ICICI Bank has cut floating benchmark lending rate for home loans by 50 basis points to 13.25 per cent and deposit rate by 25-50 basis points.
Both banks intend to tap German investors focused on emerging markets.
The bank is offering a preferential rate on foreign currency conversion, giving special offers on housing loans and providing assistance for searching properties.
Indian benchmark indices Sensex and Nifty closed flat, paring early gains due to renewed hostilities between the US and Iran, which unsettled investor sentiment and led to profit booking in metal, oil & gas, and telecom shares.
"At present, our credit card base is 7.5 million," he said. Sachin Khandelwal, senior general manager for retail assets, however, declined to comment on specific details, such as the magnitude of the reduction in the bank's credit card business over the past year. The country's second-largest lender, which spearheaded the growth of retail finance in the country, has also been going slow on retail loans for the past few years.
India's second largest lender ICICI Bank sees domestic lending rates gradually hardening in line with the international trend.
ICICI Bank has enhanced its international presence by opening two new branches, one in UK and another in Canada, as part of plans to increase share of its global business.
ICICI Bank joined the likes of Reliance Communications, Infosys and Tata Consultancy Services on Monday in the Rs 1-trillion market valuation club.
Private sector lenders ICICI Bank and Kotak Mahindra on Tuesday announced low rates of 8.25 per cent and 8.49 per cent respectively for home loans, intensifying the cut-throat competition sparked by SBI and HDFC.
The country's two ubiquitous financial powerhouses, HDFC and ICICI Bank, have been the darling of participatory notes, the instrument through which overseas investors invest indirectly - through foreign institutional investors - in India's stock market. Among the stocks comprising Bombay Stock Exchange's Sensitive Index and National Stock Exchange's S&P Nifty, HDFC has the highest P-Notes holding in value, 14.2 per cent, followed by ICICI Bank's 9.1 per cent.
Non-resident Indians will get more interest rates from ICICI Bank for their fixed rupee deposits as well as those denominated in foreign currencies, with the bank hiking interest rates on NRE fixed deposits
Indian stock markets witnessed a significant rally, with the Sensex climbing 964.58 points and the Nifty reaching 24,330, driven by strong buying in blue-chip stocks, particularly in the IT and banking sectors, amidst optimism over Q1 earnings and a shift towards large-cap investments.
ICICI Bank was the biggest loser in the Sensex pack, slipping 2.81 per cent, followed by Mahindra & Mahindra, State Bank of India, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, Axis Bank and Power Grid. Tech Mahindra, Bharti Airtel, Infosys, Asian Paints, Hindustan Unilever, Larsen & Toubro and Titan were the gainers.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
ICICI Bank plans to grow aggressively by opening 60 more branches this fiscal and aims to increase its retail assets to Rs 33,000 crore in 2004-05.
ICICI Bank, the country's largest private sector bank, is planning to raise $1 billion through issuance of medium term notes for funding the growth of its overseas operations.
Former ICICI Bank CEO and MD Chanda Kochhar was granted bail by a special PMLA court in Mumbai on Friday in connection with the ICICI Bank-Videocon money laundering case. The special court for Prevention of Money Laundering Act (PMLA) had on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused in the case after taking cognisance of the Enforcement Directorate's (ED) charge sheet.
A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.
Most legal experts indicate the former ICICI Bank CEO will take the matter to court. Her contention will be she can't be fired and called guilty without proof.
The bank has received authorisation to collect funds for PPF at branches mandated by the ministry of finance, ICICI Bank said in a release in Mumbai on Friday.
It appears the two banks are now convinced that increasing their credit card portfolios will not lead to significant erosion in asset quality.
The CBI has filed a chargesheet against AVJ Developers, bank officials, and others for allegedly cheating financial institutions and homebuyers in Greater Noida.
On Friday, the bank's offices and ATMs in Gujarat were faced with anxious customers and a spate of withdrawals as rumours of its viability spread.
ICICI Bank will honour top retailers and professionals for their innovations to satisfy and retain customers apart from increasing profits on Thursday.
Indian benchmark equity indices closed higher on Thursday, with the Sensex gaining 273.55 points to 77,928.15 and the Nifty rising 66.95 points to 24,317.15, driven by bargain hunting and short-covering in IT and auto sectors.
In a bid to tap the growing potential of mutual fund business in the country, ICICI Bank has decided to raise its stake in Prudential ICICI Asset Management Company to 51 per cent, by buying out six per cent stake from Prudential Plc.
The bank has fixed the issue price of its American Depository Shares at $26.75 per ADS.
Move comes as stringent regulation chokes biz growth.
Indian benchmark indices, Sensex and Nifty, experienced subdued trading and turned flat on Tuesday as investors engaged in profit-booking following a recent rally, compounded by weak Asian market trends and fresh foreign fund outflows.
The public issue of equity shares of ICICI Bank in India, of Rs 5,000 crore (Rs 50 billion) with a greenshoe option of Rs 750 crore (Rs 7.50 billion) will open for bidding through the book building route from December 1 to December 6.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
The consolidated net rose 22 per cent year-on-year.
They will also have access to banking channels such as ATM, mobile and Internet banking.
A day after downgrading its rating of public sector lender SBI's financial strength, Moody's on Wednesday re-affirmed its rating for ICICI Bank and said the private sector lender continues to maintain a robust franchise and a strong liquidity, capitalisation and earnings profile.
Indian benchmark indices Sensex and Nifty experienced a significant decline in early trade, driven by renewed tensions between the US and Iran and a subsequent spike in global crude oil prices, creating uncertainty in the market. Track Sensex, Nifty on July 8.
The bank has 1.8 lakh customers with no-frills accounts, which provide basic banking services without the need to maintain a large minimum balance.
