Ujjivan Small Fin, IDFC First: Financials rally on RBI's ownership proposal

Equitas Holdings and IDFC were locked in the 20 per cent upper circuit at Rs 63.40 and Rs 40.10, respectively on the BSE

Shares of financials including, banks, non-banking finance companies (NBFCs) and microfinance institutions (MFIs) were in focus amid up to 20 per cent rally on the BSE in the early morning trade on Monday as the Reserve Bank of India's (RBI's) internal working group, which reviewed ownership guidelines, proposed sweeping changes in the corporate structure of Indian private sector banks.

Key recommendations that have been suggested include raising of cap on promoters stake to 26 per cent from 15 per cent currently, considering NBFCs with asset size of over Rs 50,000 crore and large industrial houses to apply for banking license,