Search Result for : Icici Bank

Deepak Kumar 6 lakh SBI (State Bank of India) debit cards have been blocked due to a suspected security breach in their financial data . Termed to be one of the largest debit card replacement in the country, the country’s nationalised bank and other major private banks are taking all steps to stem any potential trouble. The steps taken by banks include asking their customers to change their PIN numbers of their debit-cum-ATM cards. This got escalated to the level wherein banks have changed cards when customers did not comply with changing their PIN numbers, a bank official revealed. HDFC has asked its customers not use the ATM’s of other banks. Apparently card network companies like NPCI, MasterCard and Visa had sent ...

The Dollar Business Bureau  Escorts Ltd, one of India's major engineering companies, announced on Thursday that it is divesting its OEM and auto products division’s export business to Pune-based Badve Engineering, in an all cash deal. However, the company did not reveal the size of the deal. The deal is a part of the farm equipment manufacturer’s strategy to reorient the business in order to focus on its key verticals in construction equipment, agri-machinery and railway equipment, Escorts said in a release. “We believe that the transfer of OEM and export business to Badve Engineering will help us focus on our core areas. We are delighted that Badve Engineering has stepped in to take the business forward,” said Dipankar Ghosh, CEO, Escorts Auto Products ...

The Dollar Business Bureau The Reserve Bank of India on Monday launched a new scheme ‘Sustainable Structuring of Stressed Assets’ (S4A) which allows lenders to divide the stressed loans into sustainable and unsustainable portions.  Under sustainable portion, banks need to divide the existing debt of a company into sustainable (a share which can be serviced by the company even if cash flows remain the same as now) and ‘unsustainable’ which can be converted into equity or compulsory convertible debentures. To smoothen things the Govt will take the help of an independent agency to ascertain the economic viability of the project and the resolution plan. The aim of this scheme is to permit banks to rearrange stressed loans of over Rs.500 crore including accumulated interest ...

The Dollar Business Bureau ICICI bank is planning to raise its foreign exchange capability of funding by hitting the international market with a $500 million bonds. They are selling 10-year dollar bonds with a view that they would be able to service demands for loans from companies in the overseas market. The company’s $7.5 billion global medium term note program is a part of the bonds sale. Also a point to be noted is that it is the year’s first private sector domestic financial institution. The sale of the bonds is being done through Dubai International Finance centre branch, where it is opened to the investors in Asia on Monday morning and it is likely to be closed after receiving tenders ...

Source: PTI ICICI Bank has more than halved its equity investment in the two arms in Canada and the UK to 5.2% at the end of September quarter from 11% as of March 2010. ICICI Bank has close to a quarter of its assets of Rs.4,09,700 crore with two overseas subsidiaries – ICICI Bank UK and ICICI Bank Canada. Currency fluctuation impacted bottom lines of its both subsidiaries with the Canadian arm reporting a sharp decline and the British unit turning in a marginal increase in profit, despite the fact that bank could manage higher net interest margin from them at 2%, up 12 basis points from a year ago. Of the total loan book of Rs.4,09,700 crore at the reporting ...

Source: PTI Oriental Bank of Commerce on Friday said it has not suffered any financial loss with regard to the alleged Rs.557 crore money laundering case reported by Enforcement Directorate. “All these transactions are old between 2006-10 and accounts of 11 entities were closed during 2009-10. Since these were current accounts and there was no lending done against these so there is no financial implication on the bank,” OBC executive director Suresh N Patel told PTI. The bank had informed the Reserve Bank of India about the issue, he said. On Thursday, the Enforcement Directorate reported yet another trade-based money laundering case worth over Rs.550 crore perpetrated by allegedly using banking channels of nine major national and international banks, with illegal ...

Source: PTI Within couple of hours of rate cut by the Reserve Bank, country's largest lender SBI slashed its lending rate by 0.40%, while the largest private sector lender ICICI Bank hinted at cutting its base rate by at least 0.25%. “Clearly, interest rates will come down, base rates will come down. A large part of the cut will get transmitted. When I say a large part of the thing (repo rate) will get transmitted, it should mean more than half,” ICICI Bank's managing director and chief executive Chanda Kochhar told reporters at the RBI headquarters. SBI chairman Arundhati Bhattacharya was not present at the customary post-policy press conference organised by banking industry lobby grouping IBA, but her bank announced a ...

Source: PTI The Prime Minister, Narendra Modi in bilateral meeting with the President of Russian Federation, Vladimir Putin, at Congress Hall, in Ufa, Russia on July 08, 2015. Source: PIB, Government of India   Setting "ambitious targets" for himself as the first chief of $100-billion New Development Bank (NDB), eminent banker K V Kamath today said it will bring about a change in the way multilateral banks function but there is no question of any "rivalry" with them. Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal. Stating that funding requirements are huge at $1-2 trillion for each ...