NIFTY FIFTY : -Last week Equity benchmark Nifty traded volatile As the Index Nifty heavy weight stocks Announced it’s Quarter 4 Results, The Index opened at 9135 in positive note on Monday trading session and made a high of 9225 and closed 9217 after making the low of

2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : -Last week Equity benchmark Nifty traded volatile As the Index Nifty heavy
weight stocks Announced it’s Quarter 4 Results, The Index opened at 9135 in positive note on
Monday trading session and made a high of 9225 and closed 9217 after making the low of
9130 levels. The benchmark Index Nifty 50 closed in positive territory after 5 days of
continuous negative close. Nifty 50 traded on a positive note on Tuesday trading session and
made a all time high of 9309 on the back of Upbeat Global Cues After Favourable Election
Outcome In France & Hopes For A Renewed Tax Cut Plan By Trump. On the day of expiry i.
e. 27th April, benchmark Index Nifty 50 opened at 9359 and traded in a narrow rage of 44
point throughout the day. The Index made a high of 9367 and closed at 9342 after making a
low of 9323. As of now Market is also keeping great hopes on earnings recovery, an Effective
Non - Performing Assets resolution policy, a Smooth Implementation of Goods and Services
Tax and a near normal monsoon this year despite an impending threat of El-Nino (50%).
Q4FY17 report cards are so far termed as mixed, but not great in comparison to the stretched
valuation multiple. Time and Price Action Suggest that the Nifty has to Sustain over 9255 area
for Further rally towards 9378-9425, On the Flip side Sustaining below 9250 will drag the
Index toward 9280-9140 in near term.
BANK NIFTY : - Bank Nifty last week made new record high of 21947 and closed at 21551
and low of 21386. Index opened in a positive note on Monday trading session up by 40 points
at 21591 levels. The Banking Shares index Bank Nifty made new record high of 22380 in last
week trading sessions and the Index made a low of 21567. The Index made new record high
and traded in bullish trend. With TTM PE of Bank Nifty around 30.65. Bank Nifty is really in
the bubble zone on the hopes of Public Sector Bank’s earning recovery & resolution of the
NPA mess, Bank Nifty traded on a positive trend throughout the week boosted by optimism
about an effective Non-Performing Asset policy, when FM hinted that Govt is in the process
to pass a “prevention under corruption act-PCA” legislation in the forthcoming monsoon
session of Parliament, aiming to safeguard the banking industry for any loan, which may have
gone wrong & turned into a NPA for a pure failure of commercial decision. Nifty Bank took
support of its 2 week low of around 21370. Bank Nifty made an all time high of 22381 and
closed at 22326. Time and Price action Suggest that Index has to Sustain over 22300 area for
further rally toward 22431-22504. On the Flip side Sustaining below 22300 area, bank Nifty
may fall toward 22235-22112 in near term. .
Monday, 1 May 2017

3. TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES )
NIFTY
DAILY R2 R1 PP S1 S2
9483 9367 9309 9251 9135
WEEKLY R2 R1 PP S1 S2
9972 9502 9267 9032 8562
MONTHLY R2 R1 PP S1 S2
10121 9539 9248 8957 8375
BANK NIFTY
DAILY R2 R1 PP S1 S2
22896 22504 22308 22112 21720
WEEKLY R2 R1 PP S1 S2
24493 22903 22108 21313 19723
MONTHLY R2 R1 PP S1 S2
25016 23034 22043 21052 19070
MOVING AVERAGE 21 DAYS 50 DAYS 100 DAYS 200 DAYS
NIFTY 9207 9068 8706 8636
BANK NIFTY 21735 21214 20034 19662
PARABOLIC SAR DAILY WEEKLY MONTHLY
NIFTY 8803 8192 7245
BANK NIFTY 20391 17953 14747

4. PATTERN FORMATION ( NIFTY )
Detail of Chart - On the Above given daily Chart of Nifty has Applied Bollinger Band and
Parabolic SAR both are the leading indicators. Nifty has formed black cloud candlestick pattern
with trading above its middle Band. Both these candlestick patterns suggest. Some Correction
may seen in upcoming trading week hence we can see some profit booking in Nifty. Nifty need
to breach 9300 level for downward movement toward 9260-9214 in near term, if Sustain above
9320 may see further positive rally in the Index. Closing above 9360 would force Nifty to see
further Upwards rally toward 9400-9420 in near term.

5. PATTERN FORMATION ( BANK NIFTY )
Detail of Chart -On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band
as well as Parabolic SAR.Bank Nifty has formed Hanging Man candlestick pattern with
Stochastics in overbought region. Both these candlestick patterns Suggest profit booking and
hence we can see some profit booking in the market. Market needs to breach its highs of 22370
for Bank Nifty to see further positive rally and until then we can expect profit booking in the
market at this point of time. Closing below 22300 would force Bank Nifty to see further
downwards rally.

6. NSE EQUITY DAILY LEVELS
COMPANY NAME R2 R1 PP S1 S2
ACC EQ 1651 1638 1622 1609 1593
ADANI PORTS EQ 331 328 325 322 319
AMBUJACEM EQ 253 249 246 242 239
ASIAN PAINT EQ 1148 1140 1119 1109 1098
AXISBANK EQ 526 522 519 518 516
BAJAJ-AUTO EQ 2921 2902 2884 2865 2847
BANKBARODA EQ 191 188 185 182 179
BPCL EQ 747 733 724 710 701
BHEL EQ 178 177 175 174 172
BHARTIARTL EQ 361 357 354 350 347
BOSCH LTD EQ 23468 23202 22813 22547 22158
BHARTI INFRATEL EQ 372 365 361 354 350
CIPLA EQ 565 561 558 554 551
COALINDIA EQ 280 279 276 275 272
CAIRN INDIA LTD EQ 2639 2626 2611 2598 2583
DRREDDY EQ 429 426 420 417 411
GAIL EQ 1202 1179 1166 1143 1130
GRASIM EQ 832 822 811 801 790
HCLTECH EQ 1577 1556 1544 1523 1511
HDFC EQ 1568 1555 1546 1533 1524
HDFCBANK EQ 3358 3339 3314 3295 3270
HEROMOTOCO EQ 212 207 199 194 186
HINDALCO EQ 950 943 937 930 924
HINDUNILVR EQ 282 279 276 273 270
ICICIBANK EQ 289 284 280 275 271
ITC EQ 1492 14711 1458 1437 1424
INDUSIND BANK EQ 933 926 921 914 909
INFY EQ 87 86 86 85 85
IDEA CELLULAR EQ 925 913 907 895 889
KOTAKBANK EQ 1774 1757 1749 1732 1724
LT EQ 1360 1347 1332 1319 1304
M&M EQ 69584 68874 68290 67580 66996
MRF EQ 6712 6635 6513 6436 6314
MARUTI SUZUKI EQ 191 188 184 181 177
ONGC EQ 166 165 164 163 162
NTPC EQ 36 35 35 34 34
RCOM EQ 707 686 671 650 635
RELCAPITAL EQ 1428 1412 1404 1388 1380
RELIANCE EQ 615 605 593 583 571
RELINFRA EQ 49 49 48 48 47
RPOWER EQ 295 292 287 284 279
SBIN EQ 256 249 240 233 224
SSLT( VEDL) EQ 647 644 640 637 633
SUNPHARMA EQ 286 282 279 275 272
TATA MOTORSDVR EQ 2309 2291 2279 2261 2249
TCS EQ 466 462 458 454 450
TATAMOTORS EQ 86 85 84 83 82
TATAPOWER EQ 464 456 451 443 438
TATASTEEL EQ 180 175 168 163 156
UNIONBANK EQ 1655 1642 1632 1619 1609
YES BANK LIMITED EQ 537 532 525 520 513
ZEEL EQ 331 328 325 322 319

7. TOP 15 ACHIEVERS // TOP 15 LOOSERS
SR.NO SCRIPT NAME PREV CLOSE CMP % CHANGE
1 ADA NI ENTER 145 108 - 25.35 %
2 EROS INTNTNL 252 216 - 14.30 % -
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3 DELTA CORP 170 159 - 6.40 %
4 UJJIVA FINC 402 381 - 5.22 % -
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6 LUPIN LIMITED 1407 1338 - 4.94 % -
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8 TRENT LIMITED 263 251 - 4.70 % -
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9 ALKA LAB 2068 1971 - 4.69 %
10 JUB ILIFE SC 807 771 - 4.45 % -
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11 JUST DIAL 524 502 - 4.17 %
12 INFIBEAM
INCORP
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13 ROLTA INDIA 62.95 60.65 - 3.65 %
14 TECH MAHINDRA 427 416 - 2.50 % -
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15 TCS 2310 2273 - 1.63 %
SR.NO SCRIPT NAME PREV
CLOSE
CMP % CHANGE
1 ACC LIMITED 1495 1627 + 8.84 %
2 BANK OF BARODA 175 187 + 7.16 % +
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3 ULTRATECH CEM 3978 4245 + 6.70 %
4 GAIL INDIA LTD. 399 424 + 6.18 % +
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5 M&M LIMITED 1258 1334 + 6.06 %
6 HINDALCO 188 199 + 5.95 % +
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7 YES BANK LIMITED 1544 1635 + 5.88 %
8 MARUTI SUZUKI 6185 6514 + 5.32 % +
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9 ASIAN PAINTS 1065 1122 + 5.31 %
10 AXIS BANK LIMTED 486 509 + 4.69 % +
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11 TATA MOTORS LTD. 440 459 + 4.18 %
12 L&T 1687 1751 + 3.82 % +
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15 ONGC 180 186 + 3.58 %
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AMBUJA CEMENT

8. OPEN INTEREST INDEX F&O AND CASH SEGMENT ACTIVITY

9. NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
GST will not bring major hike in tax burden: Official - : Prices will not increase due to higher
incidence of tax and, instead, are likely to come down under the Goods and Services Tax regime,
the central Government said on Tuesday. Almost 60 per cent of the income of the Centre and
states comes from items that attract 14 per cent value added tax and 12.5 per cent excise duty.
There will be a likely decrease in the tax on each of these items under GST," Revenue Secretary
Hasmukh Adhia told at a GST conclave here. Adhia said that though most services will be taxed
at 18 per cent under the GST regime, as against the current 15 per cent service tax, a majority of
these will get input tax credit on purchases and the overall tax incidence will remain the same.
About 18 per cent will become equivalent to 15 percent. There will not be much of an increase in
service tax. There could be a marginal increase of tax for some services," he said.
Upside risks to inflation exist, may deter RBI from rate cut: D&B - Upside risks to inflation
persist despite prediction of a good monsoon and might deter the Reserve Bank from going in for
a rate cut in the near future, says a report. According to the report, rise in global commodity
prices, possibility of El Nino, increase in house rent allowance under 7th Pay Commission and the
initial impact on prices due to GST will add to the upside risks to inflation. El Nino refers to
warming of equatorial waters of the Pacific that affects monsoon pattern in India. Moreover, core
inflation -- without food and fuel - has remained sticky for a protracted period despite weak
demand. D&B expects the Consumer Price Index inflation to be in the range of 3.5- 3.7 per cent
and WPI inflation to be 5.4-5.6 per cent during April this year. According to official data, retail
prices jumped to a 5- month high of 3.81 per cent in March while Wholesale Price Index-based
inflation slipped to 5.70 per cent in March.
India a bright spot despite disruptive reforms: Survey - India continues to remain an
economic bright spot despite some bold but disruptive reforms, according to a recent survey. The
FICCI-PwC India Manufacturing Barometer survey stated that about 63 per cent of respondents
were "somewhat optimistic" about the prospects of the Indian economy for the coming year,
representing a significant jump over last year's 58 per cent. There is greater optimism about the
Indian economy compared to last year. The manufacturing industry is looking to focus on new
products/services, IT, and expanding its facilities in select sectors," Nilesh Narwekar, Partner,
PwC strategy said. Lack of digital culture and talent is a key internal challenge. As the industry
prepares for immediate changes like GST implementation, the key expectation from the
government continues to be the creation of a clear, stable policy environment that can facilitate

10. long-term business and investment planning, he added.
Private asset reconstruction company will tackle Non Performing Assets better: Arvind
Panagariya - NITI Aayog Vice-Chairman Arvind Panagariya today made a case against the idea of
Bad Bank, saying it will be a difficult proposition and a Private Asset Reconstruction Company
private asset reconstruction company could do a better job. A bad bank is a difficult thing to do.
Public-owned Asset Reconstruction Company is often called the bad bank. Private-owned ARC
ultimately can be more effective," Panagariya said here in a press conference. Recently, Chief
Economic Advisor Arvind Subramanian had said the idea of setting up a state-owned asset
reconstruction company or bad bank to deal with mounting NPAs is gaining traction and it needed
to be created quickly. To address the festering twin balance sheet problems -- corporate debt and
bad loans -- the Economic Survey for 2016- 17 had suggested creation of state-owned ARC called
Public Sector Asset Rehabilitation Agency. The two issues were taking a heavy toll on health of
public sector banks, the survey had noted.
Arun Jaitley says 7-8 per cent growth 'absolute normal' for India - Finance Minister Arun
Jaitley said India will continue to grow at 7-8 per cent rate, an 'absolute normal' for the nation
under the current global environment. Jaitley said as far as the economy is concerned, all the
decisions taken by the Modi-Government are consistently in one direction. The aspirational class
in India has become very large and therefore, through the decision making of the government
there is a popular support. Election results have indicated that. Most important decisions as a
result of this pressure of public opinion are also finally resulting in decisions with larger political
support," said the minister.
Economy to grow over 3-fold to $ 7.25 trillion by 2030: Arvind Panagariya - The Indian
economy will see an over three-fold expansion at USD 7.25 trillion by 2030 and clock an average
growth rate of 8 per cent over the next 15 years, Niti Aayog vice chairman Arvind Panagariya
said.
In a presentation made at its Governing Council meeting - chaired by Prime Minister Narendra
Modi and attended by 28 state chief ministers - The Government think-tank projected the size of
the Indian economy. "Our base GDP is large. If we grow at an 8 per cent average rate for the next
15 years, our GDP will be Rs. 469 lakh crore by 2030 around USD 7.25 trillion," Panagariya told
to reporters here.
Retail loans soar 17.7 per cent in 2016, NPAs also move up: Report - Retail loans grew at a
healthy 17.7 per cent in 2016, but there was an increase in dud loans in the segment which has
become a focus area for the lenders amid difficulties to grow corporate books, says a report.
Consumer lending remains robust with originations and portfolio growing at 17.7 per cent in 2016

11. over 2015. Secured products, mainly property and gold loans, are growing the fastest," Shahid
Charania, credit information company Equifax managing director for emerging markets said in a
report today. The overall retail loans increased 17.7 per cent to Rs 40.25 trillion as of end
December 2016. Delinquency rates in the segment, which was labelled as a safe-haven amid asset
quality woes in the corporate lending segment, grew to 2.10 per cent in 2016 from 1.52 per cent in
2015. But the report noted a 0.06 per cent fall in the dud loan ratio in the last quarter of the year.
✍ TOP ECONOMY NEWS
India's foreign exchange reserves rose by USD 889.4 million to USD 369.887 billion during the
week ended April 14, helped by increase in foreign currency assets, the Reserve Bank said.
Corporates are likely to log in healthier set of numbers in the March quarter clocking up to 12 per
cent growth on the back of an improvement in manufacturing, says a report.
In another bold and confident move by the market regulator, Securities and Exchange Board of
India on Wednesday blocked Non-Resident Indians as well as residents to invest in offshore
derivative instruments which are also called as participatory notes. The Money launders in the
Country were using these instruments to convert their black holdings to white money. The
resident Indians were using the Concept called as round tripping for disposing of their black
money.
The demonetisation drive was supposed to put an end to the black money in the country, but
recent studies by leading research houses regarding the real estate industry signal that after six
months since demonetisation, black money is likely to come back into the sector. The luxury
market in real estate market has witnessed re-entry of black Money.
India’s market capitalisation is inching closer to its $ 2 trillion-mark, as benchmark,Sensex,
climbed upto 30,000 milestone. In dollar terms, currently the country’s m-cap is highest ever,
standing at $ 1.94 trillion, only 3% away from its elite milestone. Only eight other countries
currently have a market value higher than India. In dollar terms so far in 2017, the Sensex has
gained 20 %.
The Chief Economic Advisor, Arvind Subramanian has voiced his concern regarding H1-B visa
programme and cautioned that any serious steps taken by the Trump Administration would be a
cause of worry as a majority of the Indian exports in the services sector go to the US, mentioned.
He Further said that the Government was keeping a close watch on the matter and was ready to

12. fall in line with the step taken, as long as they were manageable.
Reserve Bank of India Governor Urjit Patel has voiced his opinion of merging public sector
banks and said that fewer banks would be good for the banking sector and also help in dealing
with the problem of non-performing assets, mentioned.
Government orders were the key driver for capital goods and engineering companies last year
and may continue to be so in 2017-18 as the order pipeline reveals more state-funded schemes
and far too few private sector projects, analysts and industry executives said.
Niti Aayog, the government's think tank, has called for reducing import duty on gold to clamp
down on smuggling and make the yellow metal available for small and medium firms. Reduction
in customs duty will not only reduce incentives for illegal transactions but it will also help ensure
availability of gold for small and medium firms, thereby increasing share of gold jewellery
produced by the sector.
India and Cyprus today expressed confidence that the recent revision in tax agreement between
the two will provide a boost to investment flows.
Niti Aayog has exuded confidence that India will get back to over 8 per cent growth as it
proposed a host of reforms, including reduction in corporate tax to 25 per cent and uniform import
duty at 7 per cent.
✍ TOP CORPORATE NEWS -
The bio-pharmaceutical player Biocon Limited has recommended issue of bonus shares in the
proportion of 2:1 i.e. 2 bonus equity shares of Rs. 5 each for every 1 fully paid up equity share,
each held on record date. The record date for reckoning eligible shareholders, entitled to receive
bonus shares, will be informed to the respective stock exchanges.
Ujjivan Financial Services Limited, announced that the company's board of directors in their
meeting held on April 27, 2017, have recommended a dividend at the rate of 8% or Rs. 0.80 per
equity share, subject to the approval of the shareholders at the ensuing Annual General Meeting.
The Kotak Mahindra Bank Limited has entered into an agreement to purchase the entire 26%
equity stake held by Old Mutual plc, UK in Kotak Mahindra Old Mutual Life Insurance Limited

13. for a consideration of Rs. 1292.7 crore After the completion of the transaction, Kotak Mahindra
Group will hold 100% equity shareholding of Kotak Life. The Life insurance industry in the
country is expected to grow at a healthy rate of 15%.
Tata Motors Limited has inked a pact with the Indian Armed Forces for the supply of 3192 units
of the Tata Safari Storme 4x4, on Thursday. TATA Safari Storme will be provided under a new
category of vehicles - GS800, reported.
Automobile manufacturer, Maruti Suzuki India Limited on Thursday in its filling to the
exchanges mentioned that the board of directors in their meeting recommended a final dividend of
Rs. 75 per share. The dividend payment date has been set to 11 September 2017 and is subject to
the approval of the shareholders in the annual general meeting.
GIC Housing Finance Limited has registered a net profit of Rs. 46.61 crore and a total income
to Rs. 266.63 crore for the year ended on 31st March 2017.
Kotak Mahindra Bank reported its Q4FY17 results. It is the fourth largest Indian private bank in
terms of market capitalization. The banks results registered a beat on the street’s estimates. Net
Interest Income for the quarter came in 2% higher than the estimated figure of Rs. 2115 crore. Net
profit came in 8.2% above the estimated figure of Rs.909 crore.
Maruti Suzuki India Limited Q4FY17 standalone results for the quarter registered a miss versus
street estimates. Revenue for the quarter came in 3.3 % lower than the estimated figure of Rs.
18621 crore. EBITDA for the quarter came in 14.9 % lower than the estimated figure of Rs. 2624
crore. And lastly, net profit for the quarter came in 1.7 % lower than the estimated figure of Rs.
1739 crore.
The National Green Tribunal in a hearing on Wednesday, April 26, 2017, in a case related to the
pollution of the river Ganga, and drainage canals leading into the river Ganga, has, by way of an
oral pronouncement, ordered 13 industrial units situated in Gajraula near the river Bagad to
immediately cease operations, said Jubilant Industries in an official release on Thursday.
Stocks of pharma player, Dr. Reddy's Laboratories Limited are, as markets are moving out of
early hours of trade, trading down by 0.35% at Rs. 2601 Per Share. The pharma player announced
today that it has launched Ezetimibe and Simvastatin tablets 10mg/10mg, 10mg/20mg,
10mg/40mg, 10mg/80 mg, a therapeutic equivalent generic version of Vyotrin tablets in U.S.
Market, being approved by USFDA.

14. The Bangalore-based IT service player, Mphasis Limited, has informed regarding Schedule of
Activities for the buyback of upto 17,370,078 equity shares of the Company, of the face value of
Rs. 10 each, at a price of Rs. 635 per equity share. The company will be dispatching a letter of
offer for the buyback, to eligible shareholders of the company, holding shares as on record date
i.e. March 31, 2017, on or before May 4, 2017.
Infosys Limited, a global leader in consulting, technology, outsourcing and next-generation
services, today announced the launch of Infosys Nia, the next-generation Artificial Intelligence
Platform building on the success of the Company’s first-generation AI platform, Infosys Mana,
and its Robotic Process Automation solution, AssistEdge.
Axis Bank Limited, India's third largest private sector bank, reported its quarterly result. The
Q4FY17 results registered a beat on street estimates. Net Interest Income came in 3.4% higher the
estimated figure of Rs. 4575 crores. Also, net profit was significantly high 40.5% than the streets
estimate of Rs. 872 crores. Axis Banks’ Q4FY17 standalone NII for the period came in at Rs.
4728 crores showing a 3.9% y-o-y increase. NIM for the quarter stood at 3.8%.
Cadila Healthcare Limited has received the final approval from the USFDA to market
Cholestyramine for Oral Suspension USP, 4 gram per scoopful. It is indicated as an adjunctive
therapy to the diet for the reduction of elevated serum cholesterol in patients with primary
hypercholesterolemia who do not respond adequately to diet. Cholestyramine will be produces at
the group’s formulations manufacturing facility at Baddi.
NTPC Limited, a state-owned power company on Wednesday said that through the issuance of
rupee-denominated bonds under its $ 4 billion medium-term note programme for capital
expenditure has raised Rs. 2000 crore.
Highway developer Dilip Buildcon Limited has bagged three road projects worth Rs. 3,269 crore
in Maharashtra from the National Highway Authority of India.
Private lender DCB Bank has raised about Rs 378.80 crore through an issue of shares to qualified
institutional investors on private placement basis.
State-owned Oil and Natural Gas Corporation made 23 oil and gas discoveries in the fiscal
year ended March 31 as a record number of wells drilled helped it uncover new reserves.
Cash-rich coal, power and oil PSUs will jointly invest about Rs 30,000 crore to revive four
mothballed fertiliser plants by 2020-21 to make India self- sufficient in urea production and cut

15. imports.
Bharat Heavy Electricals Limited on Tuesday said it bagged its largest ever export order,
valued at Rs. 10,000 crore for setting up a thermal power project in Bangladesh.
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
Private sector YES Bank Limited has decided to go on slow on lending through business
correspondents, the bank's mainstay for rural business so far, as collection efficiency of its partner
microfinance companies dipped following demonisation and the rising clamour for loan waiver
across the country. The Rana Kapoor-led bank is instead trying to be self sufficient in originating
micro loans and to improve monitoring over the existing partner firms to minimise losses on
possible default.
Finance Minister Arun Jaitley has asserted that the government was giving top priority to
addressing the issue of bad loans while acknowledging that the problem of Non- Performing
Assets was "adversely impacting" the Indian banking system.
After plunging to an over six- decade low of 5.08 per cent in fiscal 2017, Bank Credit inched up
to 5.52 per cent in the fortnight to April 14, according to the Reserve Bank data. For the fortnight
to April 14, bank credit stood at Rs. 76.31 trillion, up 5.52 per cent from Rs. 72.31 trillion in the
week to April 15, 2016, thus beginning the new financial year on a promising note.
Private sector YES Bank Limited has turned more vigilant while delivering micro loans through
business correspondents, its mainstay for growing rural business, and is decentralising its
monitoring system to eliminate future risks.
The huge load of bad loans of public sector banks is not too much of a worry line for the
government and a likely solution will be worked out soon, Union minister Santosh Kumar
Gangwar said today.
The Reserve Bank of India may have come up with tighter rules to protect depositors, but strict
implementation of the norms will be difficult because many of the public sector banks are
besieged by capital and asset quality problems. According to the so-called prompt corrective
action framework released on April 13, banks will be penalised if they slip either on asset quality,
profitability or leverage or capital. Penalties include restrictions on dividend distribution or
remittance of profits, branch expansion, higher provisions and management compensation.

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