As saving accounts with large banks are getting less attractive due to cuts in interest rates, it is logical to look for a better alternative
Customers with savings bank account balance of Rs 5 million ($77,924.10) and above will continue to earn interest at 4 percent per annum, the lender said in a statement.
Amit Gupta of ICICIdirect is of the view that one may pick State Bank of India, Federal Bank, Asian Paints and Petronet LNG.
Ashwani Gujral of ashwanigujral.com suggests buying Yes Bank, L&T Finance Holdings and ICICI Prudential Life Insurance.
Bank of Baroda's total stressed assets increased from 10.8 percent to 11.7 percent sequentially. Net interest income was up 1 percent YoY and profit tanked 52 percent to Rs 203.4 crore in Q1.
Deposits growth was strong at 13.28 percent at 26.02 lakh crore, with CASA deposits showing a healthy 23.62 percent increase YoY.
Chandan Taparia of Motilal Oswal Securities suggests buying Infosys while Bank of Baroda looks weak and advises buying 145 Put in the stock.
Customers can also negotiate with their respective banks to ask for a waiver of the charges as banks would fear losing their clients
Analysts feel lower trend of slippages (Rs 10,368 crore in Q4FY17) will be seen positive. If net interest margin comes above 2.8 percent then that will also be positive.
"It is worrisome that the level of NPAs in the MSME sector has touched 16 per cent. We are trying to solve the problem", CGM of SBI (Bengal circle) Partho Pratim Sengupta said.
Chandan Taparia of Motilal Oswal Securities recommends buying State Bank of India, Petronet LNG and Hindalco Industries.
One million bank employees and officers in all the Banks will observe a strike on August 22, 2017.
Ashwani Gujral of ashwanigujral.com recommends buying State Bank of India, PC Jeweller and Simplex Infra.
Days after the top lender State Bank of India slashed its savings account interest rate by 0.5 percent due to excess liquidity, Kotak Mahindra Bank (KMB) said it will continue with its elevated offerings.
"The committee of directors for capital raising accorded its approval today to allot 20,000 AT1 Basel-III compliant non-convertible, perpetual, subordinated bonds in the nature of debentures... aggregating Rs 2,000 crore to various investors," State Bank of India (SBI) said in a regulatory filing today.
RBI has been consistently reprimanding banks for not doing enough to pass on the full benefit of its rate actions to the borrowers .
Largecaps playing catch-up after years of underperformance as the economy looks on strong footing.
Smartphone leader Samsung extended its payment solution Samsung Pay to State Bank of India debit cards, which will allow customers to make payments in a secure manner.
Mitessh Thakkar of mitesshthakkar.com is of the view that one may buy ONGC and JSW Steel and sell Granules India, Sun TV and Wockhardt.
Sudarshan Sukhani of s2analytics.com is of the view that one may buy Vedanta, Reliance Industries, Motherson Sumi and Ceat and sell SRF.
Prakash Gaba of prakashgaba.com is of the view that the trend is still up and the next logical technical target in the days to come is 10128-10260 as long as 9920 holds. The crucial support for the Nifty is at 9940-9920 and the resistance is at 10128-10260-10536. Bank Nifty has support at 24850 and resistance at 25550.
Nifty Bank hit a fresh record high of 25,042.85, up nearly 1 percent while PSU Bank index surged 4 percent in afternoon trade Monday.
SBI said balance above Rs 1 crore will continue to earn interest at 4 percent per annum, while interest at 3.5 percent per annum will be offered on balances of Rs 1 crore and below.
Replying to an RTI application filed by a PTI correspondent, the central bank said the Government of India had sought its comments on the launch of Sharia-compliant mutual funds by State Bank of India in December 2014.
Sudarshan Sukhani of s2analytics.com recommends buying Aurobindo Pharma, State Bank of India and Arvind.