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.
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.
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
The initial public offer (IPO) of SBI Funds Management Ltd was fully subscribed on the second day of bidding, receiving bids for 1.17 times the shares on offer, with strong interest from non-institutional investors and anchor investors.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
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.
ICICI Bank plans to grow aggressively by opening 60 more branches this fiscal and aims to increase its retail assets to Rs 33,000 crore in 2004-05.
Indian benchmark equity indices, Sensex and Nifty, experienced a decline in early trade, ending a three-day rally, primarily due to heavy selling in IT stocks and concerns over prolonged instability in West Asia.
ICICI Bank, the country's largest private sector bank, is planning to raise $1 billion through issuance of medium term notes for funding the growth of its overseas operations.
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
The bank has received authorisation to collect funds for PPF at branches mandated by the ministry of finance, ICICI Bank said in a release in Mumbai on Friday.
Indian benchmark indices, the BSE Sensex and NSE Nifty, snapped a four-day losing streak, with the Sensex climbing 382 points, primarily driven by a strong rally in IT sector shares. Major IT firms like TCS, Infosys, and HCL Tech saw significant gains, contributing to the market's recovery.
Indian stock market benchmark indices, Sensex and Nifty, experienced declines in early trade due to escalating tensions between the US and Iran, which led to a surge in crude oil prices and weak global equity trends.
Equity benchmark indices Sensex and Nifty rebounded sharply by nearly 1 per cent on Monday, driven by strong buying in power, banking, and financial stocks.
On Friday, the bank's offices and ATMs in Gujarat were faced with anxious customers and a spate of withdrawals as rumours of its viability spread.
Indian equity markets experienced a volatile session, with the Sensex and Nifty recovering some ground after a significant plunge the previous day. Gains were driven by PSU bank, IT, and metal stocks, but concerns over rising fuel prices and geopolitical tensions limited the recovery.
ICICI Bank will honour top retailers and professionals for their innovations to satisfy and retain customers apart from increasing profits on Thursday.
Indian benchmark indices Sensex and Nifty surged over 1 per cent, with the Sensex jumping 918.60 points, driven by strong buying in banking and financial counters and a positive trend in global equities, fuelled by hopes of easing West Asia tensions.
In a bid to tap the growing potential of mutual fund business in the country, ICICI Bank has decided to raise its stake in Prudential ICICI Asset Management Company to 51 per cent, by buying out six per cent stake from Prudential Plc.
The bank has fixed the issue price of its American Depository Shares at $26.75 per ADS.
Move comes as stringent regulation chokes biz growth.
Indian stock markets extended their gains for a second consecutive session, with the Sensex closing 736 points higher, driven by a global equity rally and a significant drop in crude oil prices following the finalisation of a peace deal between the US and Iran to end their 107-day conflict and reopen the Strait of Hormuz.
State-owned Life Insurance Corporation of India (LIC) has reported a net profit of over Rs 23,400 crore for the January-March quarter, making it the highest profit-making firm in the Indian financial sector during this period, surpassing major banks like SBI and HDFC Bank.
The public issue of equity shares of ICICI Bank in India, of Rs 5,000 crore (Rs 50 billion) with a greenshoe option of Rs 750 crore (Rs 7.50 billion) will open for bidding through the book building route from December 1 to December 6.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
The consolidated net rose 22 per cent year-on-year.
They will also have access to banking channels such as ATM, mobile and Internet banking.
Mcap of top 6 most valued firms drops nearly Rs 65k cr; Airtel biggest laggard
A case has been registered against Karvy Stock Broking Ltd promoter C Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore.
A day after downgrading its rating of public sector lender SBI's financial strength, Moody's on Wednesday re-affirmed its rating for ICICI Bank and said the private sector lender continues to maintain a robust franchise and a strong liquidity, capitalisation and earnings profile.
The bank is using readily available satellite images from ISRO and NASA for the purpose, and plans to scale up to 63,000 villages in the next three months.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
The bank has 1.8 lakh customers with no-frills accounts, which provide basic banking services without the need to maintain a large minimum balance.
We are clearly focused on increasing our loan book in segments such as auto loans, home loans, commercial vehicles finance and corporate loans, says Chanda Kochhar.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
