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Updated: 15/06/2009 | 12:00 AM IST
Bank stocks advance on buzz govt may cut rates on small saving schemes
Capital Market
Monday, June 15, 2009 (New Delhi)
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The BSE's banking sector index Bankex was up 0.94% at 8,114.07. It outperformed the BSE Sensex, which was down 0.69% at 15,132.27

State Bank of India (up 1.34%), HDFC Bank (up 1.39%), ICICI Bank (up 0.55%), Bank of India (up 0.19%), Kotak Mahindra Bank (up 0.31%), Punjab National Bank (up 1.69%), Axis Bank (up 3.15%), and Federal Bank (up 1.59%), rose

The BSE Bankex outperformed the market over the past one month till 12 June 2009, gaining 28.60% as compared to the Sensex's return of 25.33%. It had also outperformed the market in the past one quarter, advancing 114.12% as compared to the Sensex's return of 82.63%.

As per reports, the government may cut interest rates on on small savings schemes which currently yield 8% by 50 to 75 basis ponits. A rate cut in the small savings scheme rate will allow banks to bring down their lending rates.

Interest rates in India are falling thanks to ample liquidity in the banking system, low headline inflation and a loose monetary policy stance of the Reserve Bank of India (RBI).

Finance minister Pranab Mukherjee on 10 June 2009 said banks should provide credit at reasonable rates to spur growth, saying cuts in official rates by the Reserve Bank of India had not been passed on.

India's largest bank by net profit and branch network State Bank of India announced as an across-the-board 25 basis point cut in deposit rates on Saturday, 13 June 2009. The rate cut is effective from today, 15 June 2009.

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