Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership have been selected to manage Rs 60,000 crore (Rs 600 billion) provident fund corpus of coal industry workers.
A spokesperson of ICICI Bank, which had approached the regulator seeking a probe into what they called 'beating down' of their shares by vested elements, declined to comment.
HDFC Bank, India's second-largest private bank, has overtaken ICICI Bank, the largest private player, in terms of market capitalisation to top the rankings among private banks.
JPMorgan said it had hired Kalpana Morparia, one of India 's most senior domestic bankers, to run its operations in the country.
A special court in Mumbai on Saturday remanded ICICI Bank's former CEO and MD Chanda Kochhar and her husband Deepak Kochhar in the custody of the Central Bureau of Investigation (CBI) till December 26 in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The Kochhars were arrested by the probe agency on Friday night after a brief questioning session. The CBI has alleged that they were evasive in their response and did not cooperate in the investigation.
ICICI Bank has raised its interest rates on non-resident external rupee savings account, NRE fixed deposits and foreign currency non-resident deposits.
Chanda Kochhar, who was arrested for a cash-for-loan scam on Friday, was once a powerful banker and instrumental in making ICICI Bank the country's biggest private sector lender. Kochhar, a regular feature on Forbes top global honchos lists, was arrested by the Central Bureau of Investigation (CBI) along with her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by ICICI Bank to Videocon Group companies. Kochhars were called to the agency headquarters and arrested after a brief questioning session. Her chapter at ICICI Bank ended abruptly in 2018 when the board of directors approved a request from Kochhar to seek early retirement following allegation of corruption and quid pro-quo while extending loans to the now bankrupt Videocon Industries.
As part of its rural initiative, ICICI Bank is developing a low cost ATM to cater to the villages in India.
"The corporate pipeline is still strong, which will lead growth. We expect to maintain a 15-16 per cent year-on-year credit growth," ICICI Bank's Joint Managing Director Chanda Kochhar told reporters in Mumbai on Tuesday. On ICICI Bank's microfinance portfolio, she said that the bank has covered more than 3-million customers under this portfolio.
ICICI Bank, India's second largest bank, was awarded 'The Best Retail Internet Bank Award in India-2004' and 'The Best Corporate/Institutional Internet Bank Award in India-2004' by internationally acclaimed Global Finance magazine.
US-based boutique investment company GQG Partners has shot into limelight with its Rs 15,446-crore Adani wager.
Floating-rate mutual funds are back in demand after a year-long period of consistent outflows. In the past three months, investors have poured over Rs 6,100 crore into these debt schemes, indicating a reversal in fortunes for the category that recorded outflows for 11 consecutive months (May 2022 to March 2023), totalling Rs 32,250 crore. Floating-rate funds invest at least 65 per cent in floating-rate instruments, which have their interest rates linked to the Reserve Bank of India repo rate.
The RBI said it had not found initial evidence of money laundering against the three banks.
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.
ICICI Bank plans to raise $300 million through issuance of Eurobonds in the international markets as the first tranche of its $1 billion medium term notes programme.
The overall market breadth was positive as 1,796 stocks advanced against 1,023 declining ones, on the BSE.
Prime Minister's Office wants CBI and tax dept to identify the actual beneficiaries of the transactions made in India and abroad.
ICICI OneSource is looking for Customer Service Associates.
To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 -- a drop of 975 basis points -- owing to shortcomings in the product and distribution side of business. However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year. According to the monthly business data released for September 2023 by the Life Insurance Council, the NBP of LIC up to September 2023 stood at Rs 92,462.62 crore as compared to about Rs 1.25 trillion in the same period a year ago.
The country's largest private sector bank, ICICI Bank on Monday ruled out any acquisition abroad and said it would wait for another 2-4 weeks to decide on whether to revise the interest rates further.
Dixon Technologies right now is a beehive of activity. It is building a new facility in Noida to make 1.3 million laptops for Taiwanese PC maker Acer. The facility must be up and running in four months. The pace of activity will only increase. Last week Dixon won a similar contract from Lenovo, the Chinese personal computer maker and the third largest information technology (IT) hardware brand in India, to assemble laptops and notebooks. Though the clientele in these two cases is Taiwanese and Chinese, Dixon is a company reaching for the stars with its feet planted firmly in the Indian government's policy.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
ICICI Bank has quashed rumours of favouritism, nepotism and quid pro quo. The bank clarified that while Chanda Kochhar was on the credit committee, she was not the chairperson. Videocon Chairman Venugopal Dhoot said there was no impropriety in the deal.
People are availing far more of certain kinds of unsecured loans than was the case before the pandemic. Bank lending for buying consumer durables and funding of credit cards and other personal loans have risen by Rs 6.9 trillion between August 2019 and August 2023, shows a Business Standard analysis of data from the Reserve Bank of India (RBI). These loans are typically unsecured, which means they are provided without collateral.
Sundaram Multi Pap, a Mumbai-based paper stationery manufacturer, on Monday disowned exotic hedging contracts entered into with ICICI Bank, saying the bank had misled the company into taking derivatives positions much beyond their underlying export risks.
The Reserve Bank of India's (RBI's) decision to withdraw the incremental cash reserve ratio (I-CRR) is expected to benefit banks during the festival season. They are likely to increase deposit rates by up to 25 basis points (bps) in select maturity buckets. The rise in demand for funds to cover tax payments and meet quarter-end business targets could influence rate decisions by banks, according to bankers and money market executives.
ICICI Bank Ltd on Wednesday opened its first overseas offshore branch in Singapore.
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