MUMBAI : Banking stocks were trading mixed after the Reserve Bank of India ( RBI ) kept the policy repo rate unchanged at 4% while maintaining its accommodative stance after the conclusion of the Monetary Policy Committee (MPC) meeting on Friday. Among private sector banks, stocks of Yes Bank and IndusInd Bank advanced 1.11% and 0.57% respectively, while those of Bandhan Bank, IDFC First Bank, and HDFC Bank fell 1.83%, 1.32%, and 0.95%, in that order. The other stocks that declined were Federal Bank (by 0.91%), RBL Bank (by 0.87%), ICICI Bank (by 0.83%), Axis Bank (by 0.74%), and Kotak Mahindra Bank (by 0.25%). Among public sector banks, stocks of Bank of Maharashtra, Indian Overseas Bank, Central Bank of India, Bank of India , edged higher at 10.89%, 9.43%, and 3.12%, respectively, while stocks of Punjab National Bank, Canara Bank, and State Bank of India were down 1.14%, 0.83% and 0.82%, respectively. Repo rate (lending rate) will continue at 4% and reverse repo rate (RBI's borrowing rate) at 3.35%.

Source: Mint June 04, 2021 06:56 UTC