Will RBI’s CRR hike to 99% hit HDFC, SBI and other bank stocks? Here’s what Jefferies says

What happened: The RBI raised the minimum daily CRR maintenance requirement for banks from 90% to 99% of the requirement, effective from the fortnight beginning October 16, 2026, as it seeks to curb liquidity in the banking system. Key numbers: CRR ratio stands at 3%. Why it matters: Jefferies links the move to the MPC's shift to a calibrated tightening stance. It keeps Buy ratings on eight private lenders including HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, Bandhan Bank and AU Small Finance Bank, plus SBI and PNB, with a Hold on Bank of Baroda.

RBI CRR hike to 99% prompts Jefferies view on HDFC, SBI bank stocks.

RBI CRR hike to 99% prompts Jefferies view on HDFC, SBI bank stocks. — impact context not separately stored; see What changed.