Latest News on ICICI Bank
Can HDFC Bank, ICICI Bank, and Shriram Finance, the heavyweights of banking and NBFCs, steer the next market upswing?
The article from The Economic Times discusses the potential for leading banks and non-banking financial companies (NBFCs) in India, such as HDFC Bank, ICICI Bank, and Shriram Finance, to drive the next market rally. The Indian banking sector has been a significant contributor to the country’s economic growth, and these large players have consistently demonstrated their ability to adapt and thrive in various market conditions.
HDFC Bank, one of the largest private sector banks in India, has a strong track record of performance, with a robust balance sheet and a wide distribution network. ICICI Bank, another major player, has made significant strides in improving its asset quality and expanding its digital offerings. Shriram Finance, a leading NBFC, has a strong presence in the retail finance segment and has been expanding its reach through strategic partnerships.
The article suggests that these large banks and NBFCs are well-positioned to benefit from the government’s efforts to boost economic growth, including initiatives to increase credit flow to small and medium-sized enterprises (SMEs) and the rural sector. The government’s plans to invest heavily in infrastructure development are also expected to create new opportunities for these financial institutions.
The article cites data from a recent report by a brokerage firm, which suggests that the top five private sector banks, including HDFC Bank and ICICI Bank, are expected to drive the next rally in the banking sector. The report notes that these banks have strong balance sheets, stable asset quality, and improving profitability, making them attractive to investors.
The article also highlights the importance of digital transformation in the banking sector, with many of the leading players investing heavily in digital platforms and technologies to improve customer experience and reduce costs. This shift towards digital banking is expected to drive growth and increase efficiency in the sector.
Overall, the article concludes that the big boys of banking and NBFCs, such as HDFC Bank, ICICI Bank, and Shriram Finance, are well-positioned to lead the next rally in the Indian financial sector. Their strong track records, robust balance sheets, and strategic investments in digital transformation make them attractive to investors and position them for long-term growth and success. As the Indian economy continues to grow and evolve, these large financial institutions are likely to play a significant role in driving economic development and creating new opportunities for investors.
Unlock Unbeatable Perks: The Top 5 ICICI Credit Cards to Look Out for in 2025
ICICI Bank offers a diverse range of credit cards that cater to various spending habits and lifestyle needs. Here are the top 5 ICICI credit cards in 2025, each with its unique features and benefits:
- Amazon Pay ICICI Credit Card: Ideal for online shoppers, this card offers 5% cashback for Amazon Prime members, 3% for non-Prime users, and 2% cashback on Amazon Pay partner transactions. It also provides 1% fuel surcharge waiver and dining discounts.
- ICICI Bank Coral Credit Card: Suitable for balanced spenders, this card offers 2 points for every ₹100 spent on general purchases, 25% off on movie tickets, and one complimentary airport lounge access per quarter. The annual fee is ₹500, which is waived off on reaching ₹1.5 lakh in annual spending.
- ICICI Bank Rubyx Credit Card: Designed for lifestyle users and frequent domestic travelers, this card offers welcome vouchers worth over ₹5,000, accelerated reward points, and two complimentary domestic lounge visits each quarter. It also provides movie offers, golf access, and fuel benefits.
- ICICI Bank Sapphiro Credit Card: Targeted at premium users, this card offers generous welcome benefits, high reward rates, and luxury privileges. It provides 6 points per ₹100 spent internationally, 4 complimentary domestic lounge entries, and up to 4 free games of golf each month.
- ICICI Bank HPCL Super Saver Credit Card: Ideal for individuals who frequently spend on fuel and pay utility bills, this card offers 5% cashback on fuel purchases at HPCL pumps, 1.5% extra cashback via HP Pay app transactions, and 5% cashback on groceries, utilities, and departmental stores.
When selecting an ICICI credit card, it’s essential to consider your individual lifestyle choices and spending habits. Whether you’re a frequent online shopper, a traveler, or someone who spends a lot on fuel and utilities, there’s an ICICI credit card that can help you earn rewards and benefits while you spend. With features like cashback, reward points, and luxury perks, ICICI credit cards can provide more value than just a means of spending. By choosing the right card, you can maximize your benefits and make the most of your purchases. Ultimately, ICICI credit cards cater to diverse needs and offer a range of benefits that can enhance your lifestyle and spending experience.
RBI’s Proposed Project Finance Guidelines: What’s in Store for HDFC, ICICI, SBI, and Other Leading Banks, According to Telangana NavaNirmana Sena
The Reserve Bank of India (RBI) has released a draft circular on project finance, which is expected to significantly impact major banks in India, including HDFC, ICICI, and SBI. The new guidelines aim to improve the lending practices of banks and reduce the risk of default by borrowers.
The draft circular emphasizes the importance of due diligence and credit assessment before sanctioning loans for large projects. It suggests that banks should conduct thorough credit evaluations, including assessing the creditworthiness of the borrower, the viability of the project, and the potential risks involved. The RBI has also proposed that banks should have a Board-approved policy for project finance, which should include clear guidelines for loan sanctioning, monitoring, and recovery.
One of the key aspects of the draft circular is the introduction of a new concept called “상위 equity” (senior equity), which refers to the equity contribution made by the promoters of a project. The RBI has proposed that banks should ensure that the promoters’ equity contribution is at least 25% of the total project cost. This move is aimed at ensuring that promoters have a significant stake in the project and are committed to its success.
The draft circular also emphasizes the importance of monitoring and supervision of projects financed by banks. It suggests that banks should have a robust monitoring system in place to track the progress of projects, identify potential risks, and take corrective action if necessary.
The impact of the draft circular on major banks in India is expected to be significant. HDFC, ICICI, and SBI, which are among the largest lenders to the infrastructure sector, may need to revise their lending practices and policies to comply with the new guidelines. The introduction of senior equity and the emphasis on monitoring and supervision may lead to a reduction in the risk of default by borrowers, but it may also increase the cost of borrowing for projects.
The Telangana NavaNirmana Sena, a political party in Telangana, has welcomed the draft circular, stating that it will help to improve the transparency and accountability of banks and reduce the risk of default by borrowers. However, some industry experts have expressed concerns that the new guidelines may lead to a decrease in lending to the infrastructure sector, which could have a negative impact on the economy.
Overall, the RBI’s draft circular on project finance is a significant step towards improving the lending practices of banks in India. While it may have a short-term impact on the banking sector, it is expected to lead to a more stable and sustainable financial system in the long run.
Stock Market Updates of ICICI Bank
Recent Updates
Public Sector Banks Take the Lead: Home Loans Drop Below 8% as RBI Rate Cut Boosts Access to Affordable Housing
The Reserve Bank of India (RBI) has mandated that all retail floating-rate loans, including home loans, be linked to an external benchmark, typically the RBI’s repo rate, since October 1, 2019. This means that when the RBI reduces the repo rate, banks are required to pass on the benefit to borrowers. However, it has been observed that public banks have been prompt in complying with this guideline, while several private banks have been slow to adjust.
Despite a cumulative 50-basis-point cut in the repo rate in February and April 2025, leading private banks such as ICICI Bank, Axis Bank, and HDFC Bank have not fully transmitted the reduction to customers. For instance, ICICI Bank’s home loan rate remains unchanged at 8.75%, while HDFC Bank has reduced its rate by only 25 basis points to 8.50%. On the other hand, government banks such as Canara Bank, Bank of Maharashtra, and Union Bank of India are offering competitive interest rates, ranging from 7.80% to 7.90%, for a home loan of ₹1 crore with a tenure of 20 years.
Experts believe that private lenders may revise their rates soon, as large lenders usually align their rates over time. A lower interest rate can significantly reduce the monthly EMI burden, resulting in higher savings and preservation of emergency funds. For example, a home loan of ₹1 crore with a tenure of 20 years at an interest rate of 7.80% would translate to a monthly EMI of ₹82,404, compared to ₹93,144 at an interest rate of 9.35%.
If you’re planning to buy a home, now is a favorable time to act, with multiple public sector banks (PSBs) offering sub-8% interest rates. However, it’s essential to assess factors such as your credit score, income, and loan tenure before making a decision, as these can influence your final interest rate. It’s also important to note that rates are subject to change and may vary depending on the lender and borrower profile. Therefore, it’s crucial to check with lenders for the latest terms and consult a professional before taking a loan.
The Reserve Bank of India (RBI) has slapped penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, and two others.
The Reserve Bank of India (RBI) has imposed penalties on five major banks, including ICICI Bank, Bank of Baroda, Axis Bank, IDBI Bank, and Bank of Maharashtra, for non-compliance with various regulatory directions. The penalties, ranging from ₹29.60 lakh to ₹97.80 lakh, were imposed due to deficiencies in regulatory compliance in areas such as cyber security, know your customer (KYC) norms, credit and debit card issuance, and customer service.
ICICI Bank was fined ₹97.80 lakh for non-compliance with RBI directions on cyber security, KYC, and credit and debit card issuance. Bank of Baroda was penalized ₹61.40 lakh for non-compliance with directions on financial services and customer service. IDBI Bank and Bank of Maharashtra were each fined ₹31.80 lakh for non-compliance with directions on interest subvention scheme for agricultural loans and KYC norms, respectively.
Axis Bank was penalized ₹29.60 lakh for unauthorized operation of internal accounts. The RBI clarified that the penalties were not intended to question the validity of any transactions or agreements entered into by the banks with their customers, but rather to address the deficiencies in regulatory compliance.
The penalties are a reminder of the RBI’s focus on ensuring that banks adhere to regulatory requirements and maintain high standards of compliance. The central bank has been actively monitoring banks’ compliance with various regulations and has taken enforcement actions against those that fail to meet the required standards. The penalties imposed on these five banks serve as a warning to other lenders to ensure that they are in compliance with all regulatory requirements to avoid similar penalties in the future. Overall, the RBI’s actions aim to promote a safe and sound banking system that protects the interests of customers and maintains public trust in the financial sector.
Rajiv Anand is likely to be considered for the top position at IndusInd Bank, according to insiders.
IndusInd Bank is considering Axis Bank’s Deputy Managing Director, Rajiv Anand, as a potential candidate for the role of Managing Director and CEO. This comes after the bank’s former CEO, Sumant Kathpalia, resigned taking moral responsibility for discrepancies found in the lender’s derivatives portfolio. Anand is set to retire from Axis Bank in August and has a strong background in retail, wholesale, and treasury, making him a suitable candidate for the role.
Sources close to the matter have indicated that Anand’s experience and skills make him a strong contender for the top job at IndusInd Bank. The bank’s board is looking for a candidate with retail experience, given its higher exposure to vehicle finance and micro loans. Anand’s background as a chartered accountant and his experience in handling mutual funds, retail, and wholesale segments, as well as his understanding of treasury, make him an attractive candidate.
Other candidates who may be considered for the role include Pralay Mondal, CEO of CSB Bank, Shanti Ekambaram from Kotak Mahindra Bank, and Anup Bagchi from ICICI Prudential Life Insurance. However, sources suggest that Anand is the most suited candidate for the job.
The discrepancies found in IndusInd Bank’s derivatives portfolio could have an impact of around ₹2,000 crore on the bank’s balance sheet. The bank’s former CEO, Sumant Kathpalia, resigned on April 29, taking moral responsibility for the discrepancies. The bank has received approval from the Reserve Bank of India to appoint a committee of executives to dispense the CEO’s duties until a new CEO is appointed.
Anand’s potential appointment as CEO of IndusInd Bank is seen as a positive move, given his experience and expertise in the banking sector. His retirement from Axis Bank in August is seen as a natural transition, and his consideration for the top job at IndusInd Bank is viewed as a natural next step in his career.
Overall, the search for a new CEO at IndusInd Bank is ongoing, and Anand is considered a strong contender for the role. His experience, skills, and background make him a suitable candidate to lead the bank forward, and his potential appointment is seen as a positive move for the bank.
Alert: New ATM transaction fees kick in from May 1 – Check the updated charges for SBI, BOB, HDFC, and ICICI Bank here
The Reserve Bank of India (RBI) has announced that it will charge fees for ATM transactions exceeding the free limit, effective May 1, 2025. The move aims to cover the costs of owning and maintaining ATMs, as well as providing services to customers of other banks. Under the new rules, customers will be charged an additional Rs 2 per transaction if they exceed their free withdrawal limit. The charge per transaction will increase from Rs 21 to Rs 23.
The number of free ATM transactions varies depending on the type of bank and location. Customers will be allowed five free ATM transactions at their own bank’s ATMs per month, three free transactions at other bank ATMs in metro cities, and five free transactions at other bank ATMs in non-metro cities. However, there will be no changes to the free transaction limits for savings account holders across banks in India.
Banks such as HDFC, PNB, and IndusInd have notified their customers about the changes. According to HDFC Bank, the ATM transaction charge rate beyond free limits will be revised to Rs 23 + taxes, applicable only after the free limit has been exceeded. Non-financial transactions will remain free. PNB has also revised its charges, with customers being charged Rs 23 per financial transaction and Rs 11 per non-financial transaction (excluding GST) at other banks’ ATMs.
IndusInd Bank has informed its customers that they will be charged Rs 23 per transaction for ATM cash withdrawals made at non-IndusInd Bank ATMs beyond the free limits, effective May 1, 2025. The new charges are aimed at helping banks recover the costs of maintaining and operating ATMs, as well as providing services to customers of other banks. Customers are advised to be mindful of their ATM transactions to avoid incurring additional charges. The revised charges will apply to all banks, including SBI, BOB, and ICICI Bank, among others.
Boost your savings! Certain banks are now offering higher FD interest rates of up to 9.10% – find out which banks are leading the pack!
The recent repo rate cut by the Reserve Bank of India (RBI) has led to a reduction in fixed deposit (FD) interest rates by big banks such as SBI, HDFC, ICICI, and Yes Bank. However, some small finance banks are still offering attractive interest rates of up to 9.10% to senior citizens. This presents a good opportunity for senior citizens to invest in fixed deposits and earn risk-free returns.
Small finance banks such as Unity Small Finance Bank, Suryoday Small Finance Bank, Jana Small Finance Bank, Equitas Small Finance Bank, and AU Small Finance Bank are offering high interest rates on FDs. For instance, Unity Small Finance Bank is offering 9.10% interest on a 1001-day deposit, while Suryoday Small Finance Bank is offering 9.10% interest on a 5-year deposit. Similarly, Jana Small Finance Bank is offering 8.75% interest on a 2-3 year deposit, and Equitas Small Finance Bank is offering 8.55% interest on an 888-day deposit.
Senior citizens can benefit from these schemes as they offer special interest rates that are higher than what is being offered by big banks. However, before investing, it is essential to ensure that the bank is authorized by the RBI and has a Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover of up to Rs 5 lakh. Additionally, it is crucial to understand that these special interest rates may be for a limited period, and it is necessary to thoroughly understand all the rules and regulations before investing.
In conclusion, small finance banks are offering attractive interest rates on fixed deposits, providing senior citizens with an opportunity to earn high returns on their investments. With interest rates ranging from 8% to 9.10%, these schemes are an excellent option for those looking for risk-free returns. By doing their research and ensuring that the bank is reputable and offers the necessary insurance cover, senior citizens can take advantage of these high-interest FD schemes and secure their financial future.
Banks’ Q4 earnings preview: HDFC, ICICI, and SBI to face subdued profits as NIMs come under pressure – Mint
The article previews the fourth-quarter results of Indian banks, including HDFC Bank, ICICI Bank, and State Bank of India (SBI). Analysts expect these lenders to report muted earnings due to pressure on their net interest margins (NIMs).
The main reasons for the expected decline in earnings are:
1. Deceleration in loan growth: Credit growth, which has been the primary driver of earnings for Indian banks, has slowed down in recent quarters. This has reduced the banks’ ability to grow their interest income.
2. Pressure on NIMs: The Reserve Bank of India’s (RBI) recent rate cuts have reduced the banks’ interest margins. Although the banks have managed to maintain their NIMs so far, analysts expect further pressure in the fourth quarter.
3. Higher provisioning: With the economy facing stress, the increased provisioning for bad loans is expected to eat into the banks’ profits.
4. Weakness in corporate credit: The pandemic has led to a decline in corporate credit, which has also affected the banks’ earnings.
According to analysts, HDFC Bank’s net interest income (NII) is expected to decline by around 7-8% year-on-year (YoY) in the fourth quarter. ICICI Bank’s NII is expected to decline by around 6-7% YoY. SBI’s NII is expected to decline by around 5-6% YoY.
The banks may try to make up for the decline in NII by increasing their non-interest income, such as fees and commissions. However, this strategy may not be enough to offset the decline in NII.
To mitigate the impact of declining NIMs, the banks may focus on reducing their operating expenses. HDFC Bank and ICICI Bank have already taken steps to reduce their expenses in recent quarters.
Despite the expected decline in earnings, the Indian banking system is expected to remain stable, with the banks’ capital adequacy ratio (CAR) remaining above the required level.
In conclusion, the article suggests that Indian banks, including HDFC Bank, ICICI Bank, and SBI, are likely to report muted earnings in the fourth quarter due to pressure on their NIMs. The banks will need to focus on other revenue streams and cost reductions to mitigate the impact of declining interest income.
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.
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.