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India’s Entry Into GBI May Bring $10 Bn Of Flows: ICICI Bank

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ICICI Bank predicts India’s bond market may receive up to USD 10 billion before JPMorgan incorporates the nation’s debt into its emerging market index in mid-2024. As the anticipation of debt inclusion in other indexes, including the Bloomberg Global Aggregate, grows, the flows might escalate to USD 50 billion by the end of the next year, as per B. Prasanna, the Group Head for Global Markets Sales at the ICICI bank. 

JPMorgan’s recent announcement outlines the phased inclusion of India’s bonds from June 2024, potentially lowering yields and aiding in funding record borrowings before the upcoming national polls. Despite the bonds not showing immediate gains post-announcement, they have demonstrated resilience amid global macroeconomic pressures, including surging crude prices and US Treasury yields, notes Prasanna.

Prasanna further envisions Indian yields dropping to approximately 7 per cent levels once passive inflows initiate, and as global challenges subside — such as a potential cooling off of crude prices and a shift in tone from the Federal Reserve away from hawkish policies. 

On Thursday, the yield on the 10-year bond experienced a five basis point increase to 7.22 per cent. Regarding the rupee, which has been in proximity to its historic low, Prasanna anticipates it to trade within a range of 82-84 against the dollar. He also expects the Reserve Bank of India to continue acquiring dollars, thus limiting substantial appreciation in the local currency.

Sanjeev Mantri ICICI

ICICI Lombard Appoints Sanjeev Mantri As New MD & CEO

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ICICI Lombard General Insurance Company has announced the appointment of Sanjeev Mantri as the new MD and CEO, replacing Bhargav Dasgupta, who will assume the role of Vice President at the Asian Development Bank. 

The company’s board, during a meeting, acknowledged Dasgupta’s resignation and confirmed that he would continue in his current role until the end of business hours on 30 November 2023.

Furthermore, the board has approved the appointment of Sanjeev Mantri, the current executive director of the company, as the new MD & CEO, effective from 1 December 2023, or upon receiving approval from the Insurance Regulatory and Development Authority of India (IRDAI). 

Mantri’s appointment is set for a period of five consecutive years or until his retirement date, subject to IRDAI and company members’ approval.

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ICICI Lombard CEO Bhargav Dasgupta resigns

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ICICI Lombard General Insurance announced that Bhargav Dasgupta, its managing director and CEO, had left the organisation after 14 years of service in order to explore a professional opportunity abroad. The board announced in a regulatory filing that it had taken note of Dasgupta’s departure today.

“Dasgupta will perform his duties up until the day of his last working shift, which will be announced in due course. The corporation is currently filling the resulting vacancy, it was stated. He submitted his letter of resignation on September 21 in order to explore a job opportunity abroad.

Dasgupta said in his resignation letter forwarded to the board that during the previous 14 years, the company’s net profit increased 78 times while revenue increased six-fold. “I would have been required to resign from my job in April 2024 after serving as the CEO for 15 years. As a result, the succession planning process has been started, and I am certain that a qualified successor will be identified quickly, according to the letter.

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CBI Arrests Venugopal Dhoot In ICICI Case

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The CBI had alleged that ICICI bank had sanctioned credit facilities to the tune of INR 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank

In connection with the alleged fraudulent loans sanctioned by ICICI Bank for Videocon Group, the Central Board of Investigation (CBI) on Friday arrested Chanda Kochhar the former bICICI Bank CEO, MD , and her husband Deepak Kochhar.

In addition to the Kocchars, the CBI had named Venugopal Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019, they said.

The CBI had alleged that ICICI bank had sanctioned credit facilities to the tune of INR 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.

(more to come)

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ICICI Bank Hikes Rates By 25 Bps

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ICICI Bank will offer interest rate of 2.75 per cent to 6.10 per cent on FDs to its customers

ICICI Bank has increased the interest rates of fixed deposits by 25 basis points on FDs of less than Rs 2 crore. The new rates have come into effect from September 26, 2022. With this, ICICI Bank will offer interest rate of 2.75 per cent to 6.10 per cent on FDs to its customers. These interest rates will be given on FDs with maturities of 7 days to 10 years. After the increase in the repo rate, there is a bumper increase in the FD rates. Ever since the Reserve Bank has started increasing the repo rate, the FD rates have been increasing continuously.

According to the ICICI Bank website, the interest rate on FDs maturing in 91 days to 120 days, 121 days to 150 days and 151 days to 184 days has been increased by 25 basis points. Earlier the rate of these FDs used to be 3.75 per cent, which has now reached 4 per cent. Apart from this, the interest rates on the rest of the FD schemes will remain as before. Senior citizens are being given 50 basis points more interest on FD scheme than normal depositors.

5.50 per cent interest is being given on FDs of 18 months to 2 years and 6 per cent interest is being given to senior citizens. 5.60 per cent on FDs of 2 years one day to 3 years and 6.10 per cent for senior citizens, 6.10 per cent on FDs of 3 years one day to 5 years and 6.60 per cent for senior citizens, 5.90 per cent for 5 years one day to 10 years and 5.90 per cent for senior citizens 6.60 per cent, 5.10 per cent interest is being given on FDs of more than 5 years and 5.60 per cent interest is being given to senior citizens. Tax deduction up to Rs 1.5 lakh can be availed on this FD under section 80C.

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HDFC Intends To Raise Rs 10,000 Cr

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High residential sales are boosting demand for home loans, which is being met by India’s largest mortgage lender, HDFC

High residential sales are boosting demand for home loans, which is being met by India’s largest mortgage lender, HDFC. 

People familiar with the matter said that the home loan is in advanced talks with investors, including Axis Bank and ICICI Bank. 

There is an intention to raise a minimum of Rs 5000 crore, with the possibility of raising up to Rs 10,000 crore in the event of higher demand for the bonds.

 The sources said a total of Rs 2500 crore may be subscribed by both private banks but the exact size of the subscription will depend on other institutional investors.

 A 10-year bond with a 7.8 per cent yield will go up for scale either later this week or early next week, according to the people.

 Buy offering bonds with a 10 year maturity, HDFC was able to raise Rs 11,000 crore on 26 July.

 On Tuesday, the sovereign gauge yielded 7.19 per cent compared with 7.35 per cent at that time.

 In accordance with the latest yield guidance, the differential remains in the range of 65 to 70 basis points over the bench mark.

 Through perpetual bonds, Bank of Baroda raised Rs 2474 crore on Tuesday with 7.88 per cent.

 A merger between HDFC and HDFC Bank is currently taking place.

 The merger proposal was approved by the Competition Commission of India two weeks ago. Syndicated loans helped HDFC raise USD 1.1 billion in early August.

 As a result of strong loan demand from individuals as well as from the dividend income from subsidiaries, the housing finance company’s first quarter net profit was raised by 22 per cent to Rs 3,669 crore.

 An increase of 19 per cent in the amount of individual loans accounted for 79 per cent of AUM, which grew to Rs 6.71 lakh crore from Rs 5.74 lakh crore in the previous year.

HDFC’s stock rose 3.37 per cent on Tuesday, closing at Rs 2446.20 on the BSE. 

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ICICI Bank Partners With NPCI To Launch Range Of Credit Cards On RuPay

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The card also offers exclusive benefits of the RuPay network such as accident insurance coverage to the cardholder and dedicated personal concierge services

ICICI Bank on Monday announced its partnership with National Payments Corporation of India (NPCI) to launch a range of credit cards on RuPay, the indigenous payments network. To begin with, the ICICI Bank RuPay Credit Card is available in the coral variant of the bank’s gemstone series, which will be followed by Rubyx and Sapphiro variants soon.

Called, ‘ICICI Bank Coral RuPay Credit Card’, the contactless card offers a host of privileges and benefits including reward points on daily purchases like shopping and restaurants, paying utility bills, complimentary domestic airport and railway lounge access, waiver of fuel surcharge, discounts on movie tickets and dining, among others. The card also offers exclusive benefits of the RuPay network such as accident insurance coverage to the cardholder and dedicated personal concierge services.  

Sudipta Roy, Head- Credit Cards, Payment Solutions and Merchant Ecosystem, ICICI Bank said, “ICICI Bank has always been at the forefront of offering innovative, powerful and distinctive value propositions for its customers. We are delighted to partner with NPCI to launch ICICI Bank credit cards on RuPay network, which is an Indian card payments network equipped with state-of-the-art technology. This partnership has combined the advantages of ICICI Bank credit cards with RuPay’s exclusive offerings, providing enhanced benefits to customers. We will add more cards from our Gemstone collections to the family of ICICI Bank Rupay debit and credit cards.”

Praveena Rai, COO, NPCI said, “We are happy to partner with ICICI Bank to launch Coral Credit Card on the RuPay network. We believe our association with ICICI Bank will provide a convenient, rewarding and delightful shopping experience to the users of this card. Over the years, RuPay has progressively established itself as a modern, contemporary and youthful brand by offering innovative and customer oriented value propositions backed up by cutting-edge technology.”

Source: freepik.com

Eight of top 10 firms add Rs 1.81 lakh cr in m-cap; HUL tops chart

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ICICI Bank’s valuation jumped Rs 35,956.8 crore to reach Rs 5,25,656.96 crore

Eight of the 10 most valued domestic firms together added Rs 1,81,209.89 crore in market valuation last week, with Hindustan Unilever emerging as the biggest gainer. Last week, the BSE benchmark Sensex advanced 1,573.91 points or 2.97 per cent. From the top-10 pack, Reliance Industries and Tata Consultancy Services (TCS) were the only laggards. Among the winners, Hindustan Unilever Ltd (HUL) added Rs 50,058.05 crore, taking its valuation to Rs 5,86,422.74 crore.

ICICI Bank’s valuation jumped Rs 35,956.8 crore to reach Rs 5,25,656.96 crore. The market valuation of HDFC Bank advanced Rs 23,940.12 crore to Rs 7,75,832.15 crore and that of Life Insurance Corporation of India (LIC) climbed Rs 19,797.24 crore to Rs 4,47,841.46 crore. The market capitalisation (m-cap) of State Bank of India (SBI) went higher by Rs 19,232.55 crore to Rs 4,35,922.66 crore and that of Infosys jumped Rs 15,126.4 crore to Rs 6,37,033.78 crore. Bharti Airtel’s valuation moved up by Rs 12,000.08 crore to Rs 3,81,833.20 crore and that of HDFC climbed Rs 5,098.65 crore to Rs 4,06,213.61 crore.

In contrast, the m-cap of TCS declined by Rs 18,770.93 crore to Rs 11,94,625.39 crore. The country’s largest software exporter TCS on Friday reported a 5.2 per cent rise in June quarter net profit to Rs 9,478 crore. The results were declared post market hours. The valuation of Reliance Industries went lower by Rs 11,805.14 crore to Rs 16,17,879.36 crore. In the ranking of top-10 firms, Reliance Industries remained the most valued firm, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC and Bharti Airtel.

PTI

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ICICI Bank Aims To Grow Exim Trade Transaction Market Share

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Investments under the PLI scheme are estimated to touch USD 520 billion in the next five years, she said, adding that many corporates served by the bank are gearing up to invest.

The second-largest private sector lender ICICI Bank has improved its market share in Exim trade transactions this fiscal and aims to grow it further as the exports from the country rise, a senior official said on Tuesday. The bank’s market share in the Exim trade increased to 7.5 percent of the overall flows in the September quarter, while it was 6 percent in FY21, the lender’s executive director Vishakha Mulye told reporters. 

Mulye said the country’s exports are expected to gain faster traction going ahead on the back of demand and the investments happening under the production linked incentive (PLI) scheme of the government, which will help the bank grow its share further. She said the country’s exports touched USD 370 billion in the first seven months of this fiscal till October, while imports were at USD 410 billion.

Investments under the PLI scheme are estimated to touch USD 520 billion in the next five years, she said, adding that many corporates served by the bank are gearing up to invest. The bank also launched ‘Trade Emerge’, a new platform aimed at the Exim players, which can also be used by entities that are not having an account with the lender.

Mulye declined to share any targets, which the bank has set for itself from the new platform and mentioned that the same are internally shared and very ambitious. Exporters and importers will get access to verified details of nearly 15 million global buyers and sellers across 181 countries on the platform, the lender said.

(PTI)

ICICI-Bank-renews-MoU-with-the-Indian-Army-to-offer-special-benefits-to-the-Army-personnel

ICICI Bank renews MoU with the Indian Army

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The MoU was signed in Delhi by Lt. Gen R.P. Kalita, UYSM, AVSM, SM, VSM, Director General- Manpower Planning and Personnel Services, Indian Army and Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank.

ICICI Bank renewed its Memorandum of Understanding (MoU) with the Indian Army, to offer a range of specially curated enhanced benefits and new features through its ‘Defence Salary Account’, to all serving as well as retired Army personnel. The MoU was signed in Delhi by Lt. Gen R.P. Kalita, UYSM, AVSM, SM, VSM, Director General- Manpower Planning and Personnel Services, Indian Army and Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank.


As part of the MoU, the Bank offers a comprehensive bouquet of benefits like a zero balance account, preferential allotment of lockers and unlimited free transactions on ICICI Bank as well as Non-ICICI Bank ATMs in India, thereby providing exceptional flexibility to the Army personnel. As part of the renewed benefits, the Bank is offering an array of insurance benefits to the Army personnel. The account holders get a personal accident insurance cover of Rs. 50 lakh along with insurance of Rs. 10 lakh in case of death in terrorist action, which is the highest among all banks offering ‘Defence Salary Account’.

As part of the insurance cover, in case of accidental death, the Bank is offering Rs. 5 lakh for education of children and additional Rs. 5 lakh for the girl child of the deceased Army personnel. These benefits are available to the personnel across all ranks. Speaking about the new offering, Mr. Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank said, “We are honoured to renew MoU with the Indian Army and extend a bouquet of banking services and benefits that are specially curated to provide comfort and convenience to the Army personnel in daily transactions, easy access to banking through our large network of branches, ATMs and digital banking channels.

Additionally, to provide increased protection to the personnel and their families, we are offering enhanced insurance covers as well as financial assistance for the higher education of the children of the personnel. We believe that this renewed proposition will benefit a large section of the serving and retired Army personnel.” As part of the Bank’s commitment to the Defence Forces, ICICI Bank will automatically extend all benefits of the renewed MoU to the Army personnel who are existing customers of the
‘Defence Salary Account’. There will be no requirement for the existing account holders to visit a branch or complete paperwork to upgrade to the benefits of the renewed MoU.

Benefits of ‘Defence Salary Account’ are also extended by the Bank to regular employees of Military Engineering Services (MES), Border Roads Organisation (BRO) and other Defence Civilians.

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