The Reserve Bank of India's move to pause its hawkish Monetary Policy stance is on expected lines as high interest rates affect the economic growth, bankers and analysts said.
"Our business is growing between 18 to 20 per cent and we are also adding branches... it's expected that we would hire between five and six thousand people in our workforce," the bank's managing director and chief executive Chanda Kochhar told reporters.
Markets regulator Sebi has ordered the attachment of bank and demat accounts as well as mutual fund holdings of Videocon Group founder Venugopal Dhoot to recover dues totalling Rs 5.16 lakh. The latest decision has been taken after Dhoot failed to pay the fine imposed on him in March by Sebi for not making disclosures about his interest in Supreme Energy as well as for not disclosing that Quality Techno Advisors Pvt Ltd (QTAPL) and Credential Finance Ltd (CFL) were related parties with respect to certain transactions. In an attachment notice on Monday, Sebi said the pending dues of Rs 5.16 lakh include the initial fine of Rs 5 lakh, interest of Rs 15,000 and a recovery cost of Rs 1,000.
The Prime Minister's Council on Trade and Industry comprising top industrialists and bankers met on Wednesday and reviewed the economic situation, particularly in the wake of the European financial crisis.
The visiting US treasury secretary Timothy F Geithner today said Washington will closely work with New Delhi to promote a more balanced and greater economic cooperation between the two nations.
These are the highest-earning bank CEOs in India.
The committee is considering 1,300 names for this year's awards from which it is likely to select 120.
The managing director and CEO of India's second largest bank is already walking the talk by organising roadshows all over the world to showcase upcoming highway projects.
It was merely an obligation in the past, but financial inclusion has now turned into a big business opportunity for private banks.
Some are heading the top banks in India, while others are calling the shots as company's CFO.
Prime Minister's Office wants CBI and tax dept to identify the actual beneficiaries of the transactions made in India and abroad.
From a technocrat turned fraudster Ramalinga Raju's confession to the snub-nosed Nano, 2009 offered some forgettable and many memorable moments in business.
This was the companies' highest loss in two years.
The country's largest private sector lender ICICI Bank on Tuesday said that it expects the Reserve Bank to continue with calibrated approach to check inflation at its upcoming September 16 monetary policy review.
Sonjoy Chatterjee, executive director (ED) of ICICI Bank, has put in his papers and will soon join US-based investment bank Goldman Sachs in India, according to a person familiar with the development.
Industrialists Anand Mahindra and Ratan Tata will co-host a power lunch for CEOs with the visiting US Treasury Secretary Timothy Geithner on April 7.
The finance ministry has voiced the opinion that there was no need for the RBI to increase the key rates that could impact the banks lending rates.
"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.
Indian govt is trying hard to get global investors to invest in the country.
Chanda Kochhar, managing director and chief executive officer of ICICI Bank Ltd, the second biggest lender, expects loans to grow 16 per cent in the year to March and sees lending rates rising during the year.
ICICI Bank, the country's largest private sector lender, which has identified infrastructure as one of its growth drivers, sees projects worth Rs 150,000 crore for achieving financial closure in the next three to four months.
ICICI Bank has asked the government not to take into account overseas securities like ADR and GDR when deciding on whether a bank is Indian or foreign.
The strong commitment to managing the government borrowing programme in a manner that is non-disruptive to markets and does not crowd out private sector investment should give confidence to market participants, ICICI bank's managing director & CEO, said.
Chanda Kochhar on fate and hard work - the cornerstones of her career in the banking world.
The focus on rural areas ties in with the bank's strategy to use its branch network to source most of its loans, rather than direct sales agents. Its direct agriculture advances amounted to Rs 17,329 crore at the end of March 2010.
"At best, the two can be called as Indian-controlled banks," DIPP secretary R P Singh said when asked about the government's stand in the wake of the two seeking clarifications on the matter.
The Air Force Wives Welfare Association and the ICICI Bank on Thursday joined hands to launch a dedicated placement website which would provide a platform to the members to accomplish their career ambitions.
The country's largest private sector lender, ICICI Bank, today said credit offtake will pick from July putting pressure on lending rates.
For one, women comprise almost half of India's population, yet less than 5 per cent women are corporate directors and less than half of that are independent directors.
Meanwhile, ICICI Bank chairman KV Kamath, however, said he expects interest rates to go up only towards of the end of this year.
Describing the third quarterly performance of the bank as 'very positive', ICICI Bank managing director and CEO Chanda Kochhar said on Monday the bank has emerged stronger on all parameters recording an operating profit of 22 per cent minus treasury income.
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.
Chanda Kochhar, CEO and managing director of ICICI Bank, spells out ICICI's work culture and employee philosophy.
The bank would take a call on the subject once the laws are amended to hike foreign direct investment in insurance sector from 26 per cent to 49 per cent, ICICI Bank CEO and managing director Chanda Kochhar told PTI. This would help create value for the stake holders, she clarified while pointing out that ICICI Bank's share price had increased three times in the last six months to about Rs 750 a share.
ICICI's Chanda Kochhar, ranked highest among Indian women, has been ranked second across the region
United States Secretary of State Hillary Clinton on Saturday had a breakfast meeting with top honchos of India Inc at the iconic, sea-facing Taj Hotel in Mumbai. Amongst those from India Inc who were present at the meeting included Ratan Tata, chairman of Tata Group and Reliance Industries' Mukesh Ambani. Others present were the chiefs of India's two largest banks, O P Bhatt of State Bank and Chanda Kochhar of ICICI Bank, Swati Piramal and Sudha Murthy.
India Inc on Monday welcomed the focus on reviving economic growth to nine per cent as also the indications for bold tax reforms, but expressed regret that the Minimum Alternate Tax was raised and Security Transaction Tax was let to continue.
Anand Mahindra, vice-chairman and managing director of Mahindra & Mahindra, has been selected for Business India's Businessman of the Year 2007 award. Anand Mahindra was selected for the award by an eminent jury chaired by Baba Kalyani, chairman and managing director, Bharat Forge.
The programme that began last year has seen the list of CEOs -- who will be put under the hammer -- grow.
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