ICICI Bank has asked the government not to take into account overseas securities like ADR and GDR when deciding on whether a bank is Indian or foreign.
We plan to hire around 5,000-7,000 people this fiscal. We have also declared bonus and increments for our employees," ICICI Bank's managing director and chief executive, Chanda Kochhar, told reporters after inaugurating the 2000th branch of ICICI Bank in Mumbai on Monday.
The strong commitment to managing the government borrowing programme in a manner that is non-disruptive to markets and does not crowd out private sector investment should give confidence to market participants, ICICI bank's managing director & CEO, said.
There may be a one-on-one meeting between Fadnavis and Netanyahu, after which the chief minister will host a lunch for the Israeli premier and his delegation.
Chanda Kochhar, CEO and managing director of ICICI Bank, spells out ICICI's work culture and employee philosophy.
The bank would take a call on the subject once the laws are amended to hike foreign direct investment in insurance sector from 26 per cent to 49 per cent, ICICI Bank CEO and managing director Chanda Kochhar told PTI. This would help create value for the stake holders, she clarified while pointing out that ICICI Bank's share price had increased three times in the last six months to about Rs 750 a share.
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.
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.
"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.
AirAsia will expand its network across ASEAN.
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.
UIDAI has asked police to investigate, it was not fully convinced about nature of the incident
Generally, the central bank grants its approval by mid-March, or latest by March 31, but most banks have not received RBI approval on bonus packages this year.
Blind spots of the company were two-fold - managing cash flow and investments to upgrade technology and continue research and development.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
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 bank saw loans worth Rs 7,000 crore (Rs 70 billion) slipping into NPAs during the March quarter, taking the gross NPA ratio to 5.82 per cent.
Independent directors were supposed to safeguard the interest of all stakeholders.
SBI Chairperson Arundhati Bhattacharya said any rate cut by the bank would depend on a lot many factors.
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.
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.
ICICI Bank has reported a decline in its quarterly net profit for the first time since its merger with ICICI.
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.
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.
It will help customers raise the eligible amount by up to 20 per cent and increase the tenure by up to seven years.
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
"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
Market leaders in this line of business - New India Assurance and Tata AIG - have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.
Image Alert: These models will make your screen MELT.
"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.
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.
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.
On a standalone basis, the bank posted 17 per cent rise in net profit at Rs 2,655 crore.
