New Delhi: 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 He is entitled to recover the amount withdrawn from his account from bank and compensation..., the South West District Consumer Disputes Redressal Forum said.
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.
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.
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.
What is it: 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.
How it works: 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.
New York: 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.
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.
The details: 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)
Rate: 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.
