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The National Stock Exchange (NSE) has expanded its futures and options (F&O) segment by adding 45 new stocks, effective November 29, 2024, increasing the total to 223. This inclusion, following SEBI’s revised criteria, aims to enhance liquidity and market participation, featuring notable stocks like LIC, Jio Financial Services, and Zomato. Analysts anticipate that this move will boost trading volumes and improve price discovery for these stocks.
Bank stocks experienced a sharp decline on November 21, driven by a broad market sell-off and bribery allegations against Gautam Adani and his executives. Most banking stocks fell, with major public sector banks like State Bank of India and Bank of Baroda losing 4-8%, while private sector banks showed relatively better performance.Following the Hindenburg report in January 2023, several banks disclosed their exposure to the Adani Group, with Life Insurance Corporation reporting Rs 35,920 crore and State Bank of India revealing approximately Rs 27,000 crore in total exposure.
The Financial Intelligence Unit (FIU) has fined Union Bank of India Rs 54 lakh for failing to report suspicious transactions and not conducting due diligence under the Prevention of Money Laundering Act (PMLA). The penalty, issued on October 1, followed an investigation that revealed irregularities in KYC/AML compliance at the bank's Hill Road branch in Mumbai, particularly involving accounts linked to a non-banking financial company engaged in significant circular fund transfers.
Union Bank of India reported an 11 basis points decline in net interest margin (NIM) for Q2 due to new RBI guidelines classifying penal interest as penal charges, impacting NIM to 2.9%. The bank's net profit rose 34.43% year-on-year to Rs 4,720 crore, with a focus on maintaining profitability despite competitive lending rates.

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