ICICI Bank on Tuesday introduced cash withdrawal facility at point of sale (PoS) terminals at merchant outlets.
NuPower will return loan with interest to consumer durables major by 2021
The securities -- Pass Through Certificates, backed by the new and used car receivables, originated from ICICI Bank and have been issued by Indian Retail ABS Trust under the bank's securitisation programme. Credit rating agency Crisil has assigned the high investment grade rating to these securities. The bank would assign the pool to the trust and will receive a purchase consideration equal to the pool's principal outstanding.
ICICI Bank on Saturday launched the Visa 'mini card', India's first miniature-sized payment card.
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.
ICICI Bank on Monday jacked up auto loans by up to 0.75 per cent even before the RBI decided to increase statutory deposits last week as a part of inflation controlling measure.
The net non-performing assets on December 31, 2016 were Rs 20,155 crore compared to Rs 16,483 crore at September 30, 2016
India Inc's net profit as a percentage of the country's gross domestic product (GDP) is just shy of reaching 5 per cent, bolstered by strong earnings growth in the second quarter of 2023-24. Analysts interpret this as an indication that a corporate profit upcycle is in progress, with projections suggesting that this share could exceed 8 per cent within the next five years, driven by bullish earnings growth expectations. "We believe we are only halfway through a profit cycle, with the profit share in GDP rising from a low of 2 per cent in 2020 to about 5 per cent currently, and likely heading to 8 per cent in the coming four to five years. "This implies about 20 per cent compounding of earnings growth. "Underscoring this forecast is the start of a new private capex cycle, under-geared balance sheets, a healthy banking system, lower corporate tax rates, improving terms of trade, and structural consumption demand outlook albeit somewhat offset by likely consolidation in government deficit," said Ridham Desai, managing director, head of research, Morgan Stanley India in a note.
Nine of the 10 most valued firms faced a combined erosion of Rs 1,87,808.26 crore in market valuation last week, with HDFC Bank and Reliance Industries taking the biggest hit amid an overall weak trend in equities. Last week, the BSE benchmark tumbled 1,538.64 points or 2.52 per cent amid concerns that the US Federal Reserve might raise interest rates further to curb inflation. Fresh foreign fund outflows also dented investor sentiments. Barring ITC, all 10 firms, including Tata Consultancy Services (TCS), Infosys, ICICI Bank and Hindustan Unilever, were the laggards.
From the Sensex pack, ICICI Bank, State Bank of India, Larsen & Toubro, Maruti, Tata Steel, Kotak Mahindra Bank, Bajaj Finance, Nestle, Power Grid and HDFC Bank were the major gainers. Jio Financial Services, Bharti Airtel, Tata Motors, Tech Mahindra, ITC, UltraTech Cement and Mahindra & Mahindra were among the laggards.
ICICI Prudential Life Insurance Company has launched a completely online term insurance plan named 'iProtect' on Tuesday.
Located in the banking hub of Singapore's central business district, the branch office is the start of ICICI's retail operations in the country under a 25-branch qualified Full Banking licence given by the Monetary Authority of Singapore in April, Kochhar said.
The vigilance department of the Insurance Regulatory and Development Authority is looking into such complaints in Rajiv Gandhi Shilpi Swasthya Bima Yojana, Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana and Panjikrut Kishan Durghatana Bima Yojana, according to a letter written by IRDA to Finance Ministry on its ongoing probe.
Its total income during the September quarter also slipped to Rs 30,191 crore, as against Rs 32,435 crore in the year-ago period
Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.
Among the Sensex firms, Power Grid, UltraTech Cement, Titan, Reliance Industries, Bajaj Finance, Mahindra & Mahindra, ICICI Bank, Tata Consultancy Services, Tech Mahindra, ITC and HDFC Bank were the major laggards. HCL Technologies, IndusInd Bank, Wipro, Nestle, Maruti, Larsen & Toubro and Asian Paints were among the gainers.
Even as Finance Minister P Chidambaram has asserted that the real estate sector is overheating, the ICICI Bank today claimed that there is genuine demand for houses and people have only deferred their decision to buy property.
Credit rating agency ICRA is unlikely to revise its rating for ICICI Bank, but said it has 'taken note of the recent pressure' on the bank following panic withdrawal by depositors in some parts of Gujarat and Mumbai.
Three years after launching its operations in Bahrain, ICICI bank has been granted a full commercial branch license and plans to expand
ICICI Bank has extended its festive offer of low interest rates on retail loans in order to meet its target of 20 per cent retail credit growth in 2007-08, down from around 40 per cent growth recorded in the past two years.
If you think that revenue officials are going berserk, acting on their own, while the government chants the mantra of 'ease of doing business', you would be wrong. These moves appear to have full official backing, points out Debashis Basu.
All 463 branches of BoR has started functioning as ICICI Bank's as per the directive of the Reserve Bank of India.
As part of its efforts to rationalise costs and divest non-core assets, ICICI Bank has sold a property at Prabhadevi in central Mumbai.
ICICI Lombard has bagged a contract from the railways to provide personal accident cover at a premium of just 4.75 paise per passenger. The personal accident cover is for a year starting from September 20, 2007.
The country's largest private sector lender ICICI Bank on Friday said it has raised $500 million through an issue of bonds in the international market.
The country's largest private sector lender ICICI Bank on Friday said it has raised $500 million through an issue of bonds in the international market.
They will also have access to banking channels such as ATM, mobile and Internet banking.
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No comments could be obtained from either ICICI Bank or Bank of Rajasthan. Pravin Tayal, the key promoter of the Bank of Rajasthan, could not be contacted for comments.
ICICI Lombard has secured the top slot in new business collections among private general insurers in the first half of this fiscal.
ICICI Bank has opened a branch in Jhajjar district of Haryana to advise farmers how to reinvest the huge cash they are receiving on sale of land to Reliance Industries for its SEZ in the area.
It recorded total income of Rs 54,606 crore (Rs 546.06 billion) and net profit of Rs 9,810 crore (Rs 98.10 billion) on stand-alone basis.
Analysts say domestic banks' dependence on local depositors insulates them from the crisis.
JSW Steel was the biggest gainer on the Sensex chart, rising 2.68 per cent, followed by Tata Motors, Mahindra & Mahindra, Tata Steel, Titan, ITC, Tech Mahindra, NTPC, Reliance Industries and Larsen & Toubro. In contrast, Bajaj Finance, Maruti, ICICI Bank, Power Grid, Asian Paints and Axis Bank were major laggards.
The Indian arm of global FMCG major Unilever, Hindustan Unilever, was ranked at the fourth spot, Aditya Birla Group was at the sixth spot, Infosys Tech was ranked eighth and another IT major Wipro cornered the 10th slot.
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