Kamath also served on the board of Infosys.
The RBI, according to the source, wants details on the procedure followed for credit appraisal by the bank while giving loans to Videocon.
We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees," ICICI Bank's managing director and chief executive, Chanda Kochhar, told reporters after inaugurating the 2000th branch of ICICI Bank in Mumbai on Monday.
IBoard defends MD on nepotism charges, quashes allegations; it also reviewed its internal processes and exposure to the Videocon group
The regulator in its notice alleged violations of the code of conduct because Chanda Kochhar reportedly had not disclosed the conflict of interest arising out of business dealings among ICICI Bank, Videocon and NuPower Renewables, led by her husband, Deepak Kochhar.
Since January this year, RBI has cut the repo rate - at which it lends to commercial banks -- to a gross of 1.25 per cent.
The introduction of more technology platforms has also helped.
Executive Director V Vaidyanathan will assume the position of managing director and chief executive officer of the bank's life insurance arm, ICICI Prudential. This slot had fallen vacant as Shikha Sharma decided to move to Axis Bank.
Kochhar was directed to return about Rs 10 crore in cash bonuses she had received as CEO, and also give up close to 6 million shares of the bank she had as stock option, which was about Rs 350 crore.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
Private sector lender ICICI Bank on Monday launched a facility which allows account-holders to transfer funds through Twitter.
Shares of information technology (IT) companies were in demand on Friday, with the National Stock Exchange's (NSE's) Nifty IT index rallying 3.3 per cent on . This came after Infosys reported steady sequential growth, driven by health care boost and large deal rampup in a seasonally weak quarter (Q3FY26).
Of the existing set of potential leaders, Bakhshi was clearly the only choice as he beat out other high-level candidates that included executive directors Anup Bagchi, Vishakha Mulye, NS Kannan, and Vijay Chandok who were lacking the all-round game that Bakhshi has.
Kochhar's counsel argued that according to Section 35B (b) of the Banking Regulation Act, prior approval of the RBI is required to terminate the contract of a bank's chairman or managing director. But in this case, the RBI approval came after the termination letter was served.
ICICI Bank is likely to disburse Rs 7,000 crore (Rs 70 billion) as agricultural lending in 2004-05 as against Rs 4,000 crore (Rs 40 billion) in the last fiscal.
It will help customers raise the eligible amount by up to 20 per cent and increase the tenure by up to seven years.
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.
Indian corporate are increasingly shifting away from bank funding towards alternative sources, such as equity and bond markets, as their deleveraged balance sheets have improved their ability to raise equity at better valuations. Moreover, the 100 basis points (bps) rate cut by the Reserve Bank of India (RBI) has enabled them to access long-term funds from the debt capital market at cheaper rates.
"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.
After two years of strong gains, smallcap stocks fell sharply in 2025, but the correction may be setting up opportunities for long-term investors.
In the coming days, other lenders are expected to initiate similar steps to recover their dues from the company, which is facing the prospects of a change of management. IFCI executives said that the company revoked the guarantee earlier this month to recover its dues amounting to Rs 95 crore from Maytas Infra.
A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar's misdeed.
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.
NuPower will return loan with interest to consumer durables major by 2021
ICICI Bank has 317 branches in hitherto unbanked villages.
With the 50 bps rate cut now more banks are expected to reduce their base rate.
Importers are rushing to hedge their dollar positions amid the sharp depreciation of the rupee against the American currency and expectations of further volatility even as exporters are holding off after suffering mark-to-market (MTM) losses on earlier hedges.
Canadian firm Manulife and Mahindra & Mahindra (M&M), an Indian automaker with interests in financial services, have signed an agreement to form a 50:50 life insurance joint venture (JV) with a total capital commitment of up to Rs 3,600 crore each totalling Rs 7,200 crore.
ICICI Bank puts up a good show in Q4.
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.
Other private banks also planning to employ bots soon
The CBI has shared its findings with the Enforcement Directorate.
The bank saw loans worth Rs 7,000 crore (Rs 70 billion) slipping into NPAs during the March quarter, taking the gross NPA ratio to 5.82 per cent.
Moreover, all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits will be revoked.
ICICI Bank on Monday said it sees no impact of the Greek debt crisis on the bank as it has no exposure to Europe.
While Chanda Kochhar got a pay of Rs 2.66 crore, Arundhati Bhattacharya took home only Rs 28.96 lakh
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