There is so much liquidity in the system, in the global economy, and that's why the stock market is very buoyant. It will certainly witness correction in the future: RBI's Das.
This time also, Dr Singh will thank Japan for keeping silent and going along with the consensus at the Nuclear Suppliers Group meeting that relaxed its guidelines to allow India to enter the global nuclear energy trade. In recent years, Japan and India's relations have been either cordial or warm except for two years, from 1998 to 2000, after India tested its nuclear weapons
The New York branch in midtown Manhattan plans to offer a suite of banking services, including working capital, acquisition finance, trade service and treasury solutions to corporates, and savings products to qualified individuals, subject to guidelines.
Last week, RBI raised the CRR--amount lenders need to keep with the central bank-- by 75 basis points to suck out Rs 36,000 crore (Rs 360 billion) from the system and cool down inflation.
Corporate India is not bothered about the subprime crisis. I have not seen any large business house walk away from a deal on account of lack of funding.
Responding to charges of cartelisation against the industry, newly-elected CII president K V Kamath on Thursday said corporates must ask themselves whether their actions in a demand-driven market was causing distress to others.
The government should avoid euphoria about India's growth and success and should lace its policies with pragmatism, given the fact that the global situation is still unclear, ICICI Bank chairman K V Kamath said on Wednesday. "We should be prudent in the way we look at growth," Kamath told PTI in an interview on the phone from Tokyo, adding that the external sector is still a pressure point and exports have shown negative growth for seven months in a row.
Enthused by government's commitment to act proactively and ensure more liquidity to promote economic growth, ICICI Bank managing director K V Kamath on Monday promised to review interest rate in the next few days.
Hinting at easing of borrowing costs for retail and corporate customers, ICICI Bank's new chief Chanda Kochhar has expressed hope that interest rates could fall to single-digit level in the coming months.
"ICICI Bank is aware that rumours are being repeatedly being circulated in certain centres regarding the financial strength of the bank. The bank states that these rumours are baseless and malicious," ICICI Bank CEO and Managing Director K V Kamath said on Tuesday.
Amid a string of interest rate cuts by state-run banks since April 1, country's biggest private lender ICICI Bank today said chances of it reducing rates are less unless government bond yields come down.
While existing investments pipelines are on course, newer projects, which are at conceptual stage, may be affected; companies are concerned that high inflation (the wholesale price index is above 12.6 per cent, a 16-year high) and high interest rates would dampen consumer demand growth, Confederation of Indian Industry President K V Kamath said after a meeting of industry leaders with Finance Minister P Chidambaram.
Providing an opportunity for the students to be with the country's renowned business personalities, the Hyderabad-based ISB has come up with the 'Shadow the CEO' programme, where one can bid for a person of their choice.
ISB has introduced this concept, christened "Shadow a CEO", to mobilise funds for charity and allow its students to work with the Who's Who of India Inc for a day. Some 16 CEOs have agreed to participate. "We not only want to put the money generated for benefit of the society, but also let our students experience the joy of operating with a CEO for a day," said Ajit Rangnekar, Dean of ISB.
"Manufacturing sector has come back to the stream...Infrastructure, mainly power, is coming back in a big way...my belief is that we will see a growth of 7-7.5 per cent (in the current fiscal)," ICICI Bank, Chairman, K V Kamath told a conference on Monday.
The jury members included Ashish Dhawan, senior managing director, ChrysCapital, Keki Dadiseth, managing director, Omnicom, Kiran Mazumdar Shaw, chairman and managing director, Biocon, Kumar Mangalam Birla, chairman and managing director, Aditya Birla Group and S Ramadorai, chief executive, TCS.
The MD and CEO of ICICI speaks on how life will change and the bank's strategy going forward.
With inflation declining for the sixth week in a row, ICICI Bank chief K V Kamath on Friday said lending rate will come down to single digit in a year and predicted attractive opportunities in treasury operations in the soft interest rate regime.
When your reputation is under attack, do not look for someone to blame, do not weasel out by citing technicalities, and do not sidestep responsibility. The to-do list forms this article. While you read it, send for Amitabh Bachchan
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.
Terming inflation as a key challenge, the Confederation of Indian Industry on Thursday said the government is worried, but not panicked, that rising prices may go to levels where controlling it could become difficult.
ICICI Bank's Managing Director and Chief Executive K V Kamath is of the opinion that inspite of the marginal dip in growth India's long-term economic growth potential remains sustainable. However, he said the growth may slip from the previous 10 per cent level to around 8 per cent this fiscal. The services sector, contributing 60% to GDP, will help sustain the growth path. He said present inflation is a supply-side phenomenon and is not due to any over-heating in the economy.
Asked if banks would hike their lending rates following the Reserve Bank raising its short-term key rates, Kamath said it depends upon several issues and each bank would take a call.
Easily the biggest high-power gathering and by far the starriest event staged in Gujarat, concluded at the Reliance petro township in Jamnagar on Sunday.
K V Kamath is preparing to move across the corridor on the 10th floor of the ICICI Tower to his new cabin, which is under renovation now.
Public sector lenders Canara Bank, Corporation Bank and Allahabad Bank have decided to lower interest rates on housing loans, preferring to keep their prime lending rates (PLRs) unchanged. ICICI Bank Managing Director and Chief Executive Officer K V Kamath has indicated that the country's second largest bank would review interest rates only in 2008-09.
Unlike the earlier experience post the global financial crisis, where nearly 90 per cent of the restructuring happened in the corporate loans, the non-corporate segment, which includes small businesses, agricultural loans and retail lending, will account for a higher share this time.
ICICI Bank chief K V Kamath to be new CII vice president.
After 24 years at the helm, Narayan Vaghul, the non-executive chairman of ICICI Bank, will call it a day in March next year. His protege and the current chief executive officer and managing director K V Kamath is likely to step into Vaghul's shoes after his term ends in April.
'When growth is ignited, as it has been in India it continues for a long time, as long as 20 to 25 years! The last case was China, and before that Japan. I do hope this happens with us, says ICIC Bank chief executive officer K V Kamath.
The CII perception of Indian economy is strong as incremental capital-output ratio at 4-fares is better than China and Brazil, the ICICI chief said.
Strongly denying that economy is slowing down, CII President K V Kamath on Monday said one has to see India Inc's performance in the next two quarters to pass a judgement.
The country's largest private lender ICICI Bank on Monday said that interest rates are expected to come down in the next one-and-a-half months.
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.
Forecasting that inflation is inching towards zero, ICICI Bank managing director and chief executive officer K V Kamath on Tuesday suggested to the Reserve Bank of India to further cut key policy rates by 100 basis points as part of a calibrated move to usher in a low interest rate regime.
The extent of the rate cut is being calibrated and would be announced soon. ICICI had earlier this month reduced home loan rates for new customers by up to 1.5 percentage point. There are indications that the fresh cut in interest rates would benefit both existing and new customers.
The board also appointed K V KKamath as the non-executive chairman of ICICI Bank, a role being performed by his mentor Narayan Vaghul, who is scheduled to step down once his term ends in March. Vaghul has been with the ICICI group for 24 years.
Terror attacks in Mumbai will impact capital flows in the short term, ICICI Bank managing director and chief executive officer K V Kamath said in Mumbai.
The banking regulator is scheduled to come out with its monetary policy for FY 09 on April 29. "We will wait for the (RBI's) policy statement before taking any decision on our interest rates," ICICI Bank Managing Director & CEO K V Kamath told reporters on the sidelines of an Indian Merchants Chamber-organised press conference in Mumbai on Thursday. Interest rate decisions would also be influenced by prevailing market conditions, Kamath said.
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