ICICI Bank always evoked adverse perception and undue criticism for its growth strategy, but its defence would be performance rather than the government protection by being a public sector entity, CEO and managing director K V Kamath has said.
Companies are developing a surrogate education system to create a skilled labour pool.
ICICI bank CEO and CII president K V Kamath told the media on the eve of the two-day national council in Hyderabad that 'skilling' was the key area and big challenge for the country.
India's growing knowledge economy and rising consumer aspirations drove the growth of ICICI Bank, the country's most valuable lender, its CEO K V Kamath said.
The surge in the rupee value and excess inflows were the main challenges to the Indian economy, said K V Kamath, managing director and chief executive officer, ICICI Bank. The capital flows into India were a combination of several factors such as strong corporate profitability and robust remittance flows, said Kamath.
Inflation may rise again as global crude oil prices continue to soar touching an all-time high of $90 last week, besides, rising food prices in the domestic market. On the issue of interest rates, Kamath said the bank would wait till the ensuing mid-term policy, due on October 30, before taking any decision.
ICICI Bank chief executive officer and MD K V Kamath on Tuesday said that there is no need to alter interest rates since the demand for credit is not high.
Stating that India is not witnessing a slowdown in investment, Confederation of Indian Industry president K V Kamath said on Thursday that the country would continue to grow at a healthy rate of 8.6 per cent for the next five years.
Given the extremely good liquidity situation in the economy, interest rates are likely to remain stable in the next six months, K V Kamath, managing director and CEO, ICICI Bank said.
Interest rates are expected to remain stable for now despite the Reserve Bank squeezing money supply through a hike in percentage of cash that banks must keep in reserve, ICICI Managing Director and CEO K V Kamath said. Kamath said at this point of time the market has not judged which way interest rates are going, but if yield on 10-year government bond is taken as an indicator, there is in fact a drop in interest rates. The RBI had last month announced a 0.75% hike in CRR.
Not just mid- and small-sized firms, even big ones will either sell group companies or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.
After the 25 basis point hike in the percentage of cash that banks must hold in reserve, bankers claim that liquidity will be comfortable but banks may hike interest rates. RBI has decided to increase Cash Reserve Ratio by 0.25 per cent to suck nearly Rs 9,000 crore (Rs 90 billion) surplus cash from the system, which would in turn temper demand for loans and help ease inflation. Some banks might pass it on to the customers. Banks would announce their decisions within few days
Speaking to reporters on the sidelines of a CII meet in Kolkata on Monday, ICICI Bank MD and CEO K V Kamath said the light engineering and transportation sectors had already been hit following a slump in sales of commercial vehicles.
Banking is all about leveraging, the ICICI boss said.
The summit would be held between December 17 and 19, K V Kamath, managing director and CEO, ICICI Bank, who is a member of TiE's India Advisory Board, said.
"Let's wait see what happens. This is the last quarter of the year where rates normally tends to increase. It would be unwise to say how rates will move in the next six weeks. We have also to see the demand-supply gap," Chief Executive Officer K V Kamath, told reporters in Mumbai.
ICICI Bank, the country's biggest private lender, expects overseas business to account for at least one-fourth of its balance sheet in 2008 and is targeting a place among the world's top ten banks within five years.
ICICI Bank chief K V Kamath today said interest rates in the country were "moderating" but could put pressure on the economy if they rise further.
Bankers were optimistic about the Reserve Bank's annual credit policy, which left all key rates unchanged, but feared that there could be tightening measures in the near future if it had to contain inflation around five per cent.
ICICI Bank, the country's largest private lender, on Wednesday ruled out any interest rate hike in the near future and said it was rebalancing its portfolio.
ICICI Bank, India's second largest bank financial services provider, plans to employ up to 40,000 people annually over the next three to five years to meet the expected demand from the nation's booming banking arena, reports the Financial Times.
Indian cricket captain Sourav Ganguly and his deputy Rahul Dravid will be among 74 persons to be honoured with the Padma Shri.
A nervous energy that keeps you going, a passion to do something different, and the grit to tide over any crisis are the ingredients, say panelists at the TiE Summit.
Amid speculations that negotiations between the warring Ambani brothers have resumed after the stormy board meeting of flagship company Reliance Industr
"As long as the global window is open, growth will happen and interest rates will remain stable," ICICI Bank CEO K V Kamath said on Monday.\n\n
The major beneficiaries of loan recasting will be sub-Rs 500 crore corporate exposures and retail exposures, which were earlier expected to see the highest increase in NPAs in percentage terms.
ICICI Bank has identified rural credit as the next growth platform for which it had decided to leverage the role of micro-credit organisations.
ICICI Lombard General Insurance Company Ltd will consider an initial public offering on reaching an overall market share of around 10 per cent even as ICICI Prudential Life Insurance plans to increase its capital base in the current fiscal.
Kicking off the process for a possible settlement of ownership issues within the Reliance empire, Kokilaben, widow of Dhirubhai Ambani, has started consultations separately with her warring sons
Consumer credit may slow down to 20-25 per cent due to rising interest rate and the base effect, ICICI Bank CEO, K V Kamath said on Monday.
The younger Ambani sibling had a two-hour meeting with K V Kamath, chief of ICICI Bank and a friend of the family, who is said to be working out a formula to end the feud at the behest of Kokilaben Ambani.
He was accompanied by Hindustan Lever Limited chairman Vindi Banga, ICICI CEO K V Kamath and a member of the Board of Governors.
ICICI Bank said on Tuesday it has opened a representative office in Shanghai, China, its third overseas office after New York and Dubai.
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