Page 16 - Icici Bank

Reliance Power becomes debt free on standalone basis; clears pending dues

Reliance Power has become a debt-free company on a standalone basis clearing all outstanding dues to lenders, sources said. The company had a debt of around Rs 800 crore, which has been repaid to banks, they said. Between December 2023 and March 2024, Reliance Power signed multiple debt settlement agreements with various banks, including IDBI Bank, ICICI Bank, Axis Bank and DBS. The company has now repaid the entire debt to these banks, sources said. As a result of that, Reliance Power, on a standalone basis, has become a debt free company. In December 2023, Reliance power sold the development rights of its proposed 1,200 megawatt hydro-electric project in Arunachal Pradesh to THDC for Rs 128 crore. In March 2024, the company sold its 45 MW wind energy project in Vashpet, Maharashtra to JSW Renewable Energy for a consideration of Rs 132 crore. Proceeds from the sale of these projects were used to retire debt. With participation of over 38 lakh retail investors, Reliance Power has

Suspended board of Jaiprakash Associates moves NCLAT over insolvency order

The suspended board of debt-ridden Jaiprakash Associates has moved appellate tribunal NCLAT challenging last week's NCLT order which directed initiation of insolvency proceedings against the firm. The petition was listed before a vacation bench of the National Company Law Appellate Tribunal (NCLAT), which declined to grant an interim stay on the NCLT order. On June 3, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC. The NCLT rejected JAL's contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and changes in government policies. It has been held by the Supreme

Stocks to watch on June 07: Bajaj Fin, Wipro, ICICI Bank, PB Fintech, RVNL

Stocks to watch on June 07: Bajaj Finance's subsidiary, Bajaj Housing Finance, approved an IPO worth of Rs 4,000 crore

Mkt regulator Sebi's warning to ICICI Bank over ICICI Securities delisting

Shareholders of the brokerage firm complained that bank officials sought screenshots and influenced them to vote in favour

Sebi warns ICICI Bank over investor outreach for ICICI Securities delisting

ICICI Securities, a subsidiary of ICICI Bank, had secured a shareholder nod in March for the delisting

Sensex plunges over 5,000 points intraday; check factors behind the fall

The sharp drop was primarily driven by uncertainty surrounding the outcome of the Lok Sabha 2024 election results

Adani One launches two variants of co-branded credit cards with ICICI Bank

Cardholders can get up to 7 per cent Adani reward points on spends within the Adani Group ecosystem

Adani Group launches co-branded credit card with ICICI, offers benefits

Adani Group on Monday announced a venture into the financial sector, launching with ICICI Bank a co-branded credit card with airport-lined benefits as it looks to leverage customer touchpoints across businesses. The group's Adani One, an app to help users book tickets, check flight status, access lounges, shop duty-free products, get cabs and avail parking, and ICICI Bank launched India's first co-branded credit cards with airport-linked benefits in collaboration with Visa. "The cards come with a plethora of benefits designed to enhance the cardholders' lifestyle and elevate their airport and travel experience. They offer up to 7 per cent Adani Reward Points on spends across the Adani Group consumer ecosystem like the Adani One app, where one can book flights, hotels, trains, buses, and cabs; Adani-managed airports; Adani CNG pumps; Adani Electricity bills, and Trainman, an online train booking platform," a company statement said. In December 2022, Adani Group launched the Adani One

Nifty Bank hits 50,000 mark for the first time ever; Check key reason

Surpassing the 50,000-mark for the very first time, the index's ascent can also be attributed to robust Q4 GDP figures, and S&P recent upgradation of India's rating to positive

From ICICI to HDFC: S&P upgrades outlook on six Indian banks to positive

The rating agency said in a statement that India's banking system continues to ride the good economic growth momentum, well supported by recent structural improvements in the system

Explain how ICICI engaged recovery agents despite SC bar: HC to chairman

The Allahabad High Court has directed the chairman of the ICICI Bank to personally explain how its officials engaged recovery agents in a loan case despite a prohibition on it by the apex court. Hearing a petition by Jasminder Chahal and three others, all of whom are ICICI officials, Justice Prashant Kumar said, "The officers of the ICICI Bank were very well aware of the fact that they cannot engage any recovery agent, and yet they engaged the services of recovery agents in the year 2013, which is six years after passing of the judgment by the Supreme Court". The Supreme Court in the matter of ICICI Bank Ltd. Vs. Prakash Kaur (2007) had categorically held that the banks will not use the services of the recovery agents to recover the bank loans and they have to follow the procedure laid down under the law. As the chairman of ICICI was not a party in the petition filed under Section 482 (inherent powers of the high court), the court permitted the applicants to make him a party in the

RBI imposes penalty on ICICI Bank and YES Bank for rule violations

RBI said these actions are based on deficiencies in regulatory compliance and are not intended to pronounce upon validity of any transactions or agreements entered into by the bank with its customers

Allahabad HC summons ICICI Bank chairman over employing recovery agent

Allahabad High Court has asked ICICI Bank chairman to personally appear before the court and file an affidavit to explain why the bank used collection agents despite a Supreme Court prohibition

'Narayanan Vaghul style of leadership created a factory of leaders'

In 1994, it became obvious to Mr. Vaghul that ICICI's sustainability as a development financial institution was untenable

N Vaghul: Institution Builder and ex-ICICI Bank chairman passes away at 88

88-year-old Narayanan Vaghul, credited for building ICICI bank, is currently on ventilator support

ICICI Securities breached shareholder privacy rules: Shareholders tell NCLT

They claimed ICICI Bank contacted and misled shareholders in delisting process

Fitch affirms ratings of Axis, ICICI banks on supportive working conditions

Fitch Ratings on Thursday affirmed the ratings of Axis Bank and ICICI Bank with a stable outlook citing supportive operating environment and large domestic franchise. Fitch Ratings has affirmed India-based Axis Bank and ICICI Bank's Long-Term Issuer Default Rating (IDR) at 'BB+', the global agency said in two separate rating commentaries. Fitch has also affirmed the banks' Government Support Rating (GSR) at 'bb+' and Viability Rating (VR) at 'bb'. Fitch said its IDR ratings reflect expectation of a moderate probability of extraordinary state support from the government relative to large state banks. The agency said its expectation of a supportive operative environment is on account of India's robust medium-term growth potential. Fitch expects GDP growth of 7 per cent in 2024 and 6.5 per cent in 2025, supported by investment prospects. "The economy has been resilient as healthy business sentiment, steady financial markets and the government's capital spending buffered global econom

Now, ICICI Bank to let NRIs use international numbers for UPI in India

ICICI Bank's NRI customers residing in 10 countries can pay utility bills and merchants in India through iMobile Pay

Watch how ICICI Bank's NRI customers can make UPI payments

If you're an ICICI Bank customer, here's good news for you! You can now use your international mobile number to make instant UPI payments in India. Watch the video to know how

ICICI Bank enables UPI payments in India for NRIs via int'l mobile numbers

ICICI Bank on Monday announced that it has enabled instant payment facility UPI for its non-resident Indian (NRI) customers in India through their international mobile numbers. According to the bank, this will significantly enhance convenience of making everyday payments. "With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE/NRO bank account held with ICICI Bank in India," a statement released here by the bank said. According to the statement, the bank has made this service available through its mobile banking app iMobile Pay. Earlier, NRIs had to register an Indian mobile number with their bank accounts to make UPI payments across 10 countries, namely, the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar and Saudi Arabia. NRI customers of the bank can make UPI payments by scanning any Indian QR code, send money to a UPI ID