ICICI Bank on Tuesday said it cannot be termed foreign bank and is awaiting further clarification on the circular regarding new FDI norms.
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.
The country's largest private sector lender ICICI Bank on Thursday said lending rates will start going up any time now, quite contrary to the SBI chairman's projection that borrowers can breathe easy till Diwali.
AirAsia will expand its network across ASEAN.
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.
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.
Nayan Chanda of Yale University was chosen for his contribution to arts, Prasad Srinivasan for community service, and Sameer Ahuja was chosen as the 'Young Professional of the Year'
"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.
Hinting at easing of borrowing costs for retail and corporate customers, ICICI Bank's new chief Chanda Kochhar has expressed hope that interest rates could fall to single-digit level in the coming months.
Bankers on Tuesday said interest rates have bottomed out in the second quarter and rates may start rising in the coming months in line with a pick-up in credit off take, expected on the back of a revival in the economy.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
Three Indian-origin women are amongst the Forbes' list of the world's most powerful businesswomen.
"We would continue to focus more on home, car loans," ICICI Bank managing director & CEO Chanda Kochhar told reporters on the sidelines of a conference on Tuesday.
The tax department had attached about a dozen plots and buildings in Delhi and Bihar.
In the clip, the 'godman' extended his gratitude to his followers for maintaining calm on the day he was sentenced to life in prison.
Governor Raghuram Rajan lowered the benchmark repurchase rate to 7.75 per cent from 8 per cent, the first reduction since May 2013.
The country's largest private sector lender, ICICI Bank, on Thursday slashed its benchmark lending rate by 50 basis points to 15.75 per cent, a move that would benefit the bank's home, auto, consumer and corporate loan borrowers.
Top private lender ICICI Bank plans to open nearly 600 branches this year, but will not hire as part of the current workforce would be redeployed to manage the expanded network of 2,000 branches.
The 46-year-old, who grew up in Jaipur aspiring to be an IAS officer, is known to put in long hours.
The MD and CEO of ICICI speaks on how life will change and the bank's strategy going forward.
The board of ICICI Bank, the country's second-largest lender, will take a final call on appointing a successor to K V Kamath, its present managing director and chief executive officer, next month.
A list of at least 20 individuals has been sent to the immigration department to prevent them from flying overseas.
Hastey Hastey, aptly titled, is another comedy to tickle your funny bone. Unfortunately, it really doesn't.
Home, consumer, corporate and personal loans are likely to become cheaper with the Reserve Bank cutting its key short-term repo rate by 1 per cent to 8 per cent, the first since 2004, bankers said. After slashing the cash reserve ratio by 2.5 per cent from 9 to 6.5 per cent with effect from October 11, the Reserve Bank cut the repo rate on Monday, which is the rate at which banks borrow from the apex bank.
The cases under scanner include significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of the Kochhar family in restructuring of that loan.
The Karnataka Film Chamber of Commerce has decided to suspend Duniya's Vijay, one of Kannada cinema's top stars, for a year for violating the decision of the KFCC's taken on October 25 to dub for the film Chanda directed by S Narayan.
The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on December 19, through postal ballot by February 11 and the results would be announced on February 13, the bank said in a notice to its shareholders. As per the proposals, Kamath would replace N Vaghul as the bank's non-executive chairman, after he retires on completion of his current term on April 30.
'I am not surprised that hubris brought Chanda Kochhar down. It would appear that as a person she thought she could do no wrong and as a leader she considered herself above what her company demanded of others in terms of financial probity and honesty. That, my friends, is NOT a good way for a leader to feel,' says S Muraleedharan, former managing director, BNP Paribas.
After 24 years at the helm, Narayan Vaghul, the non-executive chairman of ICICI Bank, will call it a day in March next year. His protege and the current chief executive officer and managing director K V Kamath is likely to step into Vaghul's shoes after his term ends in April.
Aravindan Balakrishnan, a 75-year-old Indian-origin man who ran a secretive extremist Maoist cult in London, was on Friday sentenced to 23 years in jail by a UK court for a string of sexual assaults.
It will help customers raise the eligible amount by up to 20 per cent and increase the tenure by up to seven years.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
The Indian medal hopes in the 32nd chess Olympiad suffered a severe jolt after the men could only manage a 2-2 draw with Slovenia while the women lost 1.5-2.5 to Serbia in the eighth round in Dresden, Germany. The Indian men slipped to joint 14th spot in the standings on 11 points out of a possible 16 and now face an uphill task to keep their medal hopes alive.
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.
Sukanya Verma looks at the handful of occasions when Bollywood believed sky was the limit.
The Rajasthan police have taken into custody a man from Chanda village here for interrogation in connection with the October 11 bomb blast at the shrine of Sufi saint Khwaja Moinuddin Chisti in Ajmer, the police said.
