Latest News on ICICI Bank
What’s behind the diamond trader’s alleged fugitive status in India? What lies ahead?
Mehul Choksi, the billionaire diamond trader and nephew of Nirav Modi, wanted in the Punjab National Bank (PNB) loan fraud case, may finally be on his way back to India after being arrested in Belgium at the behest of the Central Bureau of Investigation (CBI). Choksi, 65, had been living in Antwerp, Belgium, with his wife, Preeti Choksi, after obtaining a residency card, which was allegedly obtained with false declarations and forged documents.
Choksi had fled India in January 2018 with his nephew Nirav Modi before the PNB loan scam came to light. He had moved to Antigua and Barbuda, where he was granted citizenship, and later to Belgium. India had requested Belgium to extradite him, and the country confirmed his presence in early March.
Choksi’s arrest on Saturday came after Belgian authorities confirmed they were aware of his presence and were giving it great importance. However, he is expected to seek bail and release on the grounds of ill health. The CBI has issued two open-ended arrest warrants against Choksi, which date back to May 2018 and June 2021.
Punjab National Bank scam whistleblower Hariprasad SV expressed doubts about India’s ability to extradite Choksi, citing his wealth and access to the best lawyers in Europe. He also recalled a previous instance where Choksi evaded extradition in the Caribbean. Hariprasad hopes that the Indian government will succeed in bringing Choksi back this time.
The CBI has booked Choksi, Nirav Modi, and officials of PNB for defrauding the bank to the tune of Rs 13,850 crore. It is alleged that they used fraudulent letters of undertaking (LoUs) and foreign letters of credit (FLCs) by bribing bank officials. Choksi’s operations were not limited to PNB; his company, Gitanjali Gems, was also found to have defaulted on loans from ICICI Bank, IDBI Bank, and the Life Insurance Corporation of India (LIC), and had violated various FEMA regulations. Choksi is facing charges under the Prevention of Money Laundering Act and other sections of the Indian Penal Code. The extradition process may not be easy, but this development brings Choksi a step closer to facing justice in India.
Outshining ICICI Bank and Axis Bank, HDFC Bank’s interest rates are the lowest – See the latest rates from India’s top private lender – Personal Finance
HDFC Bank, India’s second-largest bank by assets, has reduced its interest rate on savings accounts by 25 basis points to 2.75%. This reduction is effective from April 12 and applies to savings accounts with balances less than Rs 50 lakh, earning an interest rate of 2.75% per annum. Accounts with balances over Rs 50 lakh will earn an interest rate of 3.25% per annum. This move comes after the Reserve Bank of India (RBI) announced a second consecutive benchmark repo rate cut, which has shifted its monetary policy stance from Neutral to Accommodative.
The reduction in HDFC Bank’s interest rate brings it closer to public sector lenders like State Bank of India and Punjab National Bank, which offer a minimum interest rate of 2.70% on savings account deposits since 2022. HDFC Bank’s interest rate is now on par with Bank of Baroda, which offers an interest rate of 2.75% on deposits up to Rs 50 crore.
In comparison, HDFC Bank’s peers, ICICI Bank and Axis Bank, are currently offering a minimum interest rate of 3% on balances below Rs 50 lakhs. The reduction in HDFC Bank’s interest rate is likely a response to the changing economic environment and the RBI’s move to prioritize growth over inflation control.
Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
Stock Market Updates of ICICI Bank
Recent Updates
ICICI Bank rejects claims over alleged land ownership in Kancha Gachibowli area
K.T. Rama Rao, the working president of BRS, had recently leveled allegations against the government regarding the Kancha Gachibowli land. He claimed that the government had abused its power by mortgaging land to ICICI Bank. However, ICICI Bank has now issued a clarification denying all charges.
According to ICICI Bank’s statement, they did not provide any mortgaged loan to Telangana State Industrial Infrastructure Corporation (TSIIC). Additionally, TSIIC did not mortgage any land with ICICI Bank in relation to the bond issuance. ICICI Bank only acted as an account bank for TSIIC, receiving bond issuance money and interest servicing.
This clarification comes hours after Rama Rao made the allegations against the government. It appears that ICICI Bank’s involvement in the matter is limited to receiving payments and interest services, and not as a lender or mortgage holder.
It is unclear what prompted Rama Rao’s allegations, but it seems that ICICI Bank’s clarification may have undermined his claims. The matter is now being investigated, and it is likely that further details will emerge in the coming days.
In the meantime, this development highlights the importance of transparency and accuracy in financial transactions. It also underscores the need for thorough investigations and due diligence to ensure that public funds are being used responsibly and in a transparent manner.
Overall, the clarification from ICICI Bank has added a new layer of complexity to an already contentious issue. It remains to be seen how this development will impact the government and Rama Rao’s allegations, but it is clear that the truth about the Kancha Gachibowli land will eventually come to light.
HDFC Bank, ICICI Bank, Yes Bank, and IDFC First Bank Earnings: Check 2025 Q4 Results Announcement Dates at Goodreturns
Fourth Quarter Results Update for Top Indian Banks
The fourth quarter of the year is a crucial period for banks as they announce their earnings results. Here’s an update on key Indian banks that are set to release their quarterly results:
HDFC Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: HDFC Bank had reported a net profit of ₹9,168 crores in the fourth quarter of the previous year
ICICI Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: ICICI Bank reported a net profit of ₹5,213 crores in the fourth quarter of the previous year
Yes Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: Yes Bank reported a net loss of ₹1,026 crores in the fourth quarter of the previous year
IDFC First Bank:
- Fourth Quarter Results Date: Date not specified
- Previous Year’s Result: IDFC First Bank reported a net profit of ₹382 crores in the fourth quarter of the previous year
The announced date of their earnings is not yet available, but the above information indicates expected results.
India’s central bank is expected to slash the repo rate on April 9, potentially driving home loan rates down to record lows of under 8%.
The Reserve Bank of India (RBI) is set to announce its first monetary policy for the financial year 2025-26 on April 9, with markets and economists expecting a repo rate reduction of at least 25 basis points. This could lead to a decrease in home loan interest rates, making it an opportune time for those considering a new loan or refinance. Currently, public sector lenders such as Central Bank of India, Union Bank of India, and Punjab National Bank offer interest rates ranging from 8.1% to 8.15% per annum.
Private sector banks like HDFC, Axis, and ICICI Bank have already reduced their interest rates on fresh home loans by 5-10 basis points between January and April. According to RBI rules, banks are required to review interest rates at least once every quarter, and new borrowers may see their rates going down in the coming days.
A 25-basis point repo rate cut could mean home loan interest rates dipping below 8% per annum. For instance, a Rs 50-lakh home loan with a 20-year tenure would attract an EMI of Rs 42,106 with an interest rate of 7.9% per annum, compared to the current EMI of Rs 42,290.
The article provides a breakdown of the cheapest home loans offered by Indian banks, with Central Bank of India and Union Bank of India offering the lowest interest rates at 8.1% per annum. Other public sector banks, such as Bank of India, Indian Overseas Bank, and Punjab National Bank, offer interest rates ranging from 8.15% to 8.25% per annum.
Private sector lenders like HDFC Bank, Axis Bank, and ICICI Bank offer interest rates ranging from 8.25% to 8.75% per annum. Housing finance companies like LIC Housing Finance, Bajaj Finserv, and PNB Housing Finance also offer competitive interest rates, with rates starting at 8.2% to 8.6% per annum.
Enjoy exclusive deals with OnePlus’s partnerships with ICICI and SBI banks
OnePlus has launched its Red Rush Days Sale, offering customers significant discounts on its latest smartphones. The sale, which runs from April 8 to April 13, includes direct price cuts, exchange bonuses, and attractive bank offers on both premium and mid-range OnePlus devices.
During the sale period, customers can enjoy massive discounts on OnePlus’s flagship devices, which boast top-tier performance and cutting-edge features. Additionally, the budget-friendly mid-range options are also available at discounted prices, making them an excellent choice for those looking for value for money.
One of the key highlights of the sale is the direct price cut on select OnePlus devices. This could translate to savings of up to hundreds or even thousands of dollars, depending on the device and model. The sale also offers an exchange bonus, which allows customers to trade-in their old phone for a new OnePlus device and receive an additional discount.
Furthermore, OnePlus is partnering with select banks to offer customers exclusive deals and offers. These bank offers could include additional cashbacks, discounts, or other benefits, making the value proposition even more attractive.
Overall, the Red Rush Days Sale is an excellent opportunity for fans of OnePlus to snap up the latest devices without breaking the bank. With the combination of direct price cuts, exchange bonuses, and bank offers, customers can enjoy unbeatable deals across the entire OnePlus ecosystem. Don’t miss out on this limited-time sale, which runs from April 8 to April 13, to experience the best of OnePlus at an unbeatable price.
Indians’ increasing infatuation with credit cards
According to recent data from the Reserve Bank of India, credit card spends in India have grown by 10.8% in January 2025, reaching INR 1.84 trillion. This growth is driven primarily by leading private and public sector banks, with ICICI Bank leading the surge in card usage. The total number of credit cards in circulation has also risen by 9.5%, reaching 108.9 million.
Experts attribute the sustained rise in credit card issuance to the ease and flexibility that credit cards offer, as well as the increasing income levels of the Indian middle class. Rising competition among credit card issuing banks and changing consumer profiles are also key factors.
The data also highlights the growing prevalence of credit cards in India, with the number of credit cards issued surging five-fold in 13 years, from about 20 million in 2011. The rapid rise in UPI-based payments, the increasing linkage of credit cards to online platforms, and the booming digital sales and services ecosystem have all contributed to the growth.
However, challenges remain, including high interest rates and the risk of falling into a debt trap. The high cost of interest and the risk of online frauds are also concerns for users. Data from CRIF High Mark and TransUnion CIBIL shows a sharp rise in credit card delinquencies, with credit card defaults reaching 1.8% as of June.
The growing financial burden is having severe consequences, with several cases of suicide reported due to debt-related stress. Additionally, the ease and convenience of spending can result in impulsive purchases, leading users into a difficult-to-manage debt cycle.
As a result, several major banks have revised their credit card offerings, introducing higher fees, restricted reward programs, and stricter spending conditions. This has made it tougher for users to fully capitalize on card privileges. As the credit card landscape continues to evolve, it is essential for users to be aware of the challenges and take steps to manage their debt effectively.
IndusInd Bank reports that two major banks have acquired corporate loans worth over Rs 10,000 crores, according to a latest update.
According to a recent report by The Economic Times, IndusInd Bank, a private lender, has made significant efforts to boost liquidity in the midst of a crisis. This crisis is attributed to accounting gaps in its derivatives books. To alleviate this issue, IndusInd Bank has allegedly struck multiple deals with private banks to transfer highly rated corporate loans.
ICICI Bank and Federal Bank have provided liquidity to IndusInd Bank by acquiring its highly rated corporate loans at an interest rate of 7.5 to 8%. These loans, valued at over Rs 10,000 crore, were acquired through the traditional Inter-Banking Participation Certificate (IBPC) market.
Notably, these bilateral trades between the two banks do not require public reporting. However, sources revealed that IndusInd Bank had been actively pursuing these deals for nearly 10 days. The exact value of these loans is difficult to determine due to the lack of transparency in these private transactions.
IndusInd Bank’s efforts to boost liquidity through these deals are seen as a step towards resolving the challenges it faces in its derivatives book. The bank’s actions demonstrate its commitment to addressing this crisis and maintaining its financial stability. The successful execution of these deals with ICICI Bank and Federal Bank is likely to be viewed as a positive sign, not only for IndusInd Bank but also for the overall banking industry.
DBS Bank India gains talent boost as Kotak Mahindra Bank’s Ambuj Chandna makes the switch – Moneycontrol
Ambuj Chandna, a senior executive at Kotak Mahindra Bank, has decided to join DBS Bank India as a managing director and head of the bank’s wholesale banking operations. Chandna, who has over 25 years of experience in the banking industry, will report to DBS Bank India’s managing director, Surojit Shome.
Chandna was previously the executive president and whole-time director at Kotak Mahindra Bank, where he was responsible for leading the bank’s corporate banking business. Under his leadership, Kotak Mahindra Bank’s corporate banking business grew significantly, and the bank’s corporate relationships expanded to new markets and industries.
Ambuj Chandna has a wealth of experience in the banking industry, having worked with top banks in India, including ICICI Bank and Yes Bank, before joining Kotak Mahindra Bank. He has a deep understanding of the Indian banking landscape and has built strong relationships with corporate clients across various sectors.
Chandna’s appointment is seen as a strategic move by DBS Bank India to strengthen its wholesale banking operations in the country. With his extensive experience and knowledge of the Indian banking industry, Chandna is expected to play a key role in helping DBS Bank India achieve its growth ambitions in the country.
In a statement, DBS Bank India said that Chandna’s appointment is part of the bank’s efforts to strengthen its leadership team and expand its presence in the Indian market. The bank aims to continue to grow its presence in India, particularly in the wholesale banking segment, and Chandna’s appointment is seen as a significant step in this direction.
Kotak Mahindra Bank also announced that Chandna’s responsibilities would be taken over by its existing leadership team, and the bank would continue to focus on its growth strategy in the corporate banking segment.
Can ICICI’s sleek Emerald Private Metal card dethrone HDFC Infinia’s dominance in the credit card market?
ICICI Bank has introduced a new rewards platform called iShop, which offers accelerated rewards on multiple categories, including flights, hotels, and vouchers. The platform offers 6x rewards on flights, 12x on hotels, and 6x on vouchers, making it more competitive in the premium segment. The bank’s super-premium Emerald Private Metal credit card is at the top, offering up to 36% returns on hotel bookings and 18% on flights, one of the most lucrative reward structures in the market.
According to credit card consultant Aly Hajiani, ICICI Bank has done it better than others, with higher accelerated reward rates. HDFC’s Infinia, while a dominant force, offers lower monthly caps and lower return rates than ICICI’s Emerald Private Metal. ICICI’s iShop platform is scalable, with flexibility across premium cards, making it a game-changer.
The iShop platform offers accelerated rewards across categories, with cardholders earning 6 points for every 200 rupees spent, and up to 90% of points can be used to book hotels. However, the redemption value of iCash is capped at 1 rupee per point. The maximum accelerated rewards are capped at 18,000 points per month for Emerald Private Metal and 15,000 points for Times Black.
While ICICI has made some progress, credit card advisors are cautious, suggesting not to switch from HDFC’s Infinia just yet. With Core indicators such as sustainable rewards, transfer partners, and a seamless user experience, ICICI needs to continue to innovate to maintain its competitive edge.
As the lucrative bank IPO market of the past decade saw IDFC First, Bandhan, RBL, Ujjivan, and Suryoday venture forth, the quest for the next HDFC Bank giant proves to be a reverse, with none managing to replicate its spectacular success.
The article highlights the struggles of banking stocks, particularly private banks that listed in the last decade. Despite being seen as having growth potential, many of these banks have underperformed the market, leading to significant losses for investors who tried to identify the “next HDFC Bank”. Out of 13 private bank IPOs in the last decade, only 2 have posted positive returns since their IPO, and none have beaten the index. Even larger banks, such as Federal Bank, have only managed to keep pace with the Nifty Bank index, with a CAGR of 10%.
The article suggests that “fortune favors scale”, implying that larger banks are more likely to perform well over the long-term. This is reflected in the Nifty Bank index, where the top 5 constituents (HDFC Bank, SBI, ICICI Bank, Axis Bank, and Kotak Mahindra Bank) account for 86.5% of the combined market capitalization of all Nifty Bank constituents, up from 17.5% in 2015.
The article concludes that investors would be better off buying the index rather than trying to pick individual stocks in the banking sector. This is a decade-long lesson learned, with many investors having lost money trying to identify the next high-performing bank. As legendary investor John Bogle once said, “Don’t look for a needle in the haystack. Just buy the haystack.” This piece of advice may be particularly relevant for long-term investors who are not sure how to pick stocks in the banking sector.
Axis is exploring alternative options after experiencing ongoing service difficulties with its current ATM provider.
Axis Bank is in talks to acquire 3,500-4,000 of its automated teller machines (ATMs) currently managed by struggling service provider AGS Transact Technologies. The bank is looking to transfer the machines to a new service provider due to concerns over deteriorating service quality. Under the current agreement, Axis Bank and AGS Transact have a “Brown Label ATM” arrangement, where the service provider manages the entire ATM lifecycle, including maintenance and cash management, while the bank’s branding appears on the machines.
The acquisition would involve a comprehensive audit of the ATMs to determine the purchase price, which would be based on factors including depreciation, maintenance, and upgrade costs. Axis Bank has already started discussing the deal with other ATM service providers, but will need to wait for the buyout to be completed before making the transition.
The move comes after a recent ET report highlighted the financial troubles of AGS Transact, which has impacted over 38,000 ATMs of major banks, including State Bank of India, ICICI Bank, and HDFC Bank. AGS Transact’s financial woes have led to the migration of over 50% of its machines to other network providers, and the company is struggling to pay its debts, which stand at over ₹726 crore. Credit rating agencies have downgraded the company’s ratings, citing a high risk of debt default. Despite these challenges, 80-85% of Axis Bank’s ATMs continue to function smoothly, with the bank operating over 15,000 ATMs and cash recyclers across the country.
Senior Citizens’ FD Offer: Take advantage of 9.10% interest rates on Fixed Deposits from these top banks, find out more details here!
Fixed Deposits (FDs) have been a popular investment option in India for many years, particularly among senior citizens. This is because FDs are considered to be a safe and secure way to invest, with a high return on investment. Senior citizens can earn higher interest rates than normal citizens, typically around 0.5% more, making it an attractive option for those looking to generate a steady income post-retirement.
Banks and non-banking financial companies (NBFCs) offer FDs with interest rates ranging from 2.50% to 9.10% for a period of 7 days to 10 years. Many private banks offer interest rates up to 7%, while some NBFCs offer 9% interest on FDs. This makes FDs a lucrative option for those seeking a high return on investment.
Top banks and NBFCs in India offer FD rates as follows:
* Public Sector Banks: Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, State Bank of India, and Union Bank of India offer interest rates ranging from 7.75% to 7.95%.
* Private Sector Banks: Axis Bank, Bandhan Bank, DBS Bank, HDFC Bank, ICICI Bank, and Yes Bank offer interest rates ranging from 7.75% to 8.25%.
* Small Finance Banks: AU Small Finance Bank, Jan Small Finance Bank, North East Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank offer interest rates ranging from 8.40% to 9.10%.
FDs provide several benefits to senior citizens, including the option to withdraw the full or partial amount before maturity, as well as the option to renew the FD once it matures. Additionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage up to Rs 5 lakh on deposits with participating banks. With a minimum investment requirement as low as Rs 100, FDs are an accessible and secure investment option for senior citizens.
Access your ICICI Bank mini statement instantly through online banking, missed call, SMS, and internet banking facilities
ICICI Bank, one of India’s most trusted multinationals, offers various financial services to its numerous customers nationwide. The bank provides a facility for availing mini bank statements, allowing customers to access the details of their last few transactions. This article will guide you through the process of obtaining an ICICI Bank mini statement.
To obtain an ICICI Bank mini statement, account holders can use the bank’s toll-free number, SMS, missed call service, or online mobile banking services. The article will also cover the process of registering for a mobile number with the bank.
The ICICI Bank mini statement is a crucial document that provides information on the last three transactions made from the account. The bank offers this service for free, and account holders can access it through various channels.
The article will also cover the step-by-step process of requesting a mini statement through various channels, including:
1. ICICI Bank mini statement number (toll-free)
2. SMS
3. Missed call service
4. ICICI Bank mobile banking
5. ICICI Internet banking
6. ATM
The mini statement service has several benefits, including online and offline access to account details, availability 24/7, and no extra fee charged. This service enables account holders to stay updated with their bank account details, making it easier to manage their finances.
In conclusion, obtaining a mini statement is a convenient way to keep track of account transactions, and ICICI Bank provides various channels for account holders to access this information. By registering for a mobile number with the bank, account holders can access their mini statements across various channels, including SMS, missed calls, and mobile banking. This service is available 24/7 and does not charge any additional fees.
Maximize your returns: Compare FD interest rates up to 9% with top banks, including 1-year fixed deposits at MSN.
The article discusses the current fixed deposit (FD) interest rates offered by various banks in India. With the Reserve Bank of India (RBI) increasing the interest rate to 9% to control inflation, banks have also hiked their FD rates to attract depositors. Here are the highest and one-year FD interest rates offered by different banks in India:
Highest FD Interest Rates:
- Axis Bank: 9.10% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- HDFC Bank: 9.05% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- ICICI Bank: 9.00% (for a deposit of ₹2.5 lakh to ₹5 lakh)
- SBI: 8.90% (for a deposit of ₹1 lakh to ₹1 crore)
- Kotak Mahindra Bank: 9.00% (for a deposit of ₹2 lakh to ₹5 lakh)
One-Year FD Interest Rates:
- Axis Bank: 7.50%
- HDFC Bank: 7.40%
- ICICI Bank: 7.30%
- SBI: 7.20%
- Kotak Mahindra Bank: 7.20%
Other Top Banks’ FD Rates:
- Bank of Baroda: 8.60% (for a deposit of ₹1 lakh to ₹5 crore)
- Yes Bank: 8.40% (for a deposit of ₹1 lakh to ₹5 crore)
- IndusInd Bank: 8.30% (for a deposit of ₹1 lakh to ₹5 crore)
- Punjab National Bank: 8.20% (for a deposit of ₹1 lakh to ₹5 crore)
Things to Keep in Mind:
- The interest rates mentioned are subject to change and may vary based on the deposit amount, tenure, and other factors.
- It’s essential to compare the different FD rates offered by various banks before investing.
- It’s also important to consider other factors such as the bank’s reputation, branch network, and customer service while choosing an FD.
- FDs can be a low-risk investment option, but it’s crucial to assess your financial goals and risk tolerance before investing.
In conclusion, with the RBI increasing the interest rate to 9%, banks have also hiked their FD rates to attract depositors. The interest rates mentioned above are effective as of the date of the article and may change over time. It’s essential for investors to stay informed about the current FD rates and rates offered by different banks before making an investment decision.