Page 3 - Icici

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

'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

ICICI Direct faces user outrage after multiple trading platform delays

Trading platform ICICI Direct with 1.8 million active users, resumed trading at 10:20 after multiple delays

ICICI Bank denies report of MD & CEO Sandeep Bakhshi wanting to quit

'Figment of imagination; completely baseless and misleading,' says ICICI Bank about report that Sandeep Bakhshi wants to leave

ICICI Prudential Life Insurance slips 7% on disappointing Q4 results

At 09:29 am, the stock was trading 4 per cent lower at Rs 569.15, as compared to 0.24 per cent rise in the S&P BSE Sensex

ICICI Pru Life Q4 results: Net profit drops 26% to Rs 173.76 crore

The management said that the change in commission structure led to the increase in expenses

India equity capital market issuances hit record at $ 14.8 billion

ECM proceeds jumped fivefold from the first quarter of the previous year when 70 deals worth $2.8 billion were launched

NPS investment and luxury dinnerware: Top personal finance stories

Our top stories this week explain National Pension System's performance and how tableware makes eating elegant

ICICI Prudential Life gets GST demand notice of Rs 270 crore for 2017-18

ICICI Prudential Life Insurance on Wednesday said tax authorities have slapped a demand notice of Rs 270 crore on it for alleged short payment of GST for 2017-18. The Maharashtra Goods and Service Tax (GST) authority has demanded GST along with applicable interest and penalty for 2017-18 fiscal for reversal of input tax credit; difference in GST liability filed in GSTR-1 and GSTR-9; mismatch in ITC claimed in GSTR-3B and GSTR-2A; and interest on GST payment on proposal deposit. The total demand of Rs 269.86 crore includes GST of Rs 119.56 crore, interest of Rs 138.34 crore, and penalty of Rs 11.95 crore. "The company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines," ICICI Prudential Life Insurance Company said in a BSE filing. Shares of ICICI Prudential settled at Rs 526.55 apiece, up 0.56 per cent over previous close on the BSE. In a separate filing, ICICI Lombard General Insurance said it has received a demand notice

Sequoia-backed mobile wallet Mobikwik selects banks for $84 million IPO

The Gurugram-based fintech firm is working with DAM Capital Advisors Ltd and SBI Capital Markets Ltd for preparations for its listing

6 Indian banks win UK HC challenge over unpaid loans by Singapore's GVK

Six Indian banks pursuing unpaid loans amounting to an estimated USD 2 billion, including interest accrued, from GVK Coal Developers (Singapore) Pte Ltd and associated companies have won their legal challenge in the London High Court. Judge Dame Clare Moulder presided over the trial last month at the Commercial Court division to hear the case brought by the Bank of Baroda and others and in an approved judgment dated October 19 concluded the banks made out their case to the requisite standard. The banks were represented by international law firm Reed Smith, who instructed barrister Karishma Vora of 39 Essex Chambers London to argue the matter. We are delighted to have secured such a resounding and landmark victory for our Indian banking clients in a matter of such commercial significance, said Vora and Reed Smith's Gautam Bhattacharyya in a joint statement. It is an honour to be representing a syndicate of Indian banks that are synonymous with credibility and faith for the people of

ICICI-Videocon scam: SC issues notice on plea challenging Kochhar's bail

The CBI arrested the Kochhar couple on December 23, 2022, in connection with the Videocon-ICICI Bank loan fraud case

HDFC-HDFC Bank merger: The story behind success of housing finance behemoth

In a press conference on June 27, HDFC's chairman Deepak Parekh said that the board of these two companies will meet on June 30 to finalise the merger and it will be effective on July 1

RBI may need to buy $18 bn of bonds to replenish banking liquidity: ICICI

India's central bank may buy as much as 1.5 trillion rupees ($18 billion) of government bonds to replenish banking liquidity that's expected to tighten later in the year, according to a top banker.

Private sector banks likely to continue their hiring spree in FY24

ICICI, HDFC Bank added over 50,000 employees in FY23

Stocks to Watch: SBI, ICICI Lombard, ONGC, Reliance, Oil India, Zydus Life

Stocks to Watch: ICICI Lombard General Insurance reported a 39.6 per cent surge in net profit in the January-March quarter (Q4) of FY23

ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000

Customers can pay transaction amount above Rs 10,000 in the form of instalments in three, six, or nine months

ICICI Pru makes contrarian bets on short-term bonds as rate hikes continue

"There is no significant benefit to invest in longer-duration assets at this point of time as RBI is expected to remain in a long pause and is not expected to cut rates," CIO Manish Banthia said

ICICI to double wealth bankers, boost assets to $60 billion in 2 yrs

ICICI Securities Ltd. aims to double its wealth managers and boost the assets from rich clients to $60 billion in the next two years, as competition ramps up in India's rapidly growing wealth industry

Consumers optimistic towards retirement: ICICI Pru Life Insurance study

Individuals who are well prepared for retirement start investing even before they turn 40, finds an ICICI Prudential Life Insurance study