ICICI Bank Ltd, India's biggest private sector lender, posted its slowest quarterly growth in four years as asset quality worsened and funds set aside for bad loans and contingencies almost doubled from a year earlier.
The biggest private sector lender, are swarming the market with discounts and special offers
The lender has said it is betting on increased loan demand in smaller cities to boost growth in a slowing economy.
it was done following the government's approval to increase foreign investment limit in the bank to 62 per cent from 49 per cent.
Policymakers have been grappling with high prices for food staples such as onions and potatoes even after the central bank raised interest rates by a quarter percentage point in each of its previous two reviews.
Iran can now unlock $4.2 billion of payments for its oil stuck with major clients including India, China, Japan and South Korea after it reached an interim deal with six world powers in November over its nuclear programme.
An obscure Indian bank has been an unlikely beneficiary of Western sanctions against Iran, handling billions of dollars from frozen oil payments that boosted its interest margins, but is now having to prepare itself for life after the windfall.
With the economy growing at its slowest rate in a decade, India's banking system is facing rising levels of stressed loans, with $100 billion, or about 10 percent of the total, categorised as bad or restructured.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
Most immediately, he pledged to move slowly if needed in winding down an oil window that provides dollars directly to state-run oil companies
SBI, which accounts for a quarter of the country's loans and deposits, said on Wednesday its net profit fell 35 per cent to Rs 2,375 crore (Rs 23.75 billion) in the quarter ended September.
The future action on rate change will depend on data said the RBI Chief.
The central bank is widely expected to increase the repo rate by 25 basis points on Tuesday to 7.75 per cent to fight inflation even as it continues to unwind its rupee defense steps, a Reuters poll showed.
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
Net profit rose to Rs 1,982 crore (Rs 19.82 billion) in the quarter ended September 30 from about Rs 1,560 crore (Rs 15.6 billion) a year earlier, the bank said on Tuesday. Net interest income grew nearly 15% to Rs 4,480 crore (Rs 44.8 billion).
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The Indian rupee touched record low of 65.52/dollar on Thursday and is down 16 per cent so far this year despite efforts by policymakers to prop it up.
Absolutely for customer investing over Rs 50,000 in any financial products.
Licence winners are expected to be announced by the first quarter of 2014.
Heightened volatility makes the debt rollovers difficult.
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