The Indian stock market is expected to open in the green following positive global cues. Trends on SGX Nifty indicate a positive opening for the index in India with a 57 points gain.
The S&P BSE Sensex declined 86.95 points to close at 49,771.29 on March 22 while the Nifty50 fell 7.60 points to 14,736.40. According to pivot charts, the key support levels for the Nifty are placed at 14,634.83, followed by 14,533.27. If the index moves up, the key resistance levels to watch out for are 14,800.93 and 14,865.47.
The Reserve Bank of Indi (RBI) on Monday announced the creation of a Standing External Advisory Committee for evaluating applications for Universal Banks and Small Finance Banks.
This is part of the central bank’s earlier announced plan to give banking permits on a continuous basis to candidates, a process that is is commonly known as ‘on-tap’ licensing. The RBI has appointed former RBI deputy governor, Shyamala Gopinath as the Chairperson of the panel.
The RBI guidelines for ‘on-tap’ licensing of universal banks in the private sector dated August 1, 2016 and Guidelines for ‘on tap’ Licensing of small finance banks in the private sector dated December 5, 2019, had indicated that the applications will be initially screened by the RBI to ensure prima facie eligibility of the applicants.