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Other Indian companies with a market capitalization exceeding 100 billion dollars include Reliance Industries Ltd, Tata Consultancy Services, HDFC Bank, and Bharti Airtel

ICICI Bank joins $100 billion market cap club, 6th Indian firm to do so

Other Indian companies with a market capitalization exceeding 100 billion dollars include Reliance Industries Ltd, Tata Consultancy Services, HDFC Bank, and Bharti Airtel

ICICI Bank reached a market capitalization of 100 billion dollars or 8.4 lakh crore rupees on June 25, becoming the sixth Indian company to achieve this milestone. The bank's share price increased over 2 percent intraday, closing at 1,196 rupees, up 2.25 percent. ICICI Bank is the second largest bank in India by market capitalization, following HDFC Bank. Also read/watch - <a title="Ex RBI governor Raghuram Rajan warns against fake videos in his name offering investment advice" href="https://www.editorji.com/business-news/ex-rbi-governor-raghuram-rajan-warns-against-fake-videos-in-his-name-offering-investment-advice-1719313022445">Ex RBI governor Raghuram Rajan warns against fake videos in his name offering investment advice</a> Since June 4, the day of the general election results, ICICI Bank's stock has increased nearly 12 percent, outperforming the Nifty's 8 percent return during the same period and matching the gains of the Bank Nifty. Over the past year, ICICI Bank's share price has risen nearly 29 percent, outperforming the bank nifty. Other Indian companies with a market capitalization exceeding 100 billion dollars include Reliance Industries Ltd, Tata Consultancy Services, HDFC Bank, and Bharti Airtel. Infosys also reached 100 billion dollars in market capitalization in January 2022 but has not maintained that level.

ICICI bank enables UPI for its NRI customers in India by which NRIs can use their international mobile numbers and this service will be made available through its mobile banking app iMobile Pay

ICICI bank unveils UPI payments for NRI customers with international numbers

<h2>ICICI bank enables UPI for its NRI customers in India by which NRIs can use their international mobile numbers and this service will be made available through its mobile banking app iMobile Pay</h2>

If you're an NRI who uses UPI to make payments in India, you now no longer will need to keep an India number just to make payments. ICICI Bank has announced that it has enabled UPI for its NRI customers in India through their international mobile numbers. According to the bank, this will significantly enhance convenience of making everyday payments.
"With this facility, the NRI customers of the bank can make payments for their utility bills, merchant and e-commerce transactions with their international mobile number registered with their NRE/NRO bank account held with ICICI Bank in India," a statement released here by the bank said.
According to the statement, the bank has made this service available through its mobile banking app iMobile Pay.
<h3>UPI enabled for NRIs</h3>
Earlier, NRIs had to register an Indian mobile number with their bank accounts to make UPI payments across 10 countries, namely, the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar and Saudi Arabia. NRI customers of the bank can make UPI payments by scanning any Indian QR code, send money to a UPI ID or any Indian mobile number or Indian bank account.
"With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI," Sidharatha Mishra, Head Digital Channels and Partnerships, ICICI Bank, said.
As per Mishra, with this initiative, the bank intends to leverage on NPCI's UPI (Unified Payments Interface) infrastructure in "strengthening and transforming the digital payments ecosystem globally".
Also watch: <a href="https://www.editorji.com/business-news/indi-s-upi-payments-now-accepted-in-seven-countries-sri-lanka-mauritius-added-to-list-1707812652461">India's UPI payments now accepted in seven countries: Sri Lanka, Mauritius added to list</a>

As ICICI bank called a media report of  its CEO and MD Sandeep Bakhshi wanting to quit, "baseless" and a "figment of imagination" , ICICI bank's shares traded flat on Thursday

ICICI bank stock in focus as bank calls report of MD & CEO Sandeep Bakhshi wanting to quit 

ICICI bank stock in focus as bank calls report of MD & CEO Sandeep Bakhshi wanting to quit "baseless"

<h2>As ICICI bank called a media report of&nbsp; its CEO and MD Sandeep Bakhshi wanting to quit, "baseless" and a "figment of imagination" , ICICI bank's shares traded flat on Thursday</h2>

ICICI Bank has responded to a report about MD &amp; CEO Sandeep Bakhshi wanting to quit. In an exchange filing, the bank called the report, "baseless" and a 'figment of imagination'.
"We would like to categorically deny the information published in the article regarding ICICI Bank&rsquo;s MD allegedly expressing willingness to leave his position due to personal reasons," ICICI Bank said in a filing.
"This information is figment of imagination and therefore, completely baseless and misleading. It appears that this rumour is being spread with an ulterior motive and malicious intent in order to harm the Bank and its stakeholders," the filing said.
The report in question said that Sandeep Bakhshi wanted to be relieved as MD and CEO due to personal emergency. However, RBI was against his departure, it added.
<h3>Stock Performance</h3>
At 11 am on Thursday, the stock was trading at Rs 1,146. ICICI bank emerged as the fifth Indian company and the second bank to surpass Rs 8-lakh-crore market capitalisation for the first time last week. Its stock rallied over 4% on strong earnings.
&nbsp;Driven by robust advances and reduced credit costs, ICICI bank reported a net profit of Rs 10,708 crore in Q4 FY24, up 20% from Q4 FY23. Its Return on Assets (ROA) was at 2.4% in FY24, reflecting strong performance across the board. The net interest income (NII) rose 8% to Rs 19,093 crore in Q4 FY24, surpassing estimates of Rs 18,958 crore
Also Watch: <a href="https://www.editorji.com/business-news/icici-bank-in-trouble-for-allegedly-influencing-shareholders-over-delisting-broking-arm-1711527791740">ICICI bank in trouble for allegedly influencing shareholders over delisting broking arm</a>
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Allegations over ICICI Bank's action of trying to influence the voting decision of ICICI Securities' minority shareholders over the delisting of the broking and investment banking arm may result in regulatory scrutiny of the voting process

ICICI bank in trouble for allegedly influencing shareholders over delisting broking arm

<h2>Allegations over ICICI Bank's action of trying to influence the voting decision of ICICI Securities' minority shareholders over the delisting of the broking and investment banking arm may result in regulatory scrutiny of the voting process</h2>

ICICI bank has allegedly tried to influence the decisions taken by minority shareholders of ICICI Securities (I-Sec) to support the private lender's proposal to delist the broking and investment banking arm. As per The Economic Times, many shareholders claimed on social media that the bank's executives contacted them, coaxing to vote in favour of the resolution that proposes to delist the broking subsidiary.
<h3>ICICI bank under fire</h3>
As per Lawyers and Market Participants quoted by The Economic Times, this action of ICICI bank could result in regulatory scrutiny of the voting process. The e-voting for the delisting of ICICI Securities began on March 22 and ended on March 26.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/markets/rbi-slaps-penalties-on-icici-bank-and-kotak-mahindra-bank-for-breaching-regulatory-standards-1697601136708">RBI slaps penalties on ICICI Bank and Kotak Mahindra bank for breaching regulatory standards</a>
As per media reports, five shareholders of ICICI Securities, said the ICICI Bank&rsquo;s branch employees have called and made home visits persuading them not just to vote, but also to vote in favour of delisting. While all five got calls, only one got a home visit. The callers sometimes even asked for proof of voting in the form of screenshots of a confirmation message received after e-voting.
"The fact that mid-level and junior-level executives of ICICI Bank are personally calling ICICI Securities shareholders over the weekend is a reflection and almost blatant acceptance of the injustice being inflicted by the bank on minority shareholders of ICICI Securities," Manu Rishi Gupta, founder of MRG Capital, a Bengaluru-based investment fund told The Economic Times. MRG Capital has been one of the most vocal opponents of the delisting plan. "We have sufficient evidence to demonstrate the unlawful actions of ICICI Bank, which we will share with all regulatory authorities", he added.
<h3>ICICI Securities de-listing</h3>
ICICI Bank aims to de-list ICICI Securities via a share swap deal. As per the terms, for every 100 shares held, public shareholders in ICICI Securities would receive 67 shares of ICICI Bank. The share swap ratio for delisting the brokerage has been opposed by a section of minority shareholders.
<h3>What next for ICICI Bank?</h3>
The Economic Times quoted Securities Lawyers and said that rules do not explicitly bar players from influencing such decisions, but ICICI Bank may be treading in the regulatory twilight zone.
"PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, which prohibit deceptive practices in securities markets, and the LODR Regulations, enforcing transparent disclosure of information that impacts investor decision-making, are the key regulations that play a key role in market integrity," Sonam Chandwani, managing partner at KS Legal &amp; Associates told The Economic Times.
"Furthermore, the Sebi Regulations, designed to ensure fair procedures in acquisitions or delisting, and the Prohibition of Insider Trading Regulations, which guard against the misuse of confidential information, are also significant", she added.
The report further mentioned that Indian Market Regulator SEBI may also look into the matter.&nbsp;
"Seeking support for voting in a specific manner isn't explicitly regulated or forbidden but is grounded in corporate governance principles and ensuring fairness in the process," Sumit Agrawal, founder of Regstreet Law Advisors told The Economic Times. "Sebi possesses extensive authority to investigate such practices and, in response to any complaints, can implement heightened scrutiny on the voting process."
Meanwhile, media reports have suggested that ICICI Bank's largest public shareholder, Norges Fund Investment Bank, voted in favour of the resolution. Quantum Mutual Fund said recently it voted against it.
&nbsp;

Amid higher attrition rate in private banking sector last year, ICICI bank is planning to hire 30 new employees as it anticipates record high fundraising by companies this year and the next

Amid record high fundraising anticipation, ICICI Bank plans 30 new hire this year: Report

<h2>Amid higher attrition rate in private banking sector last year, ICICI bank is planning to hire 30 new employees as it anticipates record high fundraising by companies this year and the next</h2>

ICICI Bank jobs: ICICI Bank is planning to hire 30 new employees as it anticipates record high fundraising by companies this year and the next, reported Bloomberg. As per the report, the move will increase ICICI Securities&rsquo; headcount to 190.
<h3>ICICI Bank hiring</h3>
Bloomberg quoted Ajay Saraf, head of investment banking and institutional equities at the lender&rsquo;s ICICI Securities Ltd and said that the country's second-largest private lender aims for 15 new hires in its investment banking division to beef up its mergers and acquisitions, private equity and fundraising practices, and another 15 in sales, trading, and research.
Also Read: <a href="https://www.editorji.com/business-news/economy/private-bank-recruitment-over-50-000-junior-officers-to-be-hired-to-battle-fy23-attrition-1701180744932">Private Bank Recruitment: Over 50,000 junior officers to be hired to battle FY23 attrition</a>
Private banks in India have been facing higher rates of attrition over the past year. HDFC Bank, India's largest private sector lender, saw attrition of 34.15% in FY23, while IndusInd Bank saw 51% attrition and ICICI Bank 30.9%.
Earlier Mint reported that private banks in India are planning to hire at least 50,000 people for entry-level roles over the coming year to battle high attrition in this segment. As per the report, in the previous financial year, lenders saw a sharp rise in attrition as demand for young workers with digital skills in sales and marketing surged in insurance, retail, and fintech. The lenders are facing stiff competition from fintech firms at present.

The court said that arrest of the Kochhars violated Section 41A of the Code of Criminal Procedure (CrPC).

Interim relief for Chanda Kochhar, husband: Bombay HC grants bail, says CBI arrest not as per law

ICICI Bank ex-CEO to be released from custody Chanda Kochhar, husband's release ordered Bombay HC said CBI arrest not as per law: reports
&nbsp;

Interim relief for Chanda Kochhar, husband: Bombay HC orders release, says CBI arrest not as per law

The court said that arrest of the Kochhars violated Section 41A of the Code of Criminal Procedure (CrPC).

Former CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar secured interim relief after the Bombay High Court granted them bail on 9 January 2023.
The court said that arrest of the Kochhars by the Central Bureau of Investigation (CBI) was not as per law, since it violated Section 41A of the Code of Criminal Procedure (CrPC). The section mandates sending notice for appearance before the police officer concerned.
The bench directed the duo to deposit a cash bail amount of Rs one lakh each. The couple's lawyer later said they would now initiate the process before the special CBI court for their release.
The HC said the duo shall cooperate with the probe and attend the CBI office as and when summoned. The court also asked the Kochhars to surrender their passports to the CBI.
The Kochhars were arrested on 23 December 2022 in the ICICI Bank-Videocon loan case. They are presently in judicial custody.
Apart from the Kochhars, the CBI has also arrested Videocon group founder Venugopal Dhoot in the case. He is also in judicial custody.
(With PTI inputs)
Also Watch: <a href="https://www.editorji.com/india-news/local/joshimath-sinking-uttarakhand-cm-pushkar-dhami-on-evacuation-efforts-1673248823995">Joshimath 'sinking': Uttarakhand CM Pushkar Dhami on evacuation efforts</a>

Kochhar was accused of misusing her position in the ICICI Bank in granting loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011

Videocon loan case: Mumbai court remands Chanda Kochhar, husband in CBI custody till December 26 

Kochhar was accused of misusing her position in the ICICI Bank in granting loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011

A special CBI court on Saturday remanded former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar to the CBI custody till Monday.
They were arrested on Friday in a case linked to alleged irregularities in an over Rs 3,000-crore loan provided to the Videocon Group when she was heading the private sector bank.
Kochchar had to resign from ICICI Bank in 2018 because of this multi-crore scam.&nbsp; Also Watch| <a href="https://www.editorji.com/india-news/local/videocon-loan-case-icici-bank-ceo-md-chanda-kochhar-husband-deepak-kochhar-arrested-1671852298885">Videocon loan case: ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar arrested</a>

CBI arrests Videocon founder Venugopal Dhoot in connection with ICICI Bank loan case

CBI arrests Videocon founder Venugopal Dhoot
Dhoot arrested in connection with ICICI Bank loan case
ICICI Bank ex-MD Chanda Kochhar was arrested last week

The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited.

Days after former MD and CEO of ICICI Bank Chanda Kochhar was arrested by the CBI, the federal agency on Monday arrested Venugopal Dhoot, Chairman of the Videocon Group in the ICICI loan fraud case.
71-year-old Dhoot was arrested from Mumbai.
Chanda Kochhar's husband Deepak Kochhar was also arrested by the CBI in a case linked to alleged irregularities in an over ₹3,000-crore loan provided to the Videocon Group when she was heading the private sector bank.
Also watch: <a href="https://www.editorji.com/india-news/politics/cbi-reopens-probe-against-lalu-yadav-in-irctc-scam-case-1672039540806">CBI reopens probe against Lalu Yadav in IRCTC scam case</a>
The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd, and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019, they said.
With PTI Inputs

ICICI&nbsp;Bank shares surged almost 8% to Rs 818 in the opening session on Monday as the country's second-largest private bank reported a 30% jump in net profits for the September quarter.
Its asset quality improves significantly as the bank reported a 17 basis points decline in the net NPA&nbsp;ratio to 0.99% for the quarter gone by.&nbsp;
Brokerages remain bullish as they raised targets on ICICI&nbsp;Bank:
CLSA:&nbsp;The brokerage maintained a BUY call on the stock with a target price of Rs 1,100. CLSA&nbsp;noted that the bank has now consistently been delivering sector-best growth.
Credit Suisse:&nbsp;Rising core profitability along with lower credit costs are likely to drive return on equity higher, it said. The brokerage expects the stock to outperform with a target price of Rs 900.
Nirmal&nbsp;Bang: The brokerage has a BUY on the stock with a target price of Rs 886 ad it expects the stock to deliver a 15% return on equity.&nbsp;

ICICI Bank: Stock surges 8%; here's what brokerages are targeting at

ICICI Bank delivers a powerful second quarter; should you buy? See what brokerages have to say:

Firecracker Earnings, Diwali on Dalal Street thanks to ICICI 

Record high profit for ICICI&nbsp;Bank, Brokerages say 'table thumping moment' as the financial sector leader scripts a comeback.

Firecracker earnings for ICICI&nbsp;Bank has bought Diwali early for Dalal&nbsp;Street with the stock surging 8% and pushing the Bank Nifty to an all time high.&nbsp; Firecracker Earnings The country's second-largest private bank reported a 30% jump in net profits for the September quarter.
Its asset quality improves significantly as the bank reported a 17 basis points decline in the net NPA&nbsp;ratio to 0.99% for the quarter gone by.&nbsp;
Brokerages bet big
CLSA:&nbsp;The brokerage maintained a BUY call on the stock with a target price of Rs 1,100. CLSA&nbsp;noted that the bank has now consistently been delivering sector-best growth.
Credit Suisse:&nbsp;Rising core profitability along with lower credit costs are likely to drive return on equity higher, it said. The brokerage expects the stock to outperform with a target price of Rs 900.

Paytm&nbsp;starts its Diwali&nbsp;celebrations early, the digital payment platform finally received a nod from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), through which it plans to raise Rs 16,600 crore.
The Securities and Exchange Board of India (SEBI)&nbsp;bars investment advisors from advising on crypto, digital gold. This effectively bans SEBI-Registered Investment Advisors or RIAs can't offer advice or platform to trade unregulated products, said the regulator.
Billionaire Mukesh Ambani-led RIL reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year
RIL share has gained 24.8% in one year and risen 32.5% since the beginning of this year.
ICICI Bank has given significant return in the current financial year FY22, rising more than 30 percent, outperforming Nifty Bank index by a strong margin which gained 21 percent in the same period.
While petrol has already hit the Rs 100-a-litre mark or more in all major cities of the country,&nbsp;Oil held above $85 a barrel after Saudi Arabia said that the OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.&nbsp;
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Top 5 business & market news you need to know

Start your Monday with top 5 biz bytes you need to have this morning

Top 5 Biz Bytes you need to have this morning

Earnings to IPOs, a lot of stocks and companies to watch in the news today.&nbsp;

Blockbuster earnings from Reliance and ICICI&nbsp;to a clearance (finally) for the mega Paytm&nbsp;IPO, a lot for traders to keep an eye. Here are the top stories you need to track-:
<ul>
<li>Paytm&nbsp;IPO&nbsp;Dhamaka:&nbsp;Paytm&nbsp;starts its Diwali&nbsp;celebrations early, the digital payment platform finally received a nod from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO), through which it plans to raise Rs 16,600 crore.</li>
<li>ICICI Firecracker Earnings: Country&rsquo;s second-largest private lender reported record high earnings in the quarter gone by with net income up about 30%. Brokerages such as Kotak say -&gt;&nbsp;Time to thump tables.. bank is scripting one of the best comebacks in financials in past decade.&nbsp;</li>
<li>RIL's&nbsp;Festive Results:&nbsp;Mukesh Ambani-led&nbsp;Reliance Industries&nbsp;Ltd (RIL) reported consolidated net profit of Rs 13,680 crore in the September quarter (Q2), up 43 per cent from the same period last year, on improved performance across key businesses even as finance cost fell 37% on a year-on-year basis</li>
<li>SEBI&nbsp;Sounds Alarm: The market regulator has barred&nbsp; investment advisors from advising on crypto, digital gold reiterating that these products are unregulated products.The SEBI statement assumes significance as the recent past has seen an exponential rise in the number of Indians trading in products like Bitcoins and other cryptocurrencies along with NFTs and digital gold.</li>
<li>Petrol Packs a Punch: Brace yourself for higher prices as crude continues to trade over $85/bbl and OPEC&nbsp;tells members to be cautious while managing supplies.&nbsp;</li>
</ul>

HDFC Bank's Aditya Puri emerged as the highest grossing banker among the top three private sector lenders in his retirement year with total emoluments of Rs 13.82 crore. His successor Sashidhar Jagdishan, who took over as the chief executive and managing director of the largest private sector lender on October 27, 2020 grossed a salary of Rs 4.77 crore for the fiscal year, which included payments as a group head till his elevation. Puri's overall payments included Rs 3.5 crore as post-retirement&nbsp;benefits.
Its immediate rival&nbsp;ICICI Bank's MD and CEO Sandeep Bakhshi "voluntarily relinquished" his fixed compensation of basic and supplementary allowances for FY21, which had seen wide-scale impact of the COVID pandemic, as per the second largest lender's annual report.
Bakhshi, however, did receive allowances and perquisites amounting to Rs 38.38 lakh, the document said, adding he also got Rs 63.60 lakh as performance bonus from ICICI Prudential Life Insurance Company as deferred variable pay for FY17 and FY18.
Amitabh Chaudhry, who has been leading the third largest private sector lender Axis Bank, got paid Rs 6.52 crore, the bank's annual report said, adding that the top management was not given any salary increment in FY21.
Data available for 'crorepati' bankers, or those earning above Rs 8.5 lakh a month, revealed that HDFC Bank had 200 executives in this exclusive club, including key management personnel, serving officials and those who left the lender midway through the fiscal year.

Crorepati Bankers: Which banker got paid the most, while which banker decided to forego salary? 

Pandemic Payslips: Which banker got paid the most, while which banker decided to forgo salary? A sneak peek into the world of 'crorepati bankers'

Crorepati Bankers

Aditya Puri&nbsp;takes in his swan song salary statement at a whopping&nbsp;Rs 13.82 crore.

HDFC Bank's Aditya Puri emerged as the highest grossing banker among the top three private sector lenders in his retirement year with total emoluments of Rs 13.82 crore. His successor Sashidhar Jagdishan, who took over as the chief executive and managing director of the largest private sector lender on October 27, 2020 grossed a salary of Rs 4.77 crore for the fiscal year, which included payments as a group head till his elevation. Puri's overall payments included Rs 3.5 crore as post-retirement&nbsp;benefits.
Its immediate rival&nbsp;ICICI Bank's MD and CEO Sandeep Bakhshi "voluntarily relinquished" his fixed compensation of basic and supplementary allowances for FY21, which had seen wide-scale impact of the COVID pandemic, as per the second largest lender's annual report.
Bakhshi, however, did receive allowances and perquisites amounting to Rs 38.38 lakh, the document said, adding he also got Rs 63.60 lakh as performance bonus from ICICI Prudential Life Insurance Company as deferred variable pay for FY17 and FY18.
Amitabh Chaudhry, who has been leading the third largest private sector lender Axis Bank, got paid Rs 6.52 crore, the bank's annual report said, adding that the top management was not given any salary increment in FY21.
Data available for 'crorepati' bankers, or those earning above Rs 8.5 lakh a month, revealed that HDFC Bank had 200 executives in this exclusive club, including key management personnel, serving officials and those who left the lender midway through the fiscal year.

Indian banks may soon start leveraging&nbsp;blockchain&nbsp;technology for Letter of Credit (LC), GST&nbsp;invoices and e-way bills. Along with reduced processing time and paperwork elimination&nbsp;due to&nbsp;blockchain&nbsp;technology, banks are expected to even prevent frauds like multiple issuances of LCs&nbsp;on a single&nbsp;invoice.
The largest&nbsp;public lender State Bank of India and 14 more banks have formed a new firm called the Indian Banks' Blockchain&nbsp;Infrastructure Company Pvt&nbsp;Ltd which will be at the helm of this transformation.
The use of&nbsp;blockchain&nbsp;technology by banks could be a&nbsp;boon for medium and small-scale enterprises (MSMEs) as tokenisation would make approvals, disbursements and settlements quick.&nbsp;Disbursements on domestic LCs, which used to take four to five days, can be done in four hours, as some reports suggest.
The industry has been exploring more complex use-cases such as collateralised loan disbursal, deeper credit rating, and even transaction traceability.
&nbsp;

SBI, HDFC, ICICI, others to leverage blockchain technology

Blockchain&nbsp;finds backers in the banking community, meet the Indian Banks&rsquo; Blockchain Infrastructure Co Ltd backed by SBI, ICICI, HDFC&nbsp;Bank and 12 others.&nbsp;
@HDFC_Bank
@ICICIBank
@Finacle
@Infosys
@naval
#blockchain
&nbsp;
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Blockchain&nbsp;finds more backers in the Indian banks community with leading banks&nbsp;like ICICI, HDFC&nbsp;Bank and SBI&nbsp;along with 12 others have&nbsp; come together to form a company Indian Banks&rsquo; Blockchain Infrastructure Co Pvt Ltd (IBBIC) with each having equal shareholding.&nbsp; The newly formed blockchain&nbsp;company will&nbsp;widen the blockchain application to the processing of Letters of Credit (LCs/LoCs), GST invoices, and e-way bills. Along with reduced processing time and paperwork elimination&nbsp;due to&nbsp;blockchain&nbsp;technology, banks are expected to even prevent frauds like multiple issuances of LCs&nbsp;on a single&nbsp;invoice. This will also be a big boost to medium and small-scale enterprises (MSMEs) as tokenisation would make approvals, disbursements and settlements faster. Operation and disbursements&nbsp;which used to take four to five days, can be done in four hours, as some reports suggest
The project is expected to use Infosys&rsquo; Finacle Connect, a blockchain-based platform that enables digitisation and automation of trade-related finance processes.

Private sector lender&nbsp;ICICI Bank&nbsp;on Saturday reported a 260.47% year-on-year rise in net profit to&nbsp;₹4,402.61 crore &nbsp;for the quarter ended March 31, 2021. The profit figure stood at ₹ 1,221 crore for the same period last year.&nbsp;
Net interest income, the difference between interest earned and interest expended, grew by&nbsp;16.9 per cent to ₹ 10,431.13 crore in Q4FY21, compared to ₹ 8,926.9 crore in Q4FY20.
Net&nbsp;non-performing assets fell to 1.14% from 1.41% in the same quarter last year and 0.63% in the previous quarter.

ICICI Bank Q4 net profit rises 260% but still misses street estimates 

ICICI&nbsp;Bank reports net profit that is below the street estimate even as&nbsp;bad loan worries ease in the Jan-march quarter.

ICICI&nbsp;Bank Q4:&nbsp;Profit jumps 261% to ₹4,403 cr, but misses street estimates
ICICI&nbsp;Bank Q4 Bad loans at&nbsp;4.96% vs 5.43% in the December quarter
ICICI&nbsp;Bank: ₹7,475 cr worth&nbsp;Covid-19-related provisions as of March 31.
&nbsp;

Private sector lender&nbsp;ICICI Bank reported a net profit of&nbsp;₹4,402.61 crore&nbsp;for the Jan-March quarter, that is a&nbsp;260% year-on-year rise. Despite the big jump in profit the number has missed the street estimates that was around&nbsp;₹4,800 cr.&nbsp;
Bad loans at the bank or the gross non-performing assets (NPA) for the quarter stood at 4.96% vs 5.43% in the December quarter.
ICICI&nbsp;Bank also stated it had ₹7,475 crore worth Covid-19-related provisions as of March 31.
&nbsp;

Indian equity markets opened lower on account of a fall in the US markets and subdued Asian peers.
At 9:20 am, the Sensex was 192 points in the red at 43,987 and the Nifty was trading at 12,875, down 0.49%.
Powergrid, L&amp;T, Axis Bank, SBI and ICICI&nbsp;Bank were the top losers.

Sensex down 192 points; Nifty at 12,875

12,875.45&nbsp; -62.80 (-0.49%
43,987.92 -192.13 -0.43%

Indian equity markets opened lower on account of a fall in the US markets and subdued Asian peers.
At 9:20 am, the Sensex was 192 points in the red at 43,987 and the Nifty was trading at 12,875, down 0.49%.
Powergrid, L&amp;T, Axis Bank, SBI and ICICI&nbsp;Bank were the top losers.

Samsung offers huge discounts on its online store for festive season

Samsung India has announced mega discounts and cashback offers on a wide range of Samsung products for consumers shopping online from Samsung&rsquo;s Online Store this festive season.&nbsp;
Consumers can get up to 40% discount on select Galaxy smartphones such as Samsung&rsquo;s flagship Galaxy S20+. The company is also offering up to 60% off on select accessories such as wireless chargers and JBL speakers.&nbsp;
There's even a 45% discount on a range of TV and Home Appliances such as The Frame television, Spacemax Family Hub French Door refrigerator and front-load Ecobubble with Hygiene Steam washing machine.
Samsung has also tied up with leading banks&ndash;HDFC, ICICI Bank and SBI&ndash;so that consumers shopping online from Samsung.com can get up to 12.5% cashback on their purchase.
The discounts and offers are valid for a limited period, from October 15 to November 16.

Samsung offers discounts, offers on its online store
Up to 40% discount on select Galaxy phones
Up to 60% on wireless chargers, JBL speakers
Grab 45% discount on TVs, smart appliances
Up to 12.5% cashback with HDFC, ICICI, SBI cards
Offers available until Nov 16

Samsung India has announced mega discounts and cashback offers on a wide range of Samsung products for consumers shopping online from Samsung&rsquo;s Online Store this festive season.&nbsp;
Consumers can get up to 40% discount on select Galaxy smartphones such as Samsung&rsquo;s flagship Galaxy S20+. The company is also offering up to 60% off on select accessories such as wireless chargers and JBL speakers.&nbsp;
There's even a 45% discount on a range of TV and Home Appliances such as The Frame television, Spacemax Family Hub French Door refrigerator and front-load Ecobubble with Hygiene Steam washing machine.
Samsung has also tied up with leading banks&ndash;HDFC, ICICI Bank and SBI&ndash;so that consumers shopping online from Samsung.com can get up to 12.5% cashback on their purchase.
The discounts and offers are valid for a limited period, from October 15 to November 16.

Markets give up gaining streak: Sensex tanks over 1000 points

After a ten-day gaining streak , a selloff in IT and financial stocks pulled the markets lower on Thursday. Sensex &amp; Nifty erased nearly 40% of gains seen in previous ten sessions. The Sensex closed 1,066.33 points or 2.61 per cent lower at 39,728.41, while the Nifty settled at 11,680.35 for the day, down 2.43 per cent from its previous close. Record number of new COVID-19 infections in parts of Europe spooked investors across the globe. 47 Nifty stocks closed in the red with Bajaj Finance, Tech Mahindra, ICICI Bank being the top losers.

Market lose 10 day winning streak
Sensex &amp; Nifty erase nearly 40% of gains
Sensex tanks over 1000 points, closes at 39,728.41
Nifty down 2.43 per cent,&nbsp;47 stocks closed in red
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After a ten-day gaining streak , a selloff in IT and financial stocks pulled the markets lower on Thursday. Sensex &amp; Nifty erased nearly 40% of gains seen in previous ten sessions. The Sensex closed 1,066.33 points or 2.61 per cent lower at 39,728.41, while the Nifty settled at 11,680.35 for the day, down 2.43 per cent from its previous close. Record number of new COVID-19 infections in parts of Europe spooked investors across the globe. 47 Nifty stocks closed in the red with Bajaj Finance, Tech Mahindra, ICICI Bank being the top losers.

Money laundering case: ED arrests Chanda Kochhar's husband

The Enforcement Directorate on Monday arrested&nbsp;Deepak Kochhar&nbsp;in connection with a money-laundering case.

Ex-ICICI Bank CEO&nbsp;Chanda&nbsp;Kochhar's&nbsp;husband arrested ED arrests&nbsp;Deepak Kochhar&nbsp;in a money laundering case Both Chanda&nbsp;and Deepak&nbsp;are accused in the case Reports: Deepak&nbsp;arrested after ED placed new evidence ED's case based on FIR filed by the CBI&nbsp;against Kochhars &nbsp;

The Enforcement Directorate on Monday arrested&nbsp;Deepak Kochhar&nbsp;in connection with a money-laundering case. The case was registered nearly a year and half ago against the businessman and his wife Chanda Kochhar, who is the former ICICI Bank chief executive. A report in the Economic Times said&nbsp;Kochhar was arrested after the latest round of questioning pertaining to fresh evidence that the agency has stumbled recently. Kochhar was confronted with documents that the people said were related to a money trail concerning his company, NuPower Renewables.&nbsp;The ED&rsquo;s money-laundering case is based on a first information report filed by the CBI against the Kochhars, Videocon Group chairman Venugopal Dhoot and six others.

Chanda Kochhar will reportedly be unable to attend the Enforcement Directorate's probe on Monday. She has cited health issues for not appearing before the ED. Kochhar didn't attend questioning the last time either.

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