Shriram Finance could witness an inflow of up to $250 million from the passive funds if included in India s biggest index. Domestic and global passive funds, such as exchange-traded funds (ETFs), structure their portfolios based on these indices.
While the finer details on Mukesh Ambani s gameplan in the financial services sector is yet to be made public, Jio Financial has plans to foray into consumer, merchant and MSME lending. Market reports suggest that the company has already started consumer lending pilots in consumer durable and lifestyle stores owned by Reliance Retail.
Budget: Banking and financial stocks clock best gains in 10 months
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Last Updated: Feb 01, 2021, 05:33 PM IST
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Finance Minister Nirmala Sitharaman announced setting up an asset reconstruction company (ARC) and an asset management company (AMC) – potentially on the lines of bad banks in the West - to house toxic assets now denting bank books.
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Given the budget’s accent on boosting infrastructure, the bets are on lenders that will play key roles in bankrolling them. HDFC Bank and ICICI Bank are top picks for D-Street.
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MUMBAI: Banking and financial stocks surged Monday, their steepest climb in more than 10 months, after India proposed a bad bank to house loans gone sour. The proposed privatization of IDBI Bank and two others, yet unnamed, underscored the Centre’s intent to enhance efficiency in the financing industry that is crucial to undergird growth – and individual incomes.