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.
Indian equity benchmarks, Sensex and Nifty, ended lower after a spectacular rally, with the Sensex tumbling 931 points, as renewed tensions in West Asia, particularly the risk to the ceasefire deal after Iran closed the Strait of Hormuz, dampened investor optimism.
Country's largest private sector lender ICICI Bank has announced a hike in its ATM charges for saving account holders from January 1 next year.
India's economic growth slipped to 6.7 per cent in '09, mainly on account of the impact of the global financial meltdown that started in the US in 2008.
Total income rose to Rs 20,163.25 crore during the quarter as compared to Rs 16,832.22 crore in the same period a year ago.
ICICI Bank today hiked its home loan rates by 0.50 per cent with effect from May 8.\n\n
Indian benchmark indices, Sensex and Nifty, closed lower, primarily due to a sharp sell-off in IT stocks, a fresh surge in crude oil prices, and sustained outflows from foreign institutional investors. The Sensex dropped over 300 points, while the Nifty declined by 77.95 points.
Kamath also served on the board of Infosys.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
The bank posted a net profit of about Rs 2,300 crore.
Awaiting regulatory approvals for its foray into financial services sector, Mukesh Ambani-led Reliance Industries has acquired shares in giants like HDFC, ICICI Bank and Axis Bank as part of long-term 'investments'.
Banks are depending more heavily on the market for certificates of deposit (CDs), whose worth climbed to a record Rs 5.75 trillion in the fortnight to January 15, owing to deposit tightness in the system.
This cashless transaction is a part of corporate debt restructuring agreed by banks and the airline company.
A potential US-Iran peace deal, expected to be signed on June 19, is anticipated to ease geopolitical stress and benefit various sectors, particularly in India, with analysts suggesting investors await finer details before making significant moves.
The government of India has nominated Vinod Rai as the government nominee on the board of ICICI bank in place of Vineeta Rai with effect from January 3, 2003.\n\n
It will help customers raise the eligible amount by up to 20 per cent and increase the tenure by up to seven years.
Indian equity benchmark indices Sensex and Nifty rebounded in early trade, driven by buying in blue-chip stocks and a positive trend in Asian markets, with domestic institutional investors providing crucial support.
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.
The rate, which has been reduced from 14.25 per cent, will benefit all existing home loan and auto loan customers, the bank said. Besides, the bank reduced it benchmark lending rate by half a percentage points to 16.75 per cent.
ICICI Bank has reported a 44.67 per cent jump in net profit on a consolidated basis at Rs 336.89 crore (Rs 3.368 billion) for the first quarter ending June 30, 2003 as compared to Rs 232.86 crore (Rs 2.328 billion) for same quarter last fiscal.
SBI Funds Management, India's largest asset management company, has set its IPO price band between 545 and Rs 574 per share, valuing the company at 1.2 trillion. The management explained the 'moderate' valuation aims to instil investor confidence amidst market uncertainty, while also highlighting plans for AI integration, expansion into GIFT City, and new alternative investment funds.
ICICI Bank Ltd has informed BSE that its board will consider the audited financial results for the third quarter ended December 31, 2002 at its forthcoming meeting to be held on January 31, 2003.
new base rate will be effective Monday next, while the new retail lending rates will be effective today itself.
ICICI Bank, India's second biggest bank, has offered to lower the equated monthly installments for a large number of its borrowers by enhancing the tenure of their home loans.
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.
The bank raised it floating rates from 12 per cent to 13 per cent, with the fixed rate being raised to 16.5 per cent from October 10.
The bank's net profit fell to 2,232 crore for its fiscal first quarter to June 30.
Country's largest private lender ICICI Bank on Wednesday said it will raise up to Rs 8,750 crore (Rs 87.50 billion) through a Follow-on Public Offer in the domestic markets.
ICICI Bank is planning to increase its home loan rates by 50 basis points "anytime before the end of the current fiscal".
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.
S&P Global Ratings warns that a sustained rise in crude oil prices to $130 per barrel could significantly slow India's economic growth, weaken fiscal metrics, and strain corporate and banking sector performance, potentially reducing growth by up to 80 basis points.
Aditya Puri is one of the cleanest examples we have, in Indian corporate history, of a leader who understood early that the measure of his work was not what happened while he was in the chair. It was what would keep happening when he was no longer there, says Suresh M K.
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 and HDFC Bank have effected a cut of up to 0.50 per cent in term deposit rates following tepid credit growth and ease in money market rates.
