Nifty Bank index tumbles 1%; IndusInd Bank, ICICI Bank, Bandhan Bank stocks drag

RBI has given the option to banks who have availed funds under TLTRO and TLTRO 2.0 can reverse these transactions before maturity.

Oct 22, 2020 01:10 IST India Infoline News Service

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Banking stocks were broadly on a negative note during Thursday's trading session. At around 1.48 PM, Nifty Bank was performing at 24,398.10 down 236.95 points or 0.96%. The index has touched the day's low of 24,398.10.

On the index,  IndusInd Bank led the underperformers list, by trading at Rs610.25 per piece down 2.84%, followed by ICICI Bank at Rs411.45 per piece below 2.11% and Bandhan Bank at Rs309.55 per piece lower by 2.06%.

Stocks like HDFC Bank, Federal Bank and SBI also plunged by 1% each. While Kotak Bank was gradually down. On the other hand, RBL Bank traded on a flat note.

However, IDFC First Bank, Axis Bank, Bank of Baroda and PNB were top gainers, surging by 0.3-1.5%.

On Wednesday, the Reserve Bank of India (RBI) gave the option to banks who have availed funds under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) can reverse these transactions before maturity.

RBI stated that banks desirous of exercising the above option are advised to submit their requests via email to the Financial Markets Operations Department in the format on or before October 27, 2020.

However, RBI also said, no request for extension of the time window for submission of repayment requests will be entertained.

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