Citibank India has reported a 46 per cent rise in net profit at Rs 571.62 crore (Rs 5.72 billion) for the fiscal ended March 31, 2004, compared to Rs 391.48 crore (Rs 3.91 billion) in the previous financial year.
ICICI Prudential Asset Management Company has set a price band of Rs 2,061- Rs 2,165 per share for its Rs 10,600-crore initial public offering (IPO) that will open on Friday. At the upper end of the band, the country's largest asset manager will command a valuation of Rs 1.07 trillion.
The bank's profit is buoyed by robust growth in its commercial banking and mortgage businesses.
Tata Trusts chairman Noel Tata and two other powerful trustees considered close to him blocked the reappointment of late Ratan Tata's close associate and businessman Mehli Mistry as trustee, deepening the rift at the philanthropic arm that controls the holding company of Tata Group, people familiar with the matter said.
India's private-sector banks are likely to lose market share for a second consecutive year in 2025-26, as their loan books continue to expand much slower than overall bank credit.
Diwan Arun Nanda, founder of Rediffusion and one of India's last great admen, changed the industry with memorable campaigns, political ads, and a rare mix of sharp strategy and creativity.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
It is not yet clear if Diageo Plc is looking to sell its complete stake in RCB.
'For 40 years, India valued only technical skills. IITs, coding -- that became everything.' 'Soft skills were sidelined. But those are the skills that will keep you employable now, not technical skills.'
The development makes Citibank India the first country franchise within Citigroup to launch an industry innovative mobile payment solution, which has been developed with its technology partner Ezetap.
In April 2015, the regulator issued a show cause notice to the bank for alleged violation of portfolio managers' norms with respect to one relationship manager.
'You can imagine for India what Shuks means not just to the billions of people in India but the entire Indian diaspora around the world.'
Call centres, once the engine room of India's BPO exports, are evolving too. Depending on the complexity, 30 to 50 per cent of voice and chat volumes are now handled by conversational AI.
Thanks to its indemnity cover, Citibank may not have to provide for the alleged multi-crore fraud by Shivraj Puri, the relationship manager at its Gurgaon branch.
Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
They combine financial protection and health and lifestyle management support for non-communicable diseases such as hypertension, diabetes, heart disease, cancers and tumours.
Citibank India will increase the interest rate on certain loan products, including home loans, due to rise in cost of funds and new risk weight norms.
After Chennai, it is Coimbatore, Madurai, and Tiruchirappalli, that are emerging as manufacturing hubs. Coimbatore is India's top Tier-II city in terms of the number of GCCs, according to a report by Cushman & Wakefield.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
'It was great to have the Indian roots reflected in full force.'
At a time when banks are engaged in a fierce battle to gain market share in the credit card segment, Citibank India has been losing its share, both in terms of outstanding cards and spends in the last few years. Still, average spends on Citi cards are higher than any other Indian bank. Last year, the global banking behemoth announced exit from its consumer banking franchises in 13 markets across Europe, Middle East and Asia, including India, citing lack of scale.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
Citibank, which regards India as its top-most priority market after profits from country operations grew by 45-50 per cent in the last few years, now plans to increase its presence through 300 centres and in 35 cities in two years.
Though most foreign banks appear reluctant to establish a subsidiary here, Citi is the only bank that has so far communicated this to the regulator, in writing.
'We have seen something do very well when the times are good but maybe not as well when the times are bad.'
American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
Citigroup's Citibank arm is expanding keenly in India but is wary of taking stakes in local banks because of a cap on foreign equity and limits on voting rights, company officials said
Citibank has introduced a new scheme, which will enable its account holders to transfer funds from a Citibank account in the United States to a rupee checking account in India using its online service or ATMs.
Several depositors and high-networth individuals were duped in the Rs 460.91 crore fraud which was engineered by a Citibank's Global Wealth Manager Shivraj Puri who was working at Gurgaon branch of the bank.
Citibank is no longer quite the king of the Indian credit card market. It has been dethroned by ICICI Bank, which now claims it has 3 million credit cards.
Shiv Raj Puri, the alleged mastermind behind the multi-crore Citibank fraud, displayed his credibility to his potential customers, but never pushed them.
The loss followed a massive fraud allegedly committed by Shivaraj Puri, a relationship manager at the bank's Gurgaon branch.
About 35,000 credit card customers of Citibank received free tickets worth Rs 23 crore (Rs 230 million) in early 2007 under the 'Fly for Sure' promotional campaign undertaken by the bank in 2005. The customers became lucky after the bank was cautioned by the Reserve Bank of India (RBI) about consequences if customer complaints were not redressed and commitments made under the promotional scheme not honoured, banking sources said.
HDFC Ltd chairman Deepak Parekh on Thursday blamed the Rs 400-crore (Rs 4-billion) Citibank fraud to absence of specific guidelines for wealth management and expected regulators to come out with norms in this regard.
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