Shares of public-sector unit banks declined on Monday after the Reserve economic organization of India issued new guidelines to money management projects, which required much higher provisions than standard requirement. Brokerages deemed this to be negative for lenders.
RBI’s draft direction for prudential framework to money management projects in infrastructure, non-infrastructure and commercial real estate demand higher provisioning for money management exposure, which will be negative especially for PSU banks, and other lenders in the space, Citi Research said in a note on Monday.
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