The country's largest private bank, ICICI Bank, on Friday said it is focussing on the home loan segment as the real estate segment is witnessing a comeback after the economic slowdown.
United States Secretary of State Hillary Clinton on Saturday had a breakfast meeting with top honchos of India Inc at the iconic, sea-facing Taj Hotel in Mumbai. Amongst those from India Inc who were present at the meeting included Ratan Tata, chairman of Tata Group and Reliance Industries' Mukesh Ambani. Others present were the chiefs of India's two largest banks, O P Bhatt of State Bank and Chanda Kochhar of ICICI Bank, Swati Piramal and Sudha Murthy.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
India Inc on Monday welcomed the focus on reviving economic growth to nine per cent as also the indications for bold tax reforms, but expressed regret that the Minimum Alternate Tax was raised and Security Transaction Tax was let to continue.
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
SBI Chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors.
"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.
Bankers on Tuesday said interest rates have bottomed out in the second quarter and rates may start rising in the coming months in line with a pick-up in credit off take, expected on the back of a revival in the economy.
The Central Bureau of Investigation has given a clean chit to former Delhi Police officer Amod Kanth, accused of illegally allowing retention of 37 extra seats in Uphaar theatre, where a fire claimed 59 lives 12 years ago.
Within hours of rate cut announced by RBI, United Bank has reduced the benchmark lending rate by 0.25 per cent, while other banks including market leader SBI have indicated that they would follow suit.
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It will help customers raise the eligible amount by up to 20 per cent and increase the tenure by up to seven years.
The board of ICICI Bank, the country's second-largest lender, will take a final call on appointing a successor to K V Kamath, its present managing director and chief executive officer, next month.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
Home, consumer, corporate and personal loans are likely to become cheaper with the Reserve Bank cutting its key short-term repo rate by 1 per cent to 8 per cent, the first since 2004, bankers said. After slashing the cash reserve ratio by 2.5 per cent from 9 to 6.5 per cent with effect from October 11, the Reserve Bank cut the repo rate on Monday, which is the rate at which banks borrow from the apex bank.
The shareholders have been asked to vote on the proposals, which were approved by the board at the meeting on December 19, through postal ballot by February 11 and the results would be announced on February 13, the bank said in a notice to its shareholders. As per the proposals, Kamath would replace N Vaghul as the bank's non-executive chairman, after he retires on completion of his current term on April 30.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
American technology giant Apple's chief executive Tim Cook on Wednesday met ICICI Bank's top brass at the country's largest private sector lender's corporate headquarters in Mumbai.
Indian scientist Dr Sunil Kochhar along with a team from Imperial College London has found that probiotics, such as yoghurt drinks, containing live bacteria, can have a significant effect on the metabolism. Probiotics are dietary supplements containing potentially beneficial bacteria or yeasts, which play an important part in a person's metabolism. This study is the first of its kind to look into how probiotics change the biochemistry of bugs known as gut microbes.
Anand Mahindra, vice-chairman and managing director of Mahindra & Mahindra, has been selected for Business India's Businessman of the Year 2007 award. Anand Mahindra was selected for the award by an eminent jury chaired by Baba Kalyani, chairman and managing director, Bharat Forge.
On a standalone basis, the bank posted 17 per cent rise in net profit at Rs 2,655 crore.
Even though inflation in India may not seem too high now, it is imperative that New Delhi deals with it immediately before it spills over into other areas, says a senior International Monetary Fund official.
An essential ingredient in chocolate is cocoa which is rich in flavonoids. By eating chocolate, catechin and epicatechin can reach the bloodstream where they can be transported around the body, helping to prevent oxidation so the body can stay healthier.
Special Judge I K Kochhar sent Akhand Pratap Singh to the custody of the agency till October 8
Issues related with intellectual property rights, including piracy of films and software, figured prominently during the India-US CEO Forum in New Delhi attended by Prime Minister Narendra Modi and US President Barack Obama.
"Besides looking at providing financial assistance to Indian corporates who have set up business in Sri Lanka, we are keen on becoming a major player in the retail sector," the bank's Deputy Managing Director Chanda Kochhar told reporters in Colombo
Finance Minister Arun Jaitley who is in Davos to showcase India as an investment destination at the World Economic Forum (WEF), on Wednesday promised India has a "lot in the pipeline" for global investors even as he plans to take up with Switzerland the issue of black money stashed in banks there.
"Clearly there is a slowdown in the number of deals. . . interest rates have gone up from eight per cent in the past to now 12 per cent and prices too have gone up but an asset bubble is not there," ICICI Bank Joint Managing Director Chanda Kochhar told PTI. She said that a correction was expected as the present slowdown was in number of deals and not so much in prices.
The IMF has said the fall in inflation rate and slowdown in credit growth were positive signs but the RBI must remain vigilant to prevent overheating of the India economy.
Sanjeev Nanda, an accused in the BMW hit and run case, who got his passport recently after a 18-month legal battle following an order of the CBI court is cooling his heels in CBI custody in an Income Tax case. The CBI court on Tuesday remanded him to the custody of the premier investigating agency till March 14 for alleged manipulation of evidence in the Income Tax case.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
Such is her faith in ICICI Bank, its joint MD continues to invest all her savings in the bank's stock and remains unfazed by the hammering it has taken.
Singh, once voted the most corrupt officer by the UP IAS Association, was arrested on September 25 in connection with a corruption case lodged against him in 2005. The investigation revealed that he owned around 92 immovable properties and more than 100 bank accounts, it had claimed.
West Bengal Chief Minister Mamata Banerjee's maiden visit to the financial capital Mumbai drew an enthusiastic response from India Inc with industry captains queuing up to attend the meeting called by her.
The major task in emerging economies now is how best to tackle high or rising food prices.
The CBI says it has 79 witnesses in this case.
Despite the Finance Minister asking public sector banks not to hike home loan rates, top private sector lender ICICI Bank, accounting for 30 per cent of home loans, has said all lenders would have to increase rates for their own survival.
Special Judge I K Kochhar allowed regular bail to Laxman on furnishing a surety and personal bond of Rs 2 lakh.
Leading up to the International Women's Day on March 8, this is the first of a four-part series that talks about how women can invest to achieve their long-term financial goals.
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