Bank shares were mixed at 11:35 IST on BSE after the Reserve Bank of India kept key rates unchanged in its monetary policy review today, 2 February 2016.
Among state-run banks, Union Bank of India (up 1.75%), IDBI Bank (up 1.11%), Andhra Bank (up 0.78%), United Bank of India (up 0.52%), Canara Bank (up 0.40%), Bank of Maharashtra (up 0.34%), Vijaya Bank (up 0.33%), Allahabad Bank (up 0.29%), Bank of Baroda (up 0.20%) and Punjab National Bank (up 0.06%), edged higher. Corporation Bank (down 0.13%), UCO Bank (down 0.14%), Indian Bank (down 0.22%), Central Bank of India (down 0.24%), Punjab and Sind Bank (down 0.29%), Bank of India (down 0.31%), Syndicate Bank (down 0.47%), Dena Bank (down 0.56%) and State Bank of India (down 1.45%), edged lower.
Among private sector banks, ICICI Bank (down 1.08%), Yes Bank (down 0.86%), Axis Bank (down 0.76%), Kotak Mahindra Bank (down 0.62%), IndusInd Bank (down 0.46%), City Union Bank (down 0.36%) and HDFC Bank (down 0.12%), edged lower. Federal Bank was up 0.75%.
The BSE Bankex was down 0.27% at 17,309.88. It underperformed the Sensex, which was down 0.16% at 24,785.66.
The Reserve Bank of India (RBI) in its sixth bi-monthly monetary policy review today, 2 February 2016, kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.75%. Consequently, the reverse repo rate under the LAF will remain unchanged at 5.75%, and the marginal standing facility (MSF) rate and the bank rate at 7.75%.
RBI kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liability (NDTL). RBI said it will continue to provide liquidity under overnight repos at 0.25% of bank-wise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer term repos of up to 0.75% of NDTL of the banking system through auctions and continue with daily variable rate repos and reverse repos to smooth liquidity.
The first bi-monthly monetary policy statement for 2016-17 will be announced on Tuesday, 5 April 2016.
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