Group 1 - The Reserve Bank of India (RBI) has declared a bank holiday on 31 December for all banks in Manipur and Mizoram due to local festivals [1][2] - Banks in Manipur are closed for Imoinu Iratpa, while those in Mizoram are closed for New Year's Eve celebrations [2] - Other regions in India will not observe a bank holiday on this date, with banks remaining open in those states and Union Territories [3] Group 2 - The next bank holiday will occur on 1 January 2026, affecting multiple states for New Year's Day and Gaan-Ngai [4] - A total of 16 bank holidays are scheduled for January 2026, with specific dates and reasons outlined for each holiday [5][7] - Some holidays in January will coincide with weekends, including the second and fourth Saturdays and all four Sundays [6]

Core Insights - In January 2026, banks across India will be closed for up to 16 days, with variations depending on regional festivities and observances [2][9] - National holidays, such as Republic Day, will result in all banks being closed across the country [9] Regional Bank Holidays - On January 1, banks will be closed in Tamil Nadu, West Bengal, Arunachal Pradesh, Sikkim, Tripura, Manipur, Meghalaya, Mizoram, and Nagaland for New Year's Day / Gaan-Ngai [8] - On January 2, banks will be closed in Mizoram and Kerala for New Year Celebration / Mannam Jayanthi [8] - On January 3, banks will be closed in Uttar Pradesh for the Birthday of Hazrat Ali [8] - On January 12, banks will be closed in West Bengal for the Birthday of Swami Vivekananda [8] - On January 14, banks will be closed in Gujarat, Odisha, Arunachal Pradesh, and Assam for Makar Sankranti / Magh Bihu [8] - On January 15, banks will be closed in Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, and Sikkim for Uttarayana Punyakala / Pongal / Maghe Sankranti / Makara Sankranti [8] - On January 16, banks will be closed in Tamil Nadu for Thiruvalluvar Day [8] - On January 17, banks will be closed in Tamil Nadu for Uzhavar Thirunal [8] - On January 23, banks will be closed in West Bengal, Odisha, and Tripura for the Birthday of Netaji Subhas Chandra Bose / Saraswati Puja (Shree Panchami) / Vir Surendrasai Jayanti / Basanta Panchami [8] - On January 26, all banks will be closed across all states and Union Territories of India for Republic Day [8] Regular Bank Closures - Banks will also be closed on Sundays and the second and fourth Saturdays of January 2026 [9]

Market Valuation Decline - The combined market valuation of seven of the top-10 most valued firms declined by ₹35,439.36 crore in a holiday-shortened last week, with State Bank of India experiencing the largest drop [1] - The BSE benchmark climbed 112.09 points or 0.13 percent during the same period [1] Valuation Erosion - State Bank of India's market valuation tumbled by ₹12,692.1 crore to ₹8,92,046.88 crore [2] - Reliance Industries' valuation dropped by ₹8,254.81 crore to ₹21,09,712.48 crore [2] - Bajaj Finance faced a decline of ₹5,102.43 crore, bringing its market valuation to ₹6,22,124.01 crore [3] - Larsen & Toubro's market capitalization decreased by ₹4,002.94 crore to ₹5,56,436.22 crore [3] - ICICI Bank's market capitalization edged lower by ₹2,571.39 crore to ₹9,65,669.15 crore [3] - Life Insurance Corporation of India's market capitalization diminished by ₹1,802.62 crore to ₹5,37,403.43 crore [3] - Tata Consultancy Services' market capitalization dipped by ₹1,013.07 crore to ₹11,86,660.34 crore [3] Valuation Gains - HDFC Bank's valuation increased by ₹10,126.81 crore to ₹15,26,765.44 crore [4] - Infosys surged by ₹6,626.62 crore to a market valuation of ₹6,87,818.84 crore [4] - Bharti Airtel climbed by ₹5,359.98 crore to reach ₹12,00,692.32 crore [4] Ranking of Firms - Reliance Industries remains the most valued firm, followed by HDFC Bank, Bharti Airtel, TCS, ICICI Bank, State Bank of India, Infosys, Bajaj Finance, Larsen & Toubro, and LIC [4]

Core Viewpoint - Investors in the Banks - Foreign sector may find Toronto-Dominion Bank (TD) and ICICI Bank Limited (IBN) as potential investment options, with a closer examination needed to determine which stock is more appealing to value investors [1] Group 1: Zacks Rank and Earnings Estimates - Toronto-Dominion Bank currently holds a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to ICICI Bank Limited, which has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank is a strategy that focuses on companies with positive earnings estimate revisions, suggesting a more optimistic analyst outlook for TD [2] Group 2: Valuation Metrics - Value investors utilize various valuation metrics to assess whether a company is undervalued, including the P/E ratio, P/S ratio, earnings yield, and cash flow per share [4] - Toronto-Dominion Bank has a forward P/E ratio of 14.72, while ICICI Bank Limited has a higher forward P/E of 18.74 [5] - TD's PEG ratio is 1.32, which is comparable to IBN's PEG ratio of 1.39, indicating similar expected earnings growth rates [5] - TD's P/B ratio stands at 1.92, significantly lower than IBN's P/B ratio of 2.65, suggesting that TD may be more attractively valued [6] - These metrics contribute to TD's Value grade of B and IBN's Value grade of C, reinforcing the notion that TD is the more favorable option for value investors at this time [6]

Core Insights - Personal loans serve as a quick credit solution during financial emergencies, but borrowers may sometimes need to cancel them if the emergency is resolved or postponed [1] Cooling-Off Period - The cooling-off period for personal loans is a designated timeframe allowing borrowers to cancel the loan, typically ranging from 3 to 15 days post-disbursement [2][10] - This period is also referred to as the look-up period [2] Bank-Specific Policies - **ICICI Bank**: Offers a 15-day cooling-off period with no cancellation charges if canceled within this timeframe; however, processing fees are non-refundable. A cancellation fee of ₹2,500 applies after the cooling-off period [3] - **Kotak Bank**: Provides a cooling-off period of the transaction plus four days for digital loans, with no cancellation charges during this period. Post-cooling-off, charges are ₹1,000 + GST or 1% of the principal outstanding + GST, whichever is higher [4] - **IDFC FIRST Bank**: Has a 3-day cooling-off period with no cancellation charges if canceled within this timeframe [5] - **HDFC Bank**: Allows cancellation within the cooling-off period but charges interest from disbursement to cancellation date; processing fees and other charges are non-refundable [6] - **Tata Capital**: Offers a 3-day cooling-off period with no penalties for prepayment; post-period cancellation charges are 2% of the loan or ₹5,750, whichever is higher [7] - **SMFG India Credit**: Allows cancellation before the first EMI with a charge of ₹1,000 + GST [8] - **Hero Fincorp**: No cancellation charges for online cancellations, but processing fees are non-refundable [9] Cancellation Process - If a personal loan needs to be canceled, borrowers should check the cooling-off period and any applicable cancellation charges [10] - If the cooling-off period has expired, borrowers may negotiate with the bank/NBFC for a waiver of cancellation charges [11] - The cancellation process involves submitting a request form and repaying the loan amount, after which the bank will confirm the loan closure [12]

Core Insights - Public sector banks (PSUs) are actively gaining market share in MSME and home loans, reshaping competitive dynamics in India's financial system [1][14] - The credit cycle is transitioning into a more sustainable, execution-led phase, with systemic loan growth projected to hold at about 12% or more year-on-year in FY26 [11][15] MSME Lending - PSU banks are sanctioning MSME and working-capital loans with turnaround times of two to four days, with the State Bank of India often completing approvals within 48 hours [1][2] - The use of CGTMSE-backed structures allows loans of up to ₹500 million to be sanctioned without collateral, narrowing the rate differential with private banks [2] - A strong central push to scale MSME credit has accelerated PSU bank execution, enabling them to gain market share over the past six to nine months [2] Unsecured Business Lending - Growth in unsecured business lending has moderated to about 10–20%, down from 30–40% in previous years, despite a pricing correction to around 12–12.5% [4] - Stress is evident in agri-linked commodity businesses and FMCG distributors, with payment cycles stretching from about 10 days to nearly 40 days [5] Housing and Real Estate - Housing and real estate momentum remains strong, supported by improved disbursement rates and activity among large developers [7] - PSU banks are regaining relevance in home loans due to lower rates and faster turnaround times, particularly in Tier-2 and Tier-3 cities [8] Credit Cards and Personal Loans - Credit card growth remains subdued, with selective issuances and elevated delinquency levels compared to historical norms [9] - Personal loans are showing early signs of stabilization, with incremental disbursements skewed towards existing customers and higher-quality repeat borrowers [10] Investment Preferences - The brokerage favors lenders with execution strength and stable asset quality, specifically ICICI Bank, HDFC Bank, State Bank of India, and AU Bank for their growth potential [13][15]

Group 1 - Banks in several parts of India, including major banks like State Bank of India, HDFC Bank, and ICICI Bank, are closed today, December 26, due to Christmas celebrations as decided by the Reserve Bank of India [1][2] - In states like Mizoram, Meghalaya, and Nagaland, banks are closed for at least three days for Christmas, with Nagaland observing a six-day closure starting December 23 [2] - There are a total of 14 bank holidays in December, in addition to weekends, with banks following regional and national holidays according to the RBI bank holiday calendar [3] Group 2 - On national holidays such as Christmas, all banks across India remain shut [4] - ATM services and online banking options like NEFT, IMPS, and RTGS are available 24/7 during bank holidays for cash withdrawals and money transfers [5] - Upcoming bank holidays include closures on December 27 for the fourth Saturday, December 28 for Sunday, and specific closures in Meghalaya and Manipur for local observances [6]

Group 1 - Banks across India, including major institutions like State Bank of India, HDFC Bank, and ICICI Bank, will be closed on 25 December 2025 for the Christmas holiday, as per the RBI bank holiday calendar [1][2] - The Christmas holiday is recognized as a national holiday in India, aligning with global celebrations [2] - Following Christmas, banks will also be closed on several upcoming holidays, including New Year's Day on 1 January 2026 and various regional festivals throughout January [2]

Core Insights - The Securities and Exchange Board of India (SEBI) has approved the Raajmarg Infra Investment Trust (RIIT), which aims to unlock the monetization potential of National Highway assets and create a long-term investment vehicle for retail and domestic investors [8] - The first issuance of InvIT units for retail and public investors is expected to be launched in February 2026 [1][8] - Over the next three to five years, approximately 1,500 km of completed and operational national highways will be introduced into the public InvIT, providing significant investment opportunities for the public [2][8] Investment Vehicle Details - A public InvIT allows retail investors to directly invest in and earn income from a pool of operational infrastructure projects [2][8] - Units of public InvITs will be listed and traded on stock exchanges such as the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), similar to mutual funds or equities [4][8] Financial Background - The National Highways Authority of India (NHAI) has monetized assets worth Rs 48,995 crore through the Toll-Operate-Transfer (TOT) model and raised around Rs 43,638 crore across four rounds of private InvITs, attracting significant domestic and international investors [5][8] - Raajmarg Infra Investment Managers (RIIMPL) has been established as the investment manager for RIIT, with equity participation from leading banks and financial institutions [6][8] Strategic Importance - The approval of RIIT is seen as a significant milestone in enhancing public participation in India's National Highway infrastructure development [8] - The initiative is expected to deepen public involvement and accelerate the development of a robust National Highway network across the country [7][8]

In a statement issued on Wednesday, NHAI said the Public InvIT is designed to unlock the monetisation potential of operational national highway projects while offering a long-term investment avenue, primarily targeted at retail and domestic investors. The move is seen as a key step in expanding public involvement in India’s highway infrastructure growth, while also helping NHAI recycle capital for future road development. As part of the structure, NHAI has earlier incorporated Raajmarg Infra Investment Man ...