Asia Index Pvt Ltd, a joint venture between S&P Dow Jones Indices and BSE Ltd, Tuesday announced the launch of an index designed to measure the performance of private banks.
The S&P BSE Private Banks Index is drawn from the constituents of the S&P BSE Finance Index, the Asia's oldest exchange said in a statement.
Only common stocks classified as Banks by the BSE Sector Classification model and that are not classified under the BSE scrip category as a Public Sector Undertaking (PSU) are eligible, it added.
"The S&P BSE Private Banks Index is designed to provide market participants with a transparent and rules-based benchmark that measures the performance of private banks listed in India," said Alka Banerjee, chief executive officer, Asia Index Pvt Ltd.
The index is calculated in Indian Rupees and US Dollar and is calculated real-time by BSE, said the exchange.