India's economic growth slipped to 6.7 per cent in '09, mainly on account of the impact of the global financial meltdown that started in the US in 2008.
In a significant judgment, the Commission deprecated the "audacity and impunity" with which the banks have been effecting forcible possession of vehicles and ordered ICICI Bank also to pay Rs 50 lakh to a consumer, who was mercilessly beaten by the recovery agents while they snatched a loaned car from him.
ICICI Bank, one of India's leading home loan providers, on Monday announced a reduction in interest rates on its adjustable (floating) rate home loan products.
The proportion of retail assets is higher, so NPAs from that part would be higher, says Kochhar.
Among the Sensex pack, Tata Consultancy Services climbed nearly 7 per cent after the country's largest IT services player reported 8.7 per cent growth for the June quarter net profit at Rs 12,040 crore. Infosys, HCL Technologies, Tech Mahindra, Axis Bank, Reliance Industries, JSW Steel, Bajaj Finance and Larsen & Toubro were the other major gainers. Maruti, Asian Paints, Titan, Kotak Mahindra Bank, Bharti Airtel and ICICI Bank were among the laggards.
The net non-performing assets on December 31, 2016 were Rs 20,155 crore compared to Rs 16,483 crore at September 30, 2016
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
The bank posted a net profit of about Rs 2,300 crore.
Enthused by government's commitment to act proactively and ensure more liquidity to promote economic growth, ICICI Bank managing director K V Kamath on Monday promised to review interest rate in the next few days.
Corporate India is not bothered about the subprime crisis. I have not seen any large business house walk away from a deal on account of lack of funding.
ICICI Bank is understood to have deferred the sale of its holding in Firstsource Solutions, a Mumbai-based pure-play business process outsourcing entity. The bank along with its subsidiaries owns close to 27 per cent stake in the BPO firm.
Kamath's success is the envy of bankers everywhere, but his feat of taking a small bank and turning it into the country's second largest lender is hard to match.
ICICI Bank and HDFC Bank have effected a cut of up to 0.50 per cent in term deposit rates following tepid credit growth and ease in money market rates.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
ICICI Bank on Sunday priced its Rs 10,062 crore (Rs 100.62 billion) follow-on equity offer at Rs 940 a share.
Prime Minister's Office wants CBI and tax dept to identify the actual beneficiaries of the transactions made in India and abroad.
Among Sensex shares, Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC and Asian Paints were the biggest winners. On the other hand, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement and Power Grid were among the laggards.
Larsen & Toubro, Axis Bank, Reliance Industries, UltraTech Cement, Mahindra & Mahindra, IndusInd Bank, ICICI Bank and Tata Steel were the other big gainers. Sun Pharma, HCL Technologies, Asian Paints, Nestle and Infosys were the laggards.
India's largest private sector lender ICICI Bank has hit the Chinese debt market for a benchmark issue of about $500 million.
ICICI Bank has increased auto loan rates by 100 basis points with effect from Monday, a bank official told PTI.
Systemically important banks are subjected to higher levels of supervision to prevent disruption to financial services in the event of any failure.
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.
The Sensex and the Nifty reached an intra-day high of 16,784 levels and 5,021 mark, respectively.
Benchmark Sensex rose by 443 points to close at a new record high while Nifty settled above the 24,100 mark on Monday on buying in banking and IT shares in line with gains in Asian and European markets. The 30-share BSE Sensex settled higher by 443.46 points or 0.56 per cent at an all-time high of 79,476.19.
Among the Sensex components, Nestle, Maruti, IndusInd Bank, ICICI Bank, Hindustan Unilever, Larsen & Toubro, Tata Consultancy Services, Infosys, HDFC Bank and Axis Bank were the major laggards. Tata Steel, JSW Steel, Power Grid, Tech Mahindra and State Bank of India were among the gainers.
As she begins her second term as MD & CEO, Chanda Kochhar wants the bank to grow more than the industry not by taking on more risk but by building a strong base of customers and shunning the pell-mell marketing of credit card and personal loans to newcomers.
ICICI Bank, the country's second largest bank, is planning a $1 billion overseas syndicated loan. This is the third time in four months that the bank will tap the overseas market for funds.
"We always do not jump to hike in lending rates. We will see the overall impact before taking a call." \n
In a bid to enhance its auto-finance business, ICICI Bank plans to acquire 100 per cent stake in Transamerica Apple Distribution Finance, an auto distribution finance company, in an all cash deal for Rs 74 crore.
Among the 30 Sensex companies, Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank, State Bank of India, Infosys, Wipro, Tech Mahindra and HCL Technologies were the gainers. On the other hand, Titan, Maruti, Bharti Airtel, Larsen & Toubro, NTPC, Reliance Industries, Bajaj Finance and Power Grid were among the laggards.
new base rate will be effective Monday next, while the new retail lending rates will be effective today itself.
ICICI Bank expects its co-branded credit cards to contribute 50 per cent of business in this segment by end of the current year and has identified several sectors for introducing such cards.
Vishal Goyal, Banking Analyst at Edelweiss Capital, says that the interest rate increase is not that harmful for banks' bottomline.
The rate, which has been reduced from 14.25 per cent, will benefit all existing home loan and auto loan customers, the bank said. Besides, the bank reduced it benchmark lending rate by half a percentage points to 16.75 per cent.
Adani group is on track to surpass a combined Ebitda (earnings before interest, taxes, depreciation, and amortisation) of Rs 1 trillion in the ongoing financial year (FY25) as it prepares for a $2 billion (over Rs 16,700 crore) share sale by its flagship entity Adani Enterprises next month, according to a source close to the matter.
Among the 30 Sensex companies, Mahindra & Mahindra, Power Grid, Sun Pharma, Nestle, UltraTech Cement, NTPC, ITC, ICICI Bank, Titan, Bajaj Finserv, Bharti Airtel, and HDFC Bank were among the biggest gainers. IndusInd Bank, Adani Ports, Tata Steel, Reliance Industries, Axis Bank and Bajaj Finance were among the laggards.
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