Pnb Net Banking

Pnb Net Banking

Pnb Net Banking : The government raised the amount allocated for the capital increase from the first level state-owned banks for the Rs16, 500 billion rupees. It has already earned Rs1, so far 900 billion rupees in FY10 and will be pumping an additional amount of Rs1, 200 billion rupees until the end of March
Union budget 2010-11 has delivered a wealth of positive news for the banking sector in the form of loans in the market is less than bythe government in FY11, a gradual reduction in the fiscal deficit, the more capital in the state-owned banks, new banking licenses, and to extend the deadline for repayment of agricultural loans in under the scheme of debt relief.

Given the positive impact of the operational budget and standards, we maintain our preference for Bank of Baroda (BOB), Punjab National Bank (GDP), and Bank of Commerce Oriental (OBC), Axis Bank Ltd. and ICICI Bank Limited.

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Budget in 2010 paints a clear road map to narrow the financial gap in the country, with a goal for FY11 of 5.5%, 4.8% for FY12 and 4.1% for FY13. Decline in net borrowing from the market Rs3.45 trillion bythe government for FY11 versus expectations of Rs3.7 – 3.8 ??????? will ease the pressure on long-term yields – positive for interest rate sensitive sectors.

Various measures on the budget and believes that inflation, including the increase in crude oil prices and an increase in indirect taxes and go on consumption. Thus, we expect monetary policy tightening by the Reserve Bank of India, sooner rather than later. With the decline in government borrowing and a stronger grip on the fiscal deficit, and we see the potential of the flattening yield curve and the prices of short-term securities would increase at a faster rate compared with a long history of securities.

The government raised the amount allocated for the capital increase from the first level state-owned banks for the Rs16, 500 billion rupees. It has already earned Rs1, so far 900 billion rupees in FY10 and will be pumping an additional amount of Rs1, 200 billion rupeesuntil the end of March. Direct beneficiaries of the increased allocations to the West DNA, Vijaya Bank, in the state of Maharashtra and IDBI Bank Ltd.

Agriculture loans to farmers waived great scheme was extended for six months until 30 June. In our view, this will only provide temporary relief, and the delay (but not eliminate) the need for loan classification and the problem of non-performing assets by another six months. In the short term, the extension will have a positive effect on gross national product, and Bob and the other backward classes.

The Government pointed out that the Reserve Bank will issue new banking licenses to private sector companies and non-bank financial institutions.

Overall, we rate the budget as a positive for the banking sector. While a significant impact on market losses (on account of rising inflationary pressures and hence an increase in short-termsecurities) is already built into stock prices, and a decline in government borrowing, is the long-term positive. With the uncertainty over the budget and behind us, and we believe the quality of assets is now a key factor to watch. Overall, we maintain our preference for Bob, and the national police and other backward classes, and Axis Bank, ICICI Bank.

Through charts Yogesh Kumar / Mint