Move comes as stringent regulation chokes biz growth.
The Paytm application (app) could potentially face a permanent loss of its integrated mobile wallet feature, currently owned by Paytm Payments Bank (Paytm PB). With the recent crackdown on Paytm PB, sources say getting a fresh wallet licence may get tough for the group. "The Paytm app (One97 Communications) has to apply afresh to the RBI for a licence to operate a prepaid payment instrument (PPI) like a mobile wallet within the Paytm app, as PPI is a regulated entity.
Amid a string of interest rate cuts by state-run banks since April 1, country's biggest private lender ICICI Bank today said chances of it reducing rates are less unless government bond yields come down.
Among the Sensex firms, Asian Paints, Titan, Larsen & Toubro, JSW Steel, ITC, Hindustan Unilever, Maruti and Reliance Industries were the major gainers. ICICI Bank, NTPC, Infosys, Tech Mahindra, Tata Steel and Bajaj Finance were among the laggards.
Following the sharp run in markets, valuations across the board have become elevated. The National Stock Exchange Nifty50 Index now trades at a 12-month trailing price-to-earnings (P/E) multiple of 24.3 times, 18 per cent higher than this year's low of 20.5 times. The valuation expansion in the broader markets has been sharper.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
ICICI Bank has raised its interest rates on non-resident external rupee savings account, NRE fixed deposits and foreign currency non-resident deposits.
ICICI Bank, India's second largest bank, was awarded 'The Best Retail Internet Bank Award in India-2004' and 'The Best Corporate/Institutional Internet Bank Award in India-2004' by internationally acclaimed Global Finance magazine.
With more players, products and rising consciousness about the need for insurance, the market has to grow. As for the team, the existing management team continues (at ICICI Prudential) to be there. The team has built a solid business, an excellent brand. The systems are in place, so it is a good stepping stone, says Vaidyanathan.
As part of its rural initiative, ICICI Bank is developing a low cost ATM to cater to the villages in India.
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.
Analysts on average had expected a net profit of Rs 26.93 billion for ICICI Bank, which is also listed in New York.
A spokesperson of ICICI Bank, which had approached the regulator seeking a probe into what they called 'beating down' of their shares by vested elements, declined to comment.
JPMorgan said it had hired Kalpana Morparia, one of India 's most senior domestic bankers, to run its operations in the country.
HDFC Bank, India's second-largest private bank, has overtaken ICICI Bank, the largest private player, in terms of market capitalisation to top the rankings among private banks.
"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.
ICICI Bank plans to raise $300 million through issuance of Eurobonds in the international markets as the first tranche of its $1 billion medium term notes programme.
The country's largest private lender ICICI Bank on Monday said that interest rates are expected to come down in the next one-and-a-half months.
ICICI OneSource is looking for Customer Service Associates.
rediffGURU Nikunj Saraf suggests considering small-cap, mid-cap, and multi-cap mutual funds.
The country's largest private sector bank, ICICI Bank on Monday ruled out any acquisition abroad and said it would wait for another 2-4 weeks to decide on whether to revise the interest rates further.
The bank's net profit fell to 2,232 crore for its fiscal first quarter to June 30.
High-value insurance policies experienced muted growth in the first six months of the current financial year after the Centre decided to tax such products in this year's Budget. Simultaneously, there has been a marked improvement in the growth of policies with premiums of 'less than Rs 5 lakh', mainly originating from smaller cities. During this year's Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit linked insurance plans or ULIPs) with an aggregate premium exceeding Rs 5 lakh, and the maturity amount, would not be exempt from tax.
The overall market breadth was positive as 1,796 stocks advanced against 1,023 declining ones, on the BSE.
This is a good opportunity for long-term investors to pick quality small and midcap stocks at reasonable valuations.
Reliance Capital Asset Management Company (RCAM) and ICICI Securities Primary Dealership have been selected to manage Rs 60,000 crore (Rs 600 billion) provident fund corpus of coal industry workers.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
From April 1, when we buy insurance for a car or take out a health cover, insurance companies can offer a product totally customised for us.
The RBI said it had not found initial evidence of money laundering against the three banks.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
ICICI Bank Ltd on Wednesday opened its first overseas offshore branch in Singapore.
Benchmark indices--Sensex and Nifty--were 0.7-0.8 per cent higher from the Saturday closing. Among the widely-tracked Nifty 50 stocks, 39 advanced and the rest 11 declined at the opening bell. Among the individual stocks, Cipla, ICICI Bank, Sun Pharma, Power Grid Corp, and Bharti Airtel were the top five gainers, while Asian Paints, Hindustan Unilever, Britania, HDFC Bank, and BPCL the losers, NSE data showed. On Monday, Indian stock exchanges were closed for trading on the occasion of Pran Pratistha of Ram Temple in Ayodhya.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
Sundaram Multi Pap, a Mumbai-based paper stationery manufacturer, on Monday disowned exotic hedging contracts entered into with ICICI Bank, saying the bank had misled the company into taking derivatives positions much beyond their underlying export risks.
