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Sensex and Nifty post steepest weekly loss in over a year, falling nearly 3 per cent.
The Reserve Bank of India (RBI) has sent showcause notices to ICICI Bank, HDFC Bank and Axis Bank, the three private lenders named in the first of three Cobrapost 'sting' cases.
Among the Sensex constituents, Asian Paints, Tech Mahindra, HCL Technologies, Tata Steel, Maruti Suzuki India, Sun Pharmaceuticals, Tata Consultancy Services, ICICI Bank, Bajaj Finance, UltraTech Cement, Mahindra & Mahindra and Tata Motors Passenger Vehicles were the laggards. However, Eternal, Titan, Adani Ports, Bharat Electronics Ltd, State Bank of India, Bajaj Finserv, NTPC and Bharti Airtel were among the gainers.
The Supreme Court has sought responses from the Centre, the CBI and others on a plea filed by a 78-year-old retired banker who was duped of Rs 23 crore after allegedly being put under "digital arrest" for nearly a month.
Benchmark BSE Sensex fell 558 points on Thursday amid heavy selling in IT shares, as concerns over AI-led disruptions and waning hopes of a Fed rate cut after firm US economic data weighed on investor sentiment.
Sectoral funds, focused exclusively on public sector banks (PSBs), have delivered the strongest returns among domestic mutual fund (MF) categories over the past six months. However, active banking funds have significantly lagged because of their heavy tilt towards private lenders.
India's growing knowledge economy and rising consumer aspirations drove the growth of ICICI Bank, the country's most valuable lender, its CEO K V Kamath said.
As part of its efforts to rationalise costs and divest non-core assets, ICICI Bank has sold a property at Prabhadevi in central Mumbai.
The country's largest private bank, ICICI Bank, on Friday said it is focussing on the home loan segment as the real estate segment is witnessing a comeback after the economic slowdown.
The bank's total income grew 36 per cent to Rs 10,338.36 crore (Rs 7,581.46 crore). The fee income increased by 33 per cent to Rs 1,785 crore, from Rs 1,345 crore in the same period last year.
Amid a string of interest rate cuts by state-run banks since April 1, country's biggest private lender ICICI Bank today said chances of it reducing rates are less unless government bond yields come down.
The country's largest private sector lender ICICI Bank on Friday said it has raised $500 million through an issue of bonds in the international market.
The country's largest private sector lender ICICI Bank on Friday said it has raised $500 million through an issue of bonds in the international market.
HDFC Bank said that Maitra was quoted out of context and it has already written to the magazine. It also called it unfortunate that the comments had hurt ICICI Bank.
The country's largest private lender ICICI Bank on Monday said that interest rates are expected to come down in the next one-and-a-half months.
Former ICICI Bank CEO and MD Chanda Kochhar was granted bail by a special PMLA court in Mumbai on Friday in connection with the ICICI Bank-Videocon money laundering case. The special court for Prevention of Money Laundering Act (PMLA) had on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused in the case after taking cognisance of the Enforcement Directorate's (ED) charge sheet.
Hari Pandey, who founded ICICI Bank in Canada in March 2003, is among the 11 awardees in various categories who would be felicitated at function here on Saturday, ICCC said.
Treasury gains helped ICICI Bank post a nearly 10 per cent increase in the consolidated net profit for the April-June quarter at Rs 11,696 crore on Saturday. Growth in the core income slowed for the country's second largest private sector lender, but the treasury operations helped it report a 14.62 per cent rise in its post-tax profit at Rs 11,059 crore on a standalone basis. The core net interest income (NII) growth came at a multi quarter low of 7.3 per cent to Rs 19,553 crore for the reporting quarter.
ICICI Bank has cut floating benchmark lending rate for home loans by 50 basis points to 13.25 per cent and deposit rate by 25-50 basis points.
The bank is offering a preferential rate on foreign currency conversion, giving special offers on housing loans and providing assistance for searching properties.
From the 30-Sensex firms, NTPC, Trent, Bajaj Finance, Power Grid, Maruti, State Bank of India, ICICI Bank and Bharat Electronics were among the biggest gainers. In contrast, ITC, Kotak Mahindra Bank, Titan Company, Axis Bank and Bharti Airtel were the laggards.
Both banks intend to tap German investors focused on emerging markets.
"At present, our credit card base is 7.5 million," he said. Sachin Khandelwal, senior general manager for retail assets, however, declined to comment on specific details, such as the magnitude of the reduction in the bank's credit card business over the past year. The country's second-largest lender, which spearheaded the growth of retail finance in the country, has also been going slow on retail loans for the past few years.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
India's second largest lender ICICI Bank sees domestic lending rates gradually hardening in line with the international trend.
Private sector lenders ICICI Bank and Kotak Mahindra on Tuesday announced low rates of 8.25 per cent and 8.49 per cent respectively for home loans, intensifying the cut-throat competition sparked by SBI and HDFC.
ICICI Bank has enhanced its international presence by opening two new branches, one in UK and another in Canada, as part of plans to increase share of its global business.
ICICI Bank joined the likes of Reliance Communications, Infosys and Tata Consultancy Services on Monday in the Rs 1-trillion market valuation club.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
Most legal experts indicate the former ICICI Bank CEO will take the matter to court. Her contention will be she can't be fired and called guilty without proof.
The country's two ubiquitous financial powerhouses, HDFC and ICICI Bank, have been the darling of participatory notes, the instrument through which overseas investors invest indirectly - through foreign institutional investors - in India's stock market. Among the stocks comprising Bombay Stock Exchange's Sensitive Index and National Stock Exchange's S&P Nifty, HDFC has the highest P-Notes holding in value, 14.2 per cent, followed by ICICI Bank's 9.1 per cent.
A national rollout will take place after the pilot test in which SBI, PNB, Axis Bank, Bank of Maharashtra, Canara Bank, Kotak Mahindra Bank, IndusInd Bank, ICICI Bank, HDFC Bank, Indian Overseas Bank and Punjab & Sind Bank are participating.
Non-resident Indians will get more interest rates from ICICI Bank for their fixed rupee deposits as well as those denominated in foreign currencies, with the bank hiking interest rates on NRE fixed deposits
Among Sensex firms, Asian Paints jumped the most by 4.18 per cent. Mahindra & Mahindra, Bharti Airtel, ITC, Hindustan Unilever, ICICI Bank and Reliance Industries were also among the gainers. However, Infosys, HCL Tech, Eternal, Tech Mahindra and Tata Steel were among the laggards.
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