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ICICI Bank Limited GALLERY.
strongNew Delhi:/strong ICICI Bank has been held grossly negligent by a consumer forum in New Delhi for allowing withdrawal of Rs 1.25 lakh from a customer's account without permission, and directed to return him the amount along with compensation of Rs 50,000. From the facts and circumstances, it is apparent that there is gross negligence and deficiency in service on the part of the bank which caused the heavy financial loss to the complainant. He is entitled to recover the amount withdrawn from his account from bank and compensation..., the South West District Consumer Disputes Redressal Forum said. [caption id=attachment_624024 align=alignleft width=380 strongNew Delhi:/strong ICICI Bank
India's No. 2 lender ICICI Bank posted a forecast-beating 30.2 percent rise in third quarter net profit, led by strong loan growth and fee-based income, it said on Friday. The bank posted a net profit of Rs 2,250 crore in October-December, compared with Rs 1,728 crore a year earlier. Net interest income, or the difference between income earned and interest expended, rose 29 percent to nearly Rs 3,500 crore. [caption id=attachment_608691 align=alignleft width=380 India's No. 2 lender ICICI Bank pos
SARE Homes has inked a Memorandum of Understanding with ICICI Bank to offer special finance schemes for the real estate developer's two upcoming projects located on the Thiruporur by-pass , between the highway on East Coast Road and the IT Corridor of Old Mahabalipuram Road in Chennai. For launching the two projects, SARE Homes has offered customers an option to pay 20 percent of the booking amount for an apartment, an offer which would be available for a limited period in association with ICICI Bank, SARE Homes, Executive Director, David Walker said. [caption id=attachment_583904 align=alignleft width=380 SARE Homes has inked a Memorandum o
ICICI Bank yesterday launched an online Flexible Recurring Deposit Scheme, 'I Wish', aimed at encouraging a habit of saving among the young, aka the Facebook generation. While the intention sounds good, is it really something anyone should even consider? To know, read on. strongWhat is it/strong: It is a recurring deposit, which allows you to choose when and how much you can save. So, unlike a regular RD, you don't have to fix the amount to be deposited every month and the date the deposit will be made. To open an I Wish account, you have to use your net banking facility. And even if you skip a payment for some reason, you won't be charged a fee, unlike the prevalent norm for RDs in general. So, in a way, this product offers flexibility. strongHow it works:/strong With I Wish, you have to simply choose a goal ('I Wish' to buy a car), a tenure by which you plan to meet the goal. And, contribute to the RD, any amount at any point in time. The minimum tenure is six months and maximum tenure is 10 years. The minimum amount needed to open the deposit is Rs 500. You can track your progress online and are permitted to make up to ten I Wishes or RDs. [caption id=attachment_547455 align=alignleft width=380 ICICI Bank yesterday launched an on
strongNew York:/strong MasterCard's India-born CEO Ajay Banga and ICICI Bank chief Chanda Kochhar have been named by Fortune magazine among the '2012 Businesspersons of the Year', an annual ranking of 50 global leaders who are the best in business. The list has been topped by Amazon founder and CEO Jeff Bezos with Apple CEO Tim Cook coming in at the second place. Another Indian giving Banga and Kochhar company in the list of 50 global business leaders is Deepak Narula, founder and managing partner of hedge fund firm Metacapital Management. Banga, 52, ranks eighth in the list while Kochhar comes in at the 18th position, one notch ahead of billionaire philanthropist Warren Buffet. Narula ranks 36th. [caption id=attachment_528757 align=alignleft width=380 strongNew York:/strong MasterCard's
ICICI Bank Ltd has launched a new home loan product with Cashback offer. It offers 1 percent cashback on every EMI for the entire tenure of the loan. This offer is for the new customers of the bank, and we want to ensure a customer loyalty with this offer. Also, it's a unique offering in India, first of its kind. Apart from 1% cashback on EMI, customers will be provided the option of renewable fixed interest rate for the entire tenure, again making it a very unique proposition in home loan industry, the bank's spokesperson said. strongThe details:/strong In a way this is a dual rate product where for initial few years (2/3/5) you will have to pay a fixed rate of interest, after which the rate will move to floating rates, which will be linked to the prevailing base rate (currently at 9.75%) of the bank (base rate plus mark up) strongRate:/strong For loan with a two-year fixed period, the rate is 10.25 percent for loan amount less or equal to Rs 30 lakh and 10.50 percent for loan above Rs 30 lakh. For three years fixed period loan, the rate is 10.50 percent and 10.75 percent for less or equal to Rs 30 lakh and above Rs 30 lakh, respectively. Likewise, for a five-year fixed period loan, the rate stands at 10.75 percent for loan amount less or equal to Rs 30 lakhs and 11 percent for loan amount more than Rs 30 lakh. As mentioned earlier, after the completion of the initial fixed rate tenure, if you decide to renew your fixed rate home loan, the renewable fixed rate will be decided on the prevailing ICICI Bank Base Rate (I-Base) at that point of time plus the margin decided at the time of sanction of the loan. [caption id=attachment_514986 align=alignleft width=380 ICICI Bank Ltd has launched a new h
ICICI Bank, the country's second largest lender, reported a better-than-expected net profit riding on good loan and fee-based income growth during July-September. The bank's net profit rose 30 percent to Rs 1,956 crore from Rs 1,503 crore a year ago. Analysts on an average had expected a 22 percent increase in net profit to to Rs 1,829 crore for the quarter, according to a emCNBC TV18/em poll. [caption id=attachment_503692 align=alignleft width=380 ICICI Bank, the country's second la
Rumours of a possible takeover of Karnataka Bank by ICICI Bank are doing the rounds yet again. The bank has, however, denied them. According to a report in the Indian Express, ICICI Bank may have submitted a formal proposal to the Reserve Bank of India to buyout the Mangalore-based smaller bank. The stock has surged 40 percent over the last one month, the report said. Kotak Mahindra Bank is another bank that might be interested in acquiring Karnataka Bank, the report said. [caption id=attachment_492211 align=alignleft width=380 Rumours of a possible takeover of K
IL&FS Engineering and Construction today said private sector lender ICICI Bank has increased its stake in the company by 5.36 percent for Rs 29 crore. Earlier, ICICI Bank had 1.49 percent stake or 11.61 lakh shares in the company. After the transaction held on October 1, the bank now has 6.85 percent stake or 59.71 lakh shares, the infrastructure and construction developer said in a BSE filing. [caption id=attachment_489087 align=alignleft width=380 IL&FS Engineering and Construct
ICICI Bank, today announced a rate cut for their retails fixed deposits. As per the banks' press release, the bank has cut interest rate by 0.50 percent for fixed deposits ranging in tenures from 91 days to less than five years. The new rates will be effective from September 11. The bank also said in its statement, about rationalizing interest rate on retail fixed deposits of tenure up to 45 days. [caption id=attachment_453390 align=alignleft width=380 ICICI Bank, today announced a rate
strongHyderabad:/strong ICICI Bank today said it is working towards allowing its customers to carry out transactions through social networking site Facebook. The bank has close to 8 lakh Facebook likes and is the only bank in the world which has an application to see bank statement as well as put some servicing request on Facebook, the Mumbai-based bank's chief technology officer Mukesh Kumar Jain said.[caption id=attachment_444911 align=alignleft width=380 strongHyderabad:/strong ICICI Bank
ATM cash withdrawals at international locations by ICICI Bank customers are set to get dearer by nearly 17 percent by the middle of this month. With effect from September 15, 2012 ATM cash withdrawal fee at international location will be increased from Rs 107 to Rs 125, the country's largest private sector bank said in a notification to its customers. Service tax and other 'terms and conditions' would continue to be applicable to this fee, the bank said. When contacted, an ICICI Bank executive said the latest revision in charges is being effected to offset a hike in overseas partner banks/financial institutions fees for this type of service. [caption id=attachment_441711 align=alignleft width=380 ATM cash withdrawals at internation
Nomura upgraded ICICI Bank to buy from neutral and said the Indian lender was better shielded from the asset quality deterioration in the banking sector, and expected return on equity to increase by 15 percent by fiscal 2013. [caption id=attachment_437788 align=alignleft width=380 Nomura upgraded ICICI Bank to buy f
The Sensex fell again today as lenders such as ICICI Bank faltered on worries quarterly economic growth data at the end of the week would be weak. The markets traded in the blues throughout the session in the absence of any positive trigger, both in domestic as well global markets. BSE Sensex ended at 17,678 down 0.6% while the NSE Nifty at 5,350, down 0.7%. All the sectoral indices barring Oil&Gas and FMCG were in the red which rose 0.3% and 0.2% respectively. Realty was the biggest decliner to end down 2.4%. Bankex, Capital Goods, Metals, Power, IT, Tech and PSU were the other notable losing indices. [caption id=attachment_432319 align=alignleft width=435 The Sensex fell again today as lend
strongMumbai:/strong ICICI Bank today said Internet-based transactions have grown to constitute a third of its total and the segment may grow to become the largest channel in future. More than one third of our transactions take place through Internet, making it the second most used medium. With the increase in Internet usage, it may also grow to occupy the number one position, the bank's chief executive and managing director Chanda Kochhar told reporters in Mumbai.[caption id=attachment_428153 align=alignleft width=380 strongMumbai:/strong ICICI Bank tod
Private sector lender ICICI Bank said it has raised $750 million through bonds in the international market. The five-and-a-half-year fixed rate notes carry a coupon rate of 4.70 percent, ICICI Bank said in a statement. The bonds, the bank said, were sold through its Dubai branch. [caption id=attachment_419866 align=alignleft width=380 Private sector lender ICICI Bank sa
ICICI Bank, the country's second largest bank, reported a bigger-than-estimated earnings and said it expected to see improvement in asset quality going forward, boosting sentiment for its shares. In a post earnings conference call, bank's managing director Chanda Kochchar said pipeline for restructuring of loans is small. She also said net restructured loans fell sequentially owing to sale of restructured debt of Kingfisher Airlines during the quarter. ICICI Bank witnessed a fall in restructured assets sequentially as it had sold Rs 430 crore of Kingfisher Airlines debt to Srei Venture Capital. The bank's net profit in April-June was Rs 1,815 crore, up 36 percent year on year, against a CNBC-TV18 poll estimate of Rs 1,704 crore. At 2:11 p.m, shares of the bank were up 2.7 percent at Rs 932. The results also show that private banks are better placed for profit growth in the current environment than government-owned banks, which account for 70 per cent of the market in India but whose lending decisions are not always driven by commercial considerations. The bank's net interest income rose to Rs 3,193 crore, higher than the estimates of Rs 3025 crore. The bank also witnessed an improvement of 40 basis points in net interest margin to 3.01 percent during the quarter from 2.61 percent a year ago, a press release from the bank said. Kochchar said the bank's aim is to keep the margin above 3 percent for the full year. Net non-performing asset ratio as on June 30 was at 0.61 percent, almost steady on quarter but down from 0.91 percent a year ago. The bank's total advances as of June 30 stood at Rs 2.68 lakh crore compared with 2.54 lakh crore as of March 31, 2012. Kochchar said the loan growth target for the full is unchanged at 20 percent. Its retail loan book is expected to grow 15 percent this year, she said. [caption id=attachment_393612 align=alignleft width=380 ICICI Bank, the country's second la
ICICI Bank, the country's second largest bank, reported a bigger-than-estimated net profit of Rs 1,815 crore, up 36 percent year on year. A emCNBC-TV18/em poll had estimated a net profit of Rs 1,704 crore. Shares of the bank were up 2.7 percent at Rs 932. The bank's net interest income rose to Rs 3,193 crore, higher than the estimates of Rs 3,025 crore. [caption id=attachment_393402 align=alignleft width=380 ICICI Bank, the country's second la
Dismissing concerns of rising bad loans, ICICI Bank Managing Director and CEO Chanda Kochhar said that banking sector unlikely to witness any substantial shocks on account of NPAs and the focus in the current fiscal will be on restructuring of loans of mid-size companies. Quality of assets for banking sector is quite stable. We are not going to have substantial shocks on accounts of Non-Performing Assets (NPAs), she said after attending a meeting on the problems being faced by infrastructure projects, in the Planning Commission. Kochhar further said that restructuring of loans of major companies, undertaken last year, has worked well and the focus now would be on mid-size companies. [caption id=attachment_373746 align=alignleft width=380 Dismissing concerns of rising bad l