Rajkiran Rai G took over as the bank's MD & CEO on July 1. The state-run lender is also looking closely at the way the country's top private banks, such as HDFC Bank or ICICI Bank, operate. HDFC Bank, India's most valuable lender, netted Rs 14,549 crore of profit after tax in FY17 with ROA at 1.88%. Union Bank is already exploring tie-ups with fintech firms for sourcing of retail loans.
Trading in negotiable warehouse receipts, a decade-old idea, will be a reality next week, when two repository record-keeping agencies start operations. They're going online when launched next week in Delhi. Electronic receipts which can be transferred like negotiable instruments open opportunities for hassle-free and faster trading in commodities. Especially for agricultural commodities, where losses in transit are huge as compared to non-agri ones. At present, nine banks and 11 non-bank finance companies are active in collateral financing for agri commodities.
Alphabet Inc's Google on Monday launched a localised payments app for India as it tries to gain a foothold in the country's rapidly-growing digital payments space. Google's payments app named Tez, meaning fast in Hindi, uses UPI and allows users to connect their bank accounts to the service. Google has partnered with State Bank of India, the country's biggest lender, HDFC Bank, ICICI Bank and Axis Bank for the service.
Axa lifted its stake in shares of ICICI Bank Limited by 102.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. American Century Companies Inc acquired a new stake in shares of ICICI Bank Limited during the first quarter worth approximately $101,000. Finally, Park Avenue Securities LLC grew its position in shares of ICICI Bank Limited by 29.3% during the second quarter.
Sumitomo Mitsui Trust Holdings Inc bought a new stake in ICICI Bank Limited in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. Finally, Capital One National Association raised its holdings in ICICI Bank Limited by 4.5% in the second quarter. Zacks Investment Research cut shares of ICICI Bank Limited from a buy rating to a hold rating in a report on Tuesday, August 1st.
Public sector IDBI Bank on Thursday said it has sold 12.5 lakh equity shares in Clearing Corporation of India (CCIL) for an undisclosed amount. CCIL facilitates clearing and settlement of transactions in money, government bonds, foreign exchange and derivative markets. The collective shareholding of the bank stands at 67.50 per cent, 14 per cent is held by financial institutions and the rest of 18.50 per cent is owned by primary dealers and other corporate bodies.
ICICI Lombard General Insurance Company raised about Rs 1,625 crore from 64 anchor investors on Thursday, a day before its initial public offering (IPO) opens for subscription. The country's largest private sector non-life insurer is planning to raise around Rs 5,700 crore from its IPO, which is scheduled to close on September 19. The company has set a price band of Rs 651-661 per share for its IPO.
A leading private bank was duped of Rs 93.80 lakh by 17 persons posing as labour ministry employees, the police said today. A case has been registered on a complaint by an employee of ICICI Bank with the crime branch, they added. The accused persons took loans from the bank to the tune of Rs 93.80 lakh by submitting fake ID cards of the ministry and other documents.
To boost its credit offtake, the private sector lender has added an incentive to its home loan offering. Further for the offer to become valid the customer should either take a new home loan facility from a bank or transfer its existing home loan to ICICI bank. The slowdown in the credit growth has pushed banks across the sector to shift their focus to retail loans instead of corporate loans. Since the beginning of the FY, ICICI Bank has reported a loan growth of 19%.
There is reasonable growth opportunity and since our market share is not in double digits, we can always grab market share from other banks. We are not only looking at credit growth in retail, our entire franchise is growing. Today, we have all the products which an ICICI Bank or HDFC Bank offer and all those products are seeing healthy growth. We are getting a larger share of customers which shows their confidence in the kind of products and services we are offering.