All posts tagged: ICICI

ICICI Bank reports 18.5% growth in Q4 net profit at Rs 11,672 crore | Business News

Published by Parlour News

Private sector lender ICICI Bank on Saturday said its March 2024 quarter consolidated net grew 18.5 per cent to Rs 11,672 crore. It had reported a net profit of Rs 9,853 crore in the year-ago period. On a standalone basis, the second largest private sector lender showed a 17.4 per cent growth in its profit after tax at Rs 10,708 crore for the reporting quarter against Rs 9,122 crore in the year-ago period. The core net interest income increased 8.1 per cent to Rs 19,093 crore on a 16.8 per cent growth in loans and a marginal compression in net interest margin to 4.40 per cent. The non-interest income, excluding the performance of the treasury, came at Rs 5,930 crore, 15.7 per cent higher than the year-ago period. The provisions more than halved to Rs 718 crore for the reporting quarter, as per the exchange filing by the lender.   Source link

New credit card rules in April 2024 for SBI Card, ICICI Bank, Axis Bank, Yes Bank: Complete details here

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Major credit card issuers announced changes in their credit card rules which could impact customers. Credit card holders of SBI Card, ICICI Bank, Axis Bank, Yes bank will see the following changes which will come into effect in April 2024: These are the new credit card rules in April 2024 for SBI Card, ICICI Bank, Axis Bank, Yes Bank. SBI credit card changes in April: SBI Card announced that accrual of reward points on rent payment transactions will be discontinued for certain credit cards from April 1, 2024. These will include: AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse and SimplyCLICK SBI Card. Additionally, accumulation of reward points on rent payment transactions for certain credit cards will on April 15. Hindustan Times – your fastest source for breaking news! Read now. Yes Bank credit card changes in April: YES Bank credit cards that spend ₹10,000 or more in a calendar quarter will be eligible for complimentary domestic lounge access. ICICI Bank credit card changes in April: As per ICICI Bank website, “Starting …

ICICI Bank-Videocon loan case: HC says arrest of Chanda Kochhar, husband illegal

Published by Webster

The Bombay High Court on Tuesday held as “illegal” the arrest of ICICI Bank`s former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her businessman-husband Deepak Kochhar by the Central Bureau of Investigation (CBI) in an alleged loan fraud case. A division bench of Justices Anuja Prabhudessai and N R Borkar confirmed a January 2023 interim order passed by another bench granting the duo bail soon after their arrest in the case. The couple was arrested by the CBI on December 23, 2022, in connection with the Videocon-ICICI Bank loan case. They immediately moved the HC challenging their arrest and sought it to be declared as illegal. By way of an interim order, they also sought to be released on bail. On January 9, 2023, the HC, in its interim order, granted bail to the duo after coming down heavily on the CBI for making the arrest in a “casual and mechanical” manner and without application of mind. On Tuesday, the bench led by Justice Prabhudessai allowed the duo`s petition, thus declaring their …

Chanda Kochhar, husband freed from jail in ICICI Bank-Videocon loan fraud case | Latest News India

Published by Webster

Ex-ICICI Bank CEO Chanda Kochhar and her husband Deepak – arrested last month in the ICICI Bank-Videocon loan fraud case – walked free this morning after getting bail from the Bombay High Court. Deepak Kochhar was released from Arthur Road Jail and his wife from Byculla Women’s Prison. Their arrest was ‘not in conformity with provisions of law’, the court had observed, stressing that it is incumbent for police to not only record – in writing – reasons for an arrest, but also for choosing not to take someone into custody. The court had further held that there must be a direct link between allegedly incriminating material and an investigating officer’s belief of the accused’s guilt. “… ‘reason to believe’ must be based on credible material and no decision to arrest can be recorded on fancy or whimsical grounds,” the court said. The court released the Kochhars’ – who had challenged their arrest as ‘illegal’ – on a cash bail of ₹1 lakh each plus similar sureties, and surrender of passports. READ | Chanda Kochhar, …

Bombay HC Grants Bail to Former ICICI CEO Chanda Kochhar & Husband Deepak, Terms Arrest ‘Illegal’

Published by Webster

Last Updated: January 09, 2023, 11:14 IST The probe agency had arrested Kochhars after questioning them briefly (File photo: IANS) The Bombay High Court observed that ICICI CEO Chanda Kochhar and her husband Deepak Kochhar’s arrest “was not in accordance with the law” In a massive relief for former ICICI CEO Chanda Kochhar and her husband Deepak Kochhar, the Bombay High Court today granted interim bail to the couple, allowing their release from judicial custody. The court also observed that the “arrest was not in accordance with the law.” The duo were arrested by the Central Bureau of Investigation on December 23, 2022 in a money laundering case involving a loan from the ICICI bank and the Videocon Group. The group had taken a loan of Rs 3,250 crore from the bank in 2012. The CBI had also arrested Videocon Group’s Venugopal Dhoot in connection with the same fraud case, days after the Kochhars were arrested. The Kochhars and Dhoot, as well as the companies Nupower Renewables (NRL), Supreme Energy, Videocon International Electronics Ltd, and Videocon …

Kochhars, Dhoot sent to 14-day judicial custody in loan fraud case | Latest News India

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A special CBI court here on Thursday sent former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot to 14-day judicial custody in connection with a loan fraud case. The Kochhars were arrested by the Central Bureau of Investigation (CBI) last Friday. Dhoot was arrested on Monday. The three were produced before special judge S H Gwalani at the end of their earlier remand on Thursday. The CBI, represented by special public prosecutor A Limosin, did not seek their custody further. The court then sent all the three accused to judicial custody till January 10, 2023. The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy Private Limited (SEPL), Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited, as accused in its FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and the Prevention of Corruption Act. The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of ₹3,250 …

CBI arrests ICICI ex-CEO Chanda Kochhar, husband in Videocon loan fraud case | Latest News India

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Former ICICI Bank CEO Chanda Kochar and her husband Deepak were arrested by the CBI on Friday in the ICICI-Videocon loan fraud case. Chanda Kochhar was accused of misusing her position in the ICICI bank in granting loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011. Chanda Kochhar, her husband and Venugopal Dhoot of the Videocon group were booked by the CBI along with others in a case related to criminal conspiracy. It was alleged that Venugopal Dhoot invested crores in Nupower Renewables, after receiving the loan from the ICICI bank. Chanda Kochhar: The fall of a feisty woman who broke the glass ceiling It was alleged that the accused sanctioned certain loans to private companies in a criminal conspiracy with others to cheat ICICI Bank, the CBI had said in a statement after filing the case in 2019. Chanda Kochhar was earlier arrested by Enforcement Directorate in connection with the same case in 2021. Chanda Kochhar had to step down from her position in the ICICI bank in 2018 because of this …