
Latest News on ICICI Bank
Standard Chartered secures RBI approval to appoint PD Singh as CEO for India operations
The Reserve Bank of India (RBI) has approved the appointment of Prabdev (PD) Singh, a corporate banking veteran and former CEO of JP Morgan India, as the new CEO of Standard Chartered (StanC) in India and South Asia. Singh will take over from current CEO Zarin Daruwala, who has completed her third three-year term and will retire at the end of March. This development comes after a series of interviews held in October, during which Singh was identified as the top choice among three candidates to succeed Daruwala.
Singh has more than 30 years of experience in corporate banking and has worked with prominent institutions such as JP Morgan and HSBC. He has played a key role in several significant deals, including foreign currency funding, credit facilities, and structured deals for Indian corporates and domestic banks.
StanC is undergoing a transformation, shifting its focus towards wealth management in India, capitalizing on the country’s growing affluence and higher income potential. To this end, the bank sold its personal loan portfolio to Kotak Mahindra Bank last October.
With Singh at the helm, the bank is poised to leverage his expertise to drive its growth strategy. His appointment is expected to be announced formally this week. The soft-spoken banker takes over from Daruwala, who has led StanC since 2016 and previously spent 26 years at ICICI Bank. StanC reported a net profit of $204 million in the first half of 2024, and its full-year 2024 results are set to be announced this Friday.
Jana Small Finance Bank Appoints Industry Veteran Sumit Aggarwal as Head of Micro Small Enterprises (MSE) and Supply Chain
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Jana Small Finance Bank has appointed Sumit Aggarwal as the Head of Microfinance and Supply Chain (MSE) at the bank. Aggarwal has over 15 years of experience in the banking and financial services sector, with a strong background in microfinance and supply chain finance.
In his new role, Aggarwal will be responsible for leading the MSE and Supply Chain business at Jana Small Finance Bank, which aims to provide financial services to underserved segments such as micro, small, and medium enterprises (MSMEs), or small and medium-sized enterprises. Aggarwal’s expertise will be crucial in developing and implementing strategic plans to expand the bank’s MSE and supply chain finance offerings, as well as increasing its reach and penetration into new markets.
Aggarwal’s experience and expertise will also help Jana Small Finance Bank to develop products and services tailored to the specific needs of MSMEs, such as working capital financing, inventory and accounts receivable financing, and purchase financing. He will also work closely with the bank’s risk management team to ensure that risk assessment and credit appraisals are conducted efficiently and effectively.
Prior to joining Jana Small Finance Bank, Aggarwal held various leadership positions at other banks, including ICICI Bank and Aditya Birla Bank. He has a strong understanding of the Indian banking and financial services sector, with a deep knowledge of regulatory requirements and industry trends.
The appointment of Sumit Aggarwal is a strategic move by Jana Small Finance Bank to strengthen its MSE and supply chain finance offerings and expand its presence in the market. With his expertise and leadership, the bank is poised to become a significant player in the Indian banking and financial services sector, providing innovative financial solutions to MSMEs and other underserved segments.
Unlock exceptional returns with Fixed Deposits: Earn up to 9.42% interest
The Reserve Bank of India (RBI) has reduced the repo rate to 6.25% after five years, which is likely to affect the interest rates offered by banks on fixed deposits (FDs). While the reduction in repo rate could lead to lower loan rates, it may also result in banks reducing their FD interest rates. Senior citizens can benefit from the interest rates offered by small finance banks, with Utkarsh Small Finance Bank offering 9.42% interest on deposits maturing in 1500 days and AU Small Finance Bank offering 8.88% interest on FDs maturing in 18 months. Other small finance banks, such as ESAF, Suryodaya, and Jana, also offer competitive rates ranging from 8.88% to 9.42%.
Major banks in India, including HDFC Bank, ICICI Bank, Axis Bank, and State Bank of India, offer interest rates ranging from 3% to 7.85% on FDs with durations varying from 1 day to 10 years. For example, HDFC Bank offers 7.85% interest on FDs with a tenure of 2 years and 1 day to 2 years 100 months.
Fixed deposits are considered a low-risk investment option, providing guaranteed returns and safety of principal. The interest rates offered by banks on FDs vary depending on the tenure, with longer tenures typically offering higher interest rates. Banks may offer interest rates between 3% to 8% on FDs, depending on the duration. The reduction in repo rate by the RBI may lead to changes in FD interest rates, making it essential for investors to monitor the developments and explore options that suit their financial goals and risk appetite.
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Discover the best FD rates for senior citizens and uncover the specifics.
According to the provided data, the top interest rates offered by various banks in India for fixed deposits range from 7.75% to 7%. The interest rates vary based on the bank, deposit term, and the senior citizen category. For the one-year fixed deposit, the highest interest rate is offered by Yes Bank for senior citizens at 7.75%, followed by Bank of Baroda’s 7.35%, and Punjab National Bank’s 7.30%.
For the three-year fixed deposit, Kotak Mahindra Bank and Bank of Baroda offer the highest interest rate at 7.65%, with Axis Bank following closely at 7.60%. Yes Bank offers the lowest interest rate of 7.25% in this category for senior citizens. In the five-year fixed deposit category, Axis Bank and Kotak Mahindra Bank offer the highest interest rate of 7.60%, while Punjab National Bank offers the lowest at 7% for senior citizens.
Term-deposit interest rates are generally higher due to the lock-in period, which makes it essential for individuals to clarify the time period before investing their money in a fixed deposit. The data shows that HDFC, Axis, and ICICI Bank offer relatively lower interest rates of 6.50% for the one-year fixed deposit, making Yes Bank, Bank of Baroda, and Kotak Mahindra Bank attractive options for senior citizens seeking higher returns.
Ujjivan Small Finance Bank Aims to Broaden Horizons with Universal Banking License
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Ujjivan Small Finance Bank (SFB), a leading microfinance institution in India, has applied for a universal banking license from the Reserve Bank of India (RBI). This move aims to expand the bank’s services beyond its current microfinance business and cater to a broader customer base. With a universal banking license, Ujjivan SFB will be able to offer a wider range of financial products and services, including deposit mobilization, savings accounts, and term deposits, in addition to its existing microfinance offerings.
Ujjivan SFB has been operating as a small finance bank since 2017, focusing on serving the unbanked and underbanked segments of the population. With a presence in over 24 states and a network of over 750 branches, the bank has successfully served over 5.5 million customers, with combined loan disbursals exceeding ₹1,300 crore.
The application for a universal banking license is part of the bank’s strategy to scale up its operations and expand its reach. The bank’s management team believes that this will enable them to take advantage of the growing demand for financial services in India, particularly in the segments that are currently underbanked.
The RBI has been encouraging small finance banks to apply for a universal banking license, with a view to increasing financial inclusion and deepening financial markets. The bank has also received support from global investors, including the likes of Blackstone Group, Cathay Life Insurance, and ICICI Bank, which has provided a Rs 1,200 crore investment in Ujjivan SFB in 2017.
If granted a universal banking license, Ujjivan SFB will be able to leverage its existing infrastructure and experience in microfinance to expand its services and customer base. This will enable the bank to offer a broader range of financial products and services, including deposits, savings accounts, and fixed-income instruments, in addition to its existing microfinance offerings. The bank’s expansion plans are expected to create new job opportunities and contribute to the growth of the Indian economy, thereby reinforcing the country’s position as one of the world’s fastest-growing economies.
Senior citizens can earn up to 9.5% interest on their fixed deposits following the RBI’s 25bps repo rate cut – MSN
The Reserve Bank of India (RBI) recently cut the repo rate by 25 basis points, which can have a trickle-down effect on fixed deposit interest rates offered by senior citizen deposit schemes. Repo rate is the rate at which the RBI lends money to banks, and changes in this rate can influence bank lending rates. As a result, senior citizens can now grab attractive fixed deposit (FD) interest rates that range from around 7% to 9.5%, depending on the bank and duration of the FD.
For seniors, FDs are a viable option to create a steady flow of income over a fixed term. Senior citizens can opt for FDs, which are deposits made for a specific period (ranging from a few days to several years) with an interest rate earned on the investment. The new interest rates come as a good news for this demographic, enabling them to invest their savings while earning a more attractive return than before.
With the RBI reducing the repo rate, banks that offer FD schemes to senior citizens are likely to adjust their FD rates to compensate for the shift. Some private sector banks that have already adapted to the cut include:
1. ICICI Bank: Announced a reduced FD rate, offering 9.5% interest for tenures between one year to ten years.
2. Axis Bank: Offers rates ranging from 7.90% to 9.00% for respective tenures (1-20 years).
3. HDFC Bank: Started offering 7.90% to 8.90% interest rates.
4. Axis Bank: Suggests attractive rates of around 8-9% with a tenure selection.
It appears that the changed repo rate influenced the FD interests offered by state-owned banks slightly less. So, if possible, senior citizens should explore top-tier private institutions for the potential of higher income.
Before investment, it might be wise for seniors to understand the following specifics:
1. FD rates.
2. Effective interest rates – the actual result of compounding interest.
3. Premature withdrawal penalties
4. Repayment options available
5. Any additional offerings, such as tax benefits associated with senior’s FDs or other perks available.
By looking into these matters, senior citizens can make prudent decisions and use the new RD interest rates provided by the private sector banks before they are cut again. Please note that even though the RBIs repo rates have been readjusted lately, it wouldn’t be ruled out that financial institutions may try to adjust there rates further eventually.
Tap into the benefits of the repo rate cut by booking a fixed deposit with an attractive interest rate of up to 9% – MSN.
The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points, which is a significant move to boost the economy. This rate cut will have a cascading effect on other interest rates, including fixed deposit (FD) rates offered by banks. As a result, now is an excellent opportunity to book your FDs with interest rates up to 9% before banks start reducing their interest rates as a response to the repo rate cut.
FDs are a popular investment option for those looking for a low-risk investment with a fixed return. With a repo rate cut, FD rates are likely to decrease, which means that if you don’t act now, you might miss out on higher interest rates. Here’s why it’s crucial to book your FDs with interest rates up to 9%:
1. Higher Interest Rate: With the repo rate cut, banks will likely reduce their lending rates, including FD rates. Booking your FD now can ensure you get higher interest rates, typically up to 9% for a one-year FD, before they start reducing.
2. Lock-in Period: FDs often come with a lock-in period, which means you agree to keep the deposit with the bank for a specific period. With the RBI’s rate cut, if you book your FD now, you can lock in the current interest rate for the specified period.
3. Compounded Interest: FDs offer compounded interest, meaning your interest gets added to the principal amount, and then the interest is calculated on the new principal. Higher interest rates can lead to a significant increase in your FD’s maturity value.
4. Reduced Liquidity: With the rate cut, banks might reduce their FD rates, which means you might not be able to get the same interest rate if you wait. Booking your FD now ensures you lock in the current rate, which could be higher than what’s available later.
Some of the top banks offering FDs with interest rates up to 9% include:
* State Bank of India (SBI): 8.8% p.a. for 1-2 years
* ICICI Bank: 8.9% p.a. for 1-3 years
* HDFC Bank: 9% p.a. for 2-5 years
In conclusion, with the RBI’s repo rate cut, it’s essential to take advantage of the higher interest rates on FDs before banks start reducing their rates. Book your FDs now to lock in the current interest rates, which could be up to 9%, and secure a higher return on your investment. Don’t miss this opportunity to make the most of the repo rate cut!
As the Reserve Bank of India’s Monetary Policy Committee meets, fixed deposit investors are left wondering what’s in store for their returns if rates are slashed.
The Reserve Bank of India’s Monetary Policy Committee (MPC) is expected to consider an interest rate cut for the first time in almost five years at its meeting on February 7. The RBI has maintained the repo rate at 6.5% for 11 consecutive times, citing ongoing inflationary challenges. However, recent developments suggest that a rate cut may be on the horizon, which could make credit more accessible and boost financial inclusion.
A rate cut would impact fixed deposits (FDs), as banks would lower their FD rates. This is significant, as fixed deposits offer a reliable method for preserving liquidity and securing a guaranteed return on investment. The RBI’s repo rate influences the interest rates banks charge for loans and investments like FDs. A rate cut would result in lower FD rates, making them more attractive for investors seeking safe and rewarding savings options.
Several banks have adjusted their FD interest rates in anticipation of the MPC’s decision. Public sector banks, such as Bank of Maharashtra, Central Bank of India, and Bank of India, are offering FD rates between 7% and 8%. Private sector banks, such as IndusInd Bank, ICICI Bank, and HDFC Bank, are also offering competitive FD rates. Small finance banks, like Unity Small Finance Bank, NorthEast Small Finance Bank, and Suryoday Small Finance Bank, are offering higher FD rates, ranging from 8% to 9%.
With the MPC’s upcoming decision, it is crucial that policy measures strike a balance between fostering financial inclusion and promoting investment growth. A potential rate cut could make credit more accessible, helping individuals manage liquidity needs. At the same time, maintaining attractive FD rates is essential for digital-first investors seeking safe and rewarding savings options.
Couples are found to have pledged the same property twice to secure multiple loans.
The Economic Offences Wing (EOW) of Crime Branch in Bhubaneswar, India, has arrested a couple, Ashirbad Pattnaik and his wife Manogyan Pattnaik, for allegedly cheating a private bank, ICICI Bank, to the tune of Rs 1.3 crore. The accused couple, allegedly, fraudulently availed of a loan of Rs 1.05 crore by mortgaging their properties, including two flats and a duplex, from the Link Road branch of ICICI Bank’s Cuttack. However, they had previously mortgaged the same properties to Indian Bank’s Ashok Nagar branch to secure a cash credit loan of Rs 3.79 crore for Ashirbad’s firm, AB Solutions, which is involved in iron ore retail business.
The EOW investigation revealed that the couple had initially taken a cash credit loan of Rs 3.79 crore from Indian Bank in January 2018 by mortgaging the properties. Later, in October 2018, they took a loan of Rs 1.05 crore from ICICI Bank by mortgaging the same properties, despite the outstanding loan amount in Indian Bank still pending. The fraud came to light when Indian Bank took possession of the properties after Ashirbad failed to repay the loan. The EOW seized several incriminating documents, including fake sale deeds and loan documents from both banks. The investigation is ongoing, and it is estimated that ICICI Bank suffered a loss of Rs 1.3 crore until January 2025.
All leading banks in the country, such as HDFC, SBI, Canara Bank, and others, are playing a vital role in shaping India’s economy.
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The Indian banking industry is a vital part of the country’s economy, with millions of customers receiving a range of financial services. By 2025, Indian banks are expected to continue contributing to economic growth through lending, promoting savings, and supporting businesses. The banking sector has also adopted technology to provide safe and effective digital banking options.
The top 10 Indian banks, led by HDFC Bank and ICICI Bank, have excelled in their financial performance, innovative products, and exceptional customer service. Public sector banks like State Bank of India (SBI) dominate the market, with other notable performances from Axis Bank, Kotak Mahindra Bank, and Punjab National Bank (PNB).
The list of top 10 banks in India by market capitalization includes:
1. HDFC Bank (private, established in 1994, market cap: 13.11 lakh crore, users: 10 crore)
2. ICICI Bank (private, established in 1994, market cap: 9.05 lakh crore, users: 3 crore)
3. SBI (public, established in 1955, market cap: 6.95 lakh crore, users: 50 crore)
4. Kotak Mahindra Bank (private, established in 1985, market cap: 3.55 lakh crore, users: 5.1 crore)
5. Axis Bank (private, established in 1993, market cap: 3.30 lakh crore, users: 2 crore)
6. Bank of Baroda (public, established in 1908, market cap: 1.20 lakh crore, users: 12 crore)
7. Punjab National Bank (public, established in 1895, market cap: 1.19 lakh crore, users: 18 crore)
8. Indian Overseas Bank (public, established in 1937, market cap: 0.97 lakh crore, users: 10 crore)
9. Canara Bank (public, established in 1906, market cap: 0.89 lakh crore, users: 11.65 crore)
10. Union Bank of India (public, established in 1919, market cap: 0.87 lakh crore, users: 15 crore)
These banks have contributed significantly to India’s financial growth, providing digital innovations, personal and business banking products, and shaping the banking industry in India.
ICICI Bank’s Q3 earnings soar, driven by strong growth in net interest income and fee-based businesses.
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ICICI Bank Ltd. has reported a significant increase in its net income for the third quarter of fiscal 2025, which ended December 31, 2024. The net income was INR 117.9 billion (approximately $1.4 billion), an 14.8% increase from the previous year’s quarter. The bank’s performance was driven by an increase in net interest income, non-interest income, and growth in loans and deposits. However, higher operating expenses and provisions were the main areas of concern.
The net interest margin was 4.25%, down 18 basis points from the previous year. Non-interest income grew 12.1% year over year to INR 67 billion (approximately $782 million), with fee income increasing 16.3% to INR 61.8 billion (approximately $722 million). The bank’s treasury income also saw a significant increase of INR 3.7 billion (approximately $81 million) compared to the previous year.
Despite the increased expenses, the bank’s total advances grew 2.9% sequentially to INR 13,143.7 billion (approximately $153.51 billion), driven primarily by the growth in business banking loans and domestic corporate and other loans. Total deposits increased 1.5% sequentially to INR 15,203.1 billion (approximately $177.56 billion).
The net non-performing assets (NPA) ratio declined to 0.42%, down from 0.44% in the previous year. The bank’s gross NPA additions were INR 26.93 billion (approximately $315 million), while gross NPAs written off were INR 20.1 billion (approximately $235 million). Provisions (excluding provision for tax) increased significantly to INR 37.9 billion (approximately $442.9 million).
Overall, ICICI Bank’s quarterly performance was strong, driven by increased consumer loan demand, improved deposit balances, and growth in net interest income and non-interest income. However, the bank faces near-term challenges due to elevated expenses and weak asset quality amidst macroeconomic uncertainties.
Mazagon Dock, Tata Steel, Coal India, ACC, Petronet LNG, ICICI Bank, YES Bank, AU Small Finance Bank, and other prominent companies.
The domestic equity market is expected to open with significant losses on Monday, January 27, following a mixed bag of economic data and earnings reports. The GIFT NIFTY futures are trading at 22,938, down 147.50 points, or 0.64%, which implies that the NIFTY50 index will open 176 points lower.
Several companies are scheduled to announce their December quarter results, including Tata Steel, Coal India, ACC, Petronet LNG, Canara Bank, LTFoods, and Union Bank of India.
Some notable earnings reports include ICICI Bank, which reported a 15% rise in standalone net profit to ₹11,792 crore for the quarter ended December, and YES Bank, which reported a nearly threefold jump in net profit to ₹612 crore. AU Small Finance Bank reported a 41% jump in net profit to ₹528 crore, while CreditAccess Grameen reported a net loss of ₹99.5 crore.
In other news, Religare Enterprises said that a US-based investor has proposed to pick up a 26% stake in the company at a higher price than offered by entities promoted by the Burman family. Adani Power’s board is considering doubling its fundraise plan to ₹10,000 crore and exploring other means to raise capital.
Mazagon Dock Shipbuilders and Germany’s Thyssenkrupp Marine Systems appear close to securing a ₹70,000-crore deal with the Indian Navy to manufacture six stealth submarines. IndiGo saw its profit after tax slide 18.3% due to foreign exchange losses, but revenue jumped on higher capacity and passenger traffic.
Finally, NTPC Green Energy Ltd reported an 18% rise in consolidated net profit at ₹65.61 crore for the December quarter, on account of higher income. Total income rose to ₹581.46 crore, and expenses were at ₹482.22 crore.
Maximize your returns: Earn up to 9.5% interest on your 3-year fixed deposit and invest now!
The article discusses the best fixed deposit (FD) rates offered by various government, private, and small finance banks in India. The article highlights that FDs are a safe and guaranteed way to earn returns on your money, with no market fluctuations affecting the investment. The article also notes that many banks are currently offering attractive interest rates on 3-year FDs, with some banks offering up to 9.5% annual return.
The article provides a list of banks offering good rates on 3-year FDs, divided into two categories: private and small finance banks, and government banks. The list includes banks such as AU Small Finance Bank, Equitas Small Finance Bank, ESAF Small Finance Bank, and Utkarsh Small Finance Bank, which are offering interest rates ranging from 7.5% to 9.5% for general customers and senior citizens. Private banks such as Axis Bank, ICICI Bank, and HDFC Bank are also offering competitive interest rates ranging from 6.5% to 7.5%.
The article also highlights that some banks offer higher interest rates to senior citizens than general customers, with a difference of up to 0.50%. The interest rates mentioned in the article are valid as of January 22, 2025, but investors are advised to verify the rates with the concerned bank or its official website, as rates may change over time.
Overall, the article provides a comprehensive list of banks offering attractive interest rates on 3-year FDs, helping investors to make an informed decision when considering this investment option.
FD Rates: Top banks are offering the highest returns on 400-day fixed deposits – find out where to invest your money for maximum yield.
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In India, fixed deposit (FD) interest rates vary across different banks, depending on the deposit amount, period, and age of the depositor. Private sector banks typically offer higher interest rates for shorter periods. This article highlights various FD schemes from public sector banks, private sector banks, and some individual banks.
Among public sector banks, the Central Bank of India offers the highest interest rate of 7.50% for FDs of 1111 and 3333 days. Punjab & Sind Bank and Bank of Maharashtra also offer high interest rates of 7.45% for 555 days and 366 days, respectively.
Among private sector banks, DCB Bank offers the highest interest rate of 8.05% for FDs of 19-20 months. RBL Bank and IndusInd Bank also offer competitive rates of 8% for 500 days and 7.99% for FDs of 1 year 5 months to 1 year 6 months, respectively. HDFC Bank, ICICI Bank, and YES Bank offer lower interest rates ranging from 7.40% to 7.75% for different periods.
State Bank of India (SBI) offers a maximum rate of 7.25% for 444 days under its Amrit Vrishti scheme. Other public sector banks, such as Bank of Baroda, Bank of India, and Union Bank of India, offer lower interest rates ranging from 6.50% to 7.30% for different periods.
In conclusion, fixed deposit rates in India vary widely depending on the bank, deposit period, and deposit amount. Individuals should research and compare the rates offered by different banks to choose the best FD scheme that suits their financial goals and needs.
ICICI Bank Logs 14.8% Leap in Q3 Net Profit, Reaches ₹11,792 Crore, Maintains Stellar Asset Quality Performance
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ICICI Bank, one of India’s largest private sector banks, has reported a strong set of financial results for the third quarter (Q3) of the current financial year, with a net profit of Rs. 11,792 crore, a 14.8% increase year-on-year (YoY). The bank’s asset quality remains stable, with gross non-performing assets (GNPA) and net NPAs (NNPA) standing at 4.74% and 2.36%, respectively, as of December 31, 2022.
The net interest income (NII) of the bank rose 14.5% YoY to Rs. 24,685 crore, driven by a strong growth in advances and a margin improvement. The NII was also boosted by the bank’s efforts to increase its net interest spread, which expanded 46 basis points YoY to 3.51%. The net interest margin (NIM) expanded 23 basis points YoY to 3.33%.
The bank’s operating expenses increased 12.2% YoY to Rs. 10,449 crore, primarily due to higher staff costs and other expenses. However, the operating expenses as a percentage of total assets remained stable at 0.74%. The bank’s cost-to-income ratio improved 54 basis points YoY to 44.6%, reflecting improvements in operational efficiency.
The bank has maintained its asset quality, with a GNPA of 4.74% and NNPA of 2.36%, both of which have remained stable. The bank’s provision coverage ratio (PCR) stood at 74.2%, indicating a high level of provisioning.
ICICI Bank’s total advances grew 14.2% YoY to Rs. 6,13,931 crore, driven by a strong growth in retail and corporate lending. Deposits grew 13.4% YoY to Rs. 7,36,013 crore. The bank’s capital adequacy ratio (CAR) stood at 17.4%, well above the regulatory requirements.
The bank’s CEO, Sandeep Bakhle, attributed the strong results to the bank’s efforts to digitally transform its business, improve operational efficiency, and enhance customer services. He also emphasized the bank’s focus on strategic investments, including its fintech partnerships and digital initiatives, to drive growth and enhance returns.
Overall, ICICI Bank’s Q3 results demonstrate its strong performance, resilient asset quality, and strategic focus. The bank’s initiatives to increase digital presence, improve operational efficiency, and enhance customer services are expected to drive future growth and profitability.
Mysterious ‘BASHE’ ransomware group suspected of involvement in potential data breach at ICICI Bank
The Bashe hacking group has claimed responsibility for breaching the database of ICICI Bank, one of India’s leading banking institutions. According to information found on the dark web, the hackers have set a deadline of January 24, 2025, for the payment of a ransom to prevent the public release of sensitive information. If the deadline is not met, the hackers have threatened to expose the stolen data.
Bashe is a relatively new but formidable player in the world of cybercrime, with a history of targeting high-value businesses and industries. The group is associated with LockBit, one of the most notorious ransomware operators, and uses sophisticated strategies and Tor-based infrastructure to avoid detection.
This is not the first time ICICI Bank has faced allegations of a breach. In April 2023, a Cybernews investigation revealed that the bank had leaked sensitive data due to system misconfiguration. The bank denied the allegations at the time.
ICICI Bank’s extensive digital infrastructure and millions of customers make it a lucrative target for cybercriminals. A breach could potentially expose sensitive customer data, harm the bank’s reputation, and undermine public trust.
The alleged breach of ICICI Bank comes at a time when Indian businesses are increasingly becoming the targets of ransomware attacks. Experts in the cybersecurity field are urging financial institutions to invest in robust security protocols to prevent future incidents.
The Bashe group’s association with LockBit adds a layer of complexity to the situation. The group’s ability to operate internationally and its focus on critical industries demonstrate the need for a coordinated response to cyber threats.
It is important to note that ICICI Bank has not publicly acknowledged the breach, and the information is based on dark web research. However, the incident highlights the growing risks faced by the global banking sector and the need for increased cybersecurity measures.
Compare the best FD rates for senior citizens: A snapshot of interest rates offered by top public sector banks (SBI, BoB, PNB) and private banks on 1-year, 3-year, and 5-year fixed deposits.
As a senior citizen, it is important to find investments that provide a steady income and security. Fixed Deposits (FDs) are a popular option for senior citizens, as they are safe and offer guaranteed returns. While the interest rates on FDs for senior citizens may vary based on the tenure and bank, there are certain banks that offer more attractive rates.
State Bank of India (SBI) offers 7.75% interest rate to senior citizens on its 444-day Amrit Vrishti scheme, while its 1-year, 3-year, and 5-year FD plans offer 7.30%, 7.25%, and 7.50% interest rates, respectively. Bank of Baroda (BoB) offers 7.80% interest rate to senior citizens on its 400-day Bob Utsav scheme, while Punjab National Bank (PNB) offers 7.75% interest rate on its 400-day FD scheme.
Canara Bank, ICICI Bank, Axis Bank, and HDFC Bank are also offering attractive interest rates to senior citizens on their FD schemes. For instance, Canara Bank offers 7.90% interest rate to senior citizens on its 3-year to less than 5-year FD scheme, while ICICI Bank offers 7.80% interest rate on its 15-month to less than 18-month FD scheme. Axis Bank offers 7.75% interest rate on its 15-month to less than 2-year FD scheme, and HDFC Bank offers 7.90% interest rate on its 4-year 7-month FD scheme.
It is important to note that the minimum deposit amount varies from bank to bank, typically ranging from 7 days to 10 years. Senior citizens can benefit from these FD schemes by investing in the tenure and bank that suits their financial needs and goals.
Unlock Top Yields: Discover the best FD rates in the market with this curated list of top-performing banks
The article discusses the best fixed deposit (FD) rates offered by various banks in India, including small finance banks, private banks, and government banks. It highlights that small finance banks are often offering higher returns on FDs than private and government banks, making them a popular choice for risk-averse investors. The article provides a table listing the best FD rates offered by various banks, including small finance banks, private banks, and government banks.
The table shows that small finance banks such as Northeast Small Finance Bank, Unity Small Finance Bank, and Utkarsh Small Finance Bank are offering interest rates ranging from 8.25% to 9.5% per annum on FDs with tenures ranging from 546 days to 1111 days. Private banks such as Axis Bank, Bandhan Bank, and ICICI Bank are offering interest rates ranging from 7.25% to 7.9% per annum on FDs with tenures ranging from 12 months to 55 months.
Government banks such as Bank of Baroda, Bank of India, and State Bank of India are offering interest rates ranging from 7.25% to 7.8% per annum on FDs with tenures ranging from 400 days to 1111 days. The article also notes that banks keep changing their rates from time to time, and investors are advised to check the exact interest rate and terms from the official website or branch of the concerned bank before investing in an FD scheme.
Overall, the article provides a useful resource for individuals looking to earn a stable return on their investments by placing their money in a fixed deposit account with a bank.
Boost Your Savings: 5 Small Finance Banks Offer Jumbo Returns on 3-Year Fixed Deposits up to 9% – Check the List Now
Small finance banks are offering attractive fixed deposit (FD) rates to customers, with some offering as high as 9% interest rate on 3-year deposits. Here are 5 small finance banks that are offering high FD rates on 3-year deposits:
1. Ujjivan Small Finance Bank: Ujjivan SFB is offering a 9% interest rate on 3-year FDs, with a minimum deposit requirement of ₹15,000.
2. Equitas Small Finance Bank: Equitas SFB is offering an 8.75% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
3. Au Financiers (India) Limited: Au Financiers is offering an 8.75% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
4. Suryoday Small Finance Bank: Suryoday SFB is offering an 8.5% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
5. Jana Small Finance Bank: Jana SFB is offering an 8.25% interest rate on 3-year FDs, with a minimum deposit requirement of ₹10,000.
These small finance banks are offering higher interest rates compared to traditional banks, making them an attractive option for customers looking for higher returns on their deposits. Additionally, these banks are also offering other benefits such as higher interest rates on senior citizens, special schemes for women, and online FD booking facilities.
It’s worth noting that the interest rates offered by these small finance banks may vary depending on the location and the customer’s profile. Customers should check the interest rates and terms and conditions before opening an FD account.
In comparison, traditional banks such as State Bank of India, ICICI Bank, and HDFC Bank are offering interest rates ranging from 5.5% to 7.5% on 3-year FDs. This highlights the competitive advantage that small finance banks have in terms of offering higher interest rates to customers.
Overall, small finance banks are offering attractive FD rates to customers, making them a viable option for those looking for higher returns on their deposits.
Mizoram Chief Minister Warns: Failure to Satisfy Customers Will Result in Loss of Business
Mizoram’s Chief Minister, Lalduhoma, has issued a warning to some banks operating in the state to improve their credit-debit (CD) ratio, which is currently below 40% for some banks. The CD ratio measures the percentage of deposits disbursed to customers compared to the total deposits received. Lalduhoma expressed disappointment that some banks are only disbursing 20% of deposits to customers while keeping 80% as reserves. He deemed this practice disrespectful to the people of Mizoram and urged the banks to prioritize the state’s development.
The Chief Minister specifically named several banks, including Yes Bank, Bandhan Bank, Axis Bank, ICICI, HDFC, Central Bank of India, Federal Bank, and North East Small Finance Bank, to improve their CD ratio. He warned that if there is no improvement, the state government will not remain a mute spectator and may result in the banks losing customers.
Lalduhoma emphasized the importance of cooperation between the state government and the banking sector to uplift marginalized sections of society, particularly in agriculture and micro, small, and medium-sized enterprises (MSMEs). He appealed to the bankers to expand their network to rural areas, making it easier for people to access banking services, especially in priority sectors.
The Chief Minister’s warning and appeal are aimed at promoting a more balanced and responsible approach to banking in Mizoram. By improving their CD ratio and expanding their services to rural areas, banks can play a more significant role in the state’s development and contribute to the betterment of people’s lives.