Some of the fintechs that will get impacted include Cred, Paytm, Phonepe and Amazon Pay, among others.
Car loans from ICICI Bank, the country's largest private sector lender, would be 50-75 basis points (bps) cheaper, while those from IDBI Bank would cost 100 bps less.
ICICI Bank has identified rural credit as the next growth platform for which it had decided to leverage the role of micro-credit organisations.
In a rating watch statement, ICRA said that it has re-affirmed the LAAA rating with a stable outlook on ICICI Bank's subordinated debt programme and long-term bonds programme, which indicate highest credit quality and lowest credit risk for the two instruments. Besides, the ratings for the debts taken over by ICICI Bank from the erstwhile ICICI Limited have also been retained at LAAA with stable outlook and MAAA, respectively.
ICICI Bank has a network of 1,416 branches and over 4,600 automated teller machines across the country, which it manages by itself, while several other banks have outsourced their ATM management and POS (credit and debit card payment accepting) terminals.
ICICI Bank UK Ltd, a wholly owned subsidiary of ICICI Bank Ltd, India's second largest Bank, has enhanced its presence in the United Kingdom by inaugurating branches in Manchester and Southall on Thursday.
From the Sensex basket, Titan, Reliance Industries, Asian Paints, Tech Mahindra, IndusInd Bank, UltraTech Cement, Wipro and ITC were the major laggards. ICICI Bank, Infosys, Bajaj Finserv, Tata Steel, Axis Bank, Bajaj Finance, Nestle and Mahindra & Mahindra were among the major gainers.
State-backed Life Insurance Corporation of India (LIC) recorded strong growth in the value of new business (VNB) margin in the third quarter of financial year 2023-24 (Q3FY24) while major listed private life insurers reported a weak performance. VNB refers to the profit that an insurer is likely to garner from new business, which comes from policies sold in a particular period. VNB margin is the profit margin of the insurer.
MD Chanda Kochhar says the facility 'has the potential to increase security and convenience'
The Reserve Bank of India has said its inspection of ICICI Bank and its UK subsidiary has not revealed anything to cause alarm.
ICICI OneSource, India's leading business process outsourcing on Tuesday announced the commencement of operations at its 400-seat facility in Buenos Aires, Argentina.
From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.
ICICI Bank said on Tuesday it has opened a representative office in Shanghai, China, its third overseas office after New York and Dubai.
Prudential ICICI Asset Management Company the investment manager to India's largest private sector mutual fund launched an innovative product, the Pru ICICI Advisor Series.
Top Indian private sector lender ICICI Bank, which owns nearly 68 percent of the insurer, is selling up to 181.34 million shares in the IPO.
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.
ICICI Bank, the country's largest private sector lender, has introduced an equated monthly instalment (EMI) option for its customers on debit card purchases.
Such fixed-cum-floating housing loan schemes had disappeared from the market after the Reserve Bank of India expressed concerns that these products may affect banks' asset quality.
The suspension is pending the bank's investigation into money laundering charges, sources in ICICI told PTI. The probe is expected to be completed in two weeks.
Singapore government's sovereign wealth fund Temasek is looking to invest $10 billion in India during the next three years, Ravi Lambah, Temasek's head of India and strategic initiatives, said.
ICICI OneSource, one of India's leading business process outsourcing services providers and a member company of ICICI Bank
ICICI Lombard has launched a hybrid weather-cum-satellite imagery-based insurance product in India to insure wheat crops.
For priority sector home loans below Rs 20-lakhs (Rs 2 million), the new interest rate will 9.75 per cent as against the earlier 10 per cent, an ICICI Bank spokesperson said.
ICICI Prudential Life Insurance on Monday said it will hike capital by Rs 50 crore to Rs 575 crore by the end of this fiscal, after posting over 170 per cent jump in business till September.
ICICI Pru is barred from doing any further business with the state government or any of its departments.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
ICICI Bank Ltd has set up a wholly owned banking subsidiary in Canada that would offer a range of products targeted at retail and commercial clients.
Videsh Sanchar Nigam Ltd has inked a pact with ICICI Bank Ltd, whereby the private sector bank will distribute the former's Tata Indicom dial-up Internet services through its ATMs in the country.
Biometric cards contain the details of policyholders such as name, age, address and finger prints. Besides helping the customers to pay their renewal premiums, the card will facilitate claim processing. It authorises transactions based on the customer's fingerprints.
Bharti Airtel has quietly narrowed its adjusted gross revenue (AGR) market share gap with Reliance Jio, the country's largest player in the game, in the last three years. Despite Jio's aggressive entry into 4G and now into 5G, Airtel's gap with Jio, which was 6.4 percentage points in Q1 of FY21 and went up to 7.2 percentage points in Q1 of FY22, has fallen to only 4.4 percentage points in Q1 of FY24. Currently, Reliance Jio's AGR market share is 41.6 per cent while Airtel's is at 37.2 per cent.
The stock of footwear major Bata India has been the highest gainer among larger listed footwear companies since the start of the month on expectations of a recovery in the value segment, new launches and measures by the new government to boost consumption. The third largest footwear maker by market capitalisation has been trailing its peers over the past few quarters due to the slowdown in the mass segment market which accounts for a significant chunk of its revenues.
ICICI Lombard outsmarted other private general insurers in the first two months of this fiscal by mopping up Rs 10,137 crore (Rs 101.37 billion) in premium income and cornering 3.27 per cent of the market share in April-May, 2003.
Unperturbed by election uncertainty, investors poured record sums into equity mutual fund (MF) schemes in May, driving India closer to a $5 trillion market capitalisation. The Rs 34,697 crore net inflows into actively managed equity funds last month surpassed the previous high of Rs 28,463 crore recorded in March 2022. In April 2024, equity schemes had garnered nearly Rs 19,000 crore.
Investors' wealth jumped Rs 13.78 lakh crore on Monday as the benchmark equity index Sensex hit its lifetime high after exit polls predicted a massive win for the BJP-led NDA in the Lok Sabha polls. The 30-share BSE Sensex jumped 2,777.58 points or 3.75 per cent to hit a record peak of 76,738.89 in early trade. The benchmark finally ended at 76,468.78, registering a sharp rally of 2,507.47 points or 3.39 per cent.
ICICI Bank on Saturday launched the Visa 'mini card', India's first miniature-sized payment card.
ICICI venture firm, RFCL Ltd acquired Alved Pharma and Foods. RFCL aims at banking on Alved's southern market in animal healthcare business.
