TableĀ 3

Results of the ARCH LM test

Index/StatisticsState Bank of IndiaPunjab national BankBank of BarodaCanara BankCentral Bank of IndiaIndian Overseas BankIndian BankUco BankUnion BankBank of MaharashtraHDFC BankICICI BankAXIS BankCity BankFederal BankIndusInd BankKotak Mahindra Bank
ARCH-LM test Statistic99.22383*12.37048*38.41967*16.17177*260.7865*461.335*61.03156*291.1761*49.02776*212.9477*60.84244*268.1255*37.53291*176.6036*33.34513*31.93289*205.1201*

Note(s): *, ** and *** represents p-value <1%, 5% and 10% respectively

Source(s): Compiled by authors

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