Bank on the Banks

The banking sector has got a big boost today with the cabinet lifting caps on voting rights in Banks. The cabinet has also given RBI powers to prescribe the cash reserve ratio and the statutory liquidity ratio.
Currently there is a 10% limit regardless of equity held. If parliament approves the cabinet decision, voting rights in banks will be aligned to shareholding

This has led a spurt in the prices of the Banking Stocks with many banks hitting the upper circuit.

Both Private and public sector banks gained . but private banks took the lead.

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