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Budget 2013 - Banking

Tuesday 19 March 2013

Strong fundamentals, more capital infusion, stringent compliance norms - Budget 2013 says hello to BASEL II.

The Budget this year is more financially inclusive with propriety being to insurance and lending. Using the wide networks public and private banks possess, the Budget has made room for both these banks to use their networks to help the spread of insurance and also lending to farmers, helping them achieve loan targets. A 1000 crore capital infusion has also been announced for India’s first PSU Bank for Women – run by women and for women. Homeowners can only rejoice on the proposed increase in the tax deductions allowed on housing loans.

More capital is also been earmarked for the recapitalization of PSU Banks to strengthen their equity and future lending capabilities, thereby ensuring that PSU banks are also ready for BASEL II compliance by the end of the year. ETF funds stand to benefit from the reduction in the Securities Transaction Tax and also the nod for Pension Funds to utilize and invest in ETFs to boost earnings.

So who wins this year?

We see this as a win- win for both PSU and Private Banks that will benefit from the various changes introduced in the banking system. The outlook for BASEL II compliance with strong fundamentals and capital is being undertaken and this will put both PSU banks and Private Banks on a level playing field. Additional benefits will boost financial inclusion through better lending rates for farmers and home owners, more power to women and more lucrative banking conditions for the end customer.

Want the stalwart of the industry analyze the budget for you? Click here.

Looking to invest in the Banking sector? Click here to open an account with Kotak Securities.

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