lack the 'markets mojo'</a>

Sensex and Nifty have hit a 5-month low and the fall will be sharper hereon

<ul><li><keyword id="151330" type="COMPANY" weightage="20" keywordseo="Bank-Nifty">Bank Nifty</keyword>, the index of India's top banking stocks, is down 7% for the week hours before the trading on Friday concluded.</li><li>IndusInd Bank topped the list of weekly losers with a cut of nearly 20%.</li><li>Fitch estimates that a total of ₹5.5 trillion, about 5.7% of India's total outstanding loans, may witness defaults due to the economic stress dealt by the COVID-19 pandemic. </li><li>The Reserve Bank of India brought the interest rates down for the fifth time in a year to 4% now, the lowest since 2000.</li></ul>Bank Nifty, the index of India's top banking stocks, is down 7% for the week hours before the trading on Friday concluded. IndusInd Bank topped the list of weekly losers with a cut of nearly 20%. Shareholders of Indian banks are dumping their stock fearing a fresh surge in loan defaults as ₹2 in every ₹5 is lent to sectors like <a href="https://www.businessinsider.in/business/news/from-spicejet-to-oyo-to-mahindra-all-want-msme-tag-for-partners/articleshow/75821961.cms" data-type="tilCustomLink" target="_blank">tourism, hotels, and restaurants</a>, which are part of the medium-to-high-risk segments in the post-COVID world. The sell-off in banking stocks escalated on Friday (May 22) despite <a href="https://www.businessinsider.in/personal-finance/news/interest-payments-on-home-loans-car-loans-and-others-extended-by-another-three-months-by-rbi/articleshow/75884387.cms" data-type="tilCustomLink" target="_blank">the fifth cut in benchmark interest rates</a> in a year by the Reserve Bank of India. The <keyword id="43352" type="PERSON" weightage="20" keywordseo="Repo-rate">repo rate</keyword>, the interest that the central bank charges for lending money to banks, is now at 4%, the lowest since 2000. <div type="image" title="interest rates" msid="75884429" hostid="261" caption="&amp;lt;p&amp;gt;The benchmark interest rates in India have never been as low as 4% since the turn of the century.&amp;lt;/p&amp;gt;"></div> Not just that, the government also announced <a href="https://www.businessinsider.in/finance/news/india-puts-a-pause-on-new-bankruptcy-cases-for-a-year-and-other-changes-that-will-cap-the-rise-in-bad-loans/articleshow/75785508.cms" data-type="tilCustomLink" target="_blank">a pause on classifying loan defaults as bad loans</a>, and initiating new insolvency cases, for the next one year due to the debilitating impact of COVID-19 pandemic on the economy. However, none of these measures were good enough for the markets. <div type="Article" hostid="261" msid="75883216" title="DMart's quarterly sales may fall 25% but the shares are already up 35% ⁠— the retailer is now bigger than Maruti, Nestle and HCL Tech" mstype="2" mssubtype="0"></div> These are the top losers on the Bank Nifty this week: <table style="width: 188pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:95pt">Stock </td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 93pt;">This week</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">IndusInd Bank</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-19.19%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Federal Bank</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-14.63%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Axis Bank</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-13.28%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">RBL Bank</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-11.29%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Bank of Baroda</td><td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-9.98%</td></tr></tbody></table> The stocks look cheap as the Bank Nifty has already lost over 46% this year so far, but as ICICI Securities put it in a report dated May 13, "valuations are tempting but the risks outweigh rewards." Indian banks had barely cleaned up the massive pile of unpaid loans from the country’s corporates. The total non-performing assets (NPA) in India was estimated at over ₹9 lakh crore at the end of September 2019. The coronavirus pandemic is spiralling into an economic crisis that may bring a fresh wave of defauts ⁠— this time from the small borrowers. Fitch estimates that <a href="https://www.indiainfoline.com/article/news-top-story/banking-sector-beginning-new-npa-cycle-in-aftermath-of-covid-19-ind-ra-120052200246_1.html" data-type="tilCustomLink" target="_blank">a total of ₹5.5 trillion, about 5.7% of India's total outstanding loans,</a> may witness defaults due to the economic stress dealt by the COVID-19 pandemic. The report also added that every government-owned bank in India will need an additional capital of ₹30,000 crore to ₹55,000 crore. In an exclusive chat with <a href="https://twitter.com/BiIndia/status/1248562052337033216">Business Insider on April 10</a>, Vijay Shekhar Sharma, the billionaire founder of Alibaba-backed Paytm, said this will be the ‘biggest nightmare’ for India in 2020. With the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> extending the <keyword id="117489" type="PERSON" weightage="20" keywordseo="moratorium">moratorium</keyword> on loan repayments till August 31, it is likely that more borrowers may take the option. <div type="image" title="moratorium" msid="75885416" hostid="261" caption="&amp;lt;p&amp;gt;If more borrowers opt to defer loan repayments, it will hurt banks&amp;#39; earnings in the short term. They may earn interest on the prolonging of the loan tenure.&amp;lt;/p&amp;gt;"></div> Moreover, the chiefs of major lenders like Axis Bank and <a href="https://www.businessinsider.in/business/news/kotak-mahindra-bank-q4-profit-down-4-pc-to-rs-1952-cr/articleshow/75712873.cms" data-type="tilCustomLink" target="_blank">Kotak Mahindra Bank</a> have already said that they will be more cautious while making loans hereon, and that will have an impact on future earnings of the banks too. Even the corporate lobby says that the interest rate cuts are good, but not good enough. "...a new phenomenon is visible," ASSOCHAM Secretary General Mr Deepak Sood said. "Along with the risk aversion by the banks to lend, even the borrowers are apprehensive about increasing debts on their balance sheets in the face of a grave economic situation... Under such circumstances, restructuring of debts on a wider scale and a willingness to share the grave consequences of the global pandemic are essential." All in all, the business environment for banks seems to fraught with risks and investors don't have the appetite for it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/interest-payments-on-home-loans-car-loans-and-others-extended-by-another-three-months-by-rbi/articleshow/75884387.cms?upache=2">No EMI payments for six months as RBI extends moratorium on loans repayments till August 31</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-net-loss-and-drop-in-deposits-post-q4-earnings/articleshow/75590798.cms" data-type="tilCustomLink" target="_blank">Yes Bank fears more deposits may disappear when COVID-19 moratorium ends and people start repaying loans</a> <a href="https://www.businessinsider.in/business/corporates/news/axis-bank-q4-earnings-show-bad-loans-ease-but-ceo-amitabh-chaudhry-maintains-caution/articleshow/75429938.cms" data-type="tilCustomLink" target="_blank">Axis Bank CEO says lending will be 'cautious' despite easing stress from bad loans in the latest fourth quarter</a>

You Searched For "rbl bank earnings" and got 10 results

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