All the banking stocks went up on the NSE except for IDFC First Bank. The increase ranged from 0.31% to 2%. However, IDFC First Bank’s value decreased by 0.52% Federal Bank.
Banking company shares went up on Friday, September 8, because the Reserve Bank of India (RBI) gradually stopped using the incremental cash reserve ratio (ICRR). At 2:45 pm, the Nifty Bank was at 45,195.5, and the S&P BSE Bankex was at 50,294.59, both trading higher.
All banking company stocks except for IDFC First Bank on the NSE increased by 0.31 percent to 2 percent. IDFC First Bank decreased by 0.52 per cent.
The RBI imposed a 10 percent ICRR on banks starting from August 12. This was done to soak up the money in the banking system, caused by various factors, such as the reintroduction of Rs 2,000 notes.
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Recent reports indicate that around 93 percent of Rs 2,000 notes have been collected.
Impact of ICRR In August, the imposition of ICRR led to a 15 to 20 basis points (bps) increase in Treasury yields, according to Zee Business research. Liquidity decreased, prompting some banks to raise deposit interest rates.
Now that the RBI has decided to discontinue this measure gradually, banks will have more liquidity available. This could affect loan rates and lead to a slight decrease in yields. On the other hand, if the RBI had continued with the measure, the maximum ICRR would have remained in effect until the next policy review, potentially causing a liquidity shortage and pushing up deposit interest rates.
ICRR and Inflation As per Zee Business research, a reduction or removal of ICRR would signal that inflation is being managed effectively.
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Federal Bank has been in the service of the nation since pre-Independence times. Incorporated on April 23, 1931, as the Travancore FederalBank Limited, Nedumpuram under the Travancore Companies Regulation, 1916, the Bank was renamed as The Federal Bank Limited in December 1949, under the stewardship of Late K.P.