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ICICI Bank has blocked transactions on Flipkart-owned digital payments app PhonePe, accusing it of indulging in restrictive practices and breaking the Unified Payment Interface (UPI) guidelines of interoperability.

The bank began blocking transactions on PhonePe starting Friday, with Flipkart Online CEO Sameer Nigam taking to Twitter to protest the move. He claimed that the bank hadn’t provided the company with any prior warning or information, saying the move was “on purpose”.

Private sector lenders ICICI Bank and Kotak Mahindra Bank and state-owned lenders Central Bank of India and Dena Bank on Monday reduced the marginal cost of funds-based lending rates (MCLRs) with effect from January 1.

While ICICI Bank’s one-year MCLR now stands 70 basis points (bps) lower at 8.2%, the corresponding figure for Central Bank came down 85 basis points (bps) to 8.5%. Dena Bank lowered the MCLR by 75 bps to 8.55% and Kotak Mahindra Bank cut the MCLR by 20 bps to 9%.

The spree of reduction in interest rates on term deposits continued, with ICICI Bank on Tuesday cutting rates on one- and two-year retail deposits by 10 basis points (bps) to 6.9% and 7%, respectively. The bank also slashed the rate on three-year deposits by 25 bps to 6.75%.

ICICI Bank’s interest rate for one-year money is now at par with that of State Bank of India (SBI).

NEW DELHI: Twitter and ICICI Bank announced a partnership on Wednesday that is aimed at integrating additional digital customer care support features to benefit customers with direct online response to their queries and feedback in real-time, Twitter said in a statement. The social networking platform said ICICI Bank is the first bank in India to implement the new features to its Twitter account @ICICIBank_Care for social customer care.

Private sector lender ICICI Bank Tuesday said it has launched mobile app 'Eazypay' that enables merchants, retailers and professionals to accept instant cashless payments on mobile phones from their customers through multiple digital modes.

A first-of-its kind application, Eazypay offers customers the improved convenience of paying by using their mobile phone through Unified Payment Interface (UPI), any credit or debit card or Internet banking, ICICI Bank said in a statement.

MUMBAI: ICICI Bank has launched a mobile application for merchants that allows consolidation of all modes of payments, including digital wallets, Unified Payments Interface (UPI), QR code, and credit & debit cards. The app, eazypay , which is designed for business, allows multiple users to connect to the same account. This makes it possible to be used for cash-on-delivery payments.

Private sector lender HDFC Bank has reduced the marginal cost of funds-based lending rate (MCLR) by 15 basis points (bps) across tenures.

The bank’s one-year MCLR now stands at 8.9%, on par with larger rivals State Bank of India and ICICI Bank.

ICICI Bank on Thursday reduced the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenures. The one-year MCLR at the bank now stands at 8.9%, at par with that at State Bank of India (SBI).

SBI has left MCLRs unchanged from their levels a month ago. Private sector lender Kotak Mahindra Bank effected a 25-bps cut on its one-year MCLR. Rates on tenures between one month and three years were also reduced by between 10 bps and 30 bps.

ICICI Bank to digitise 100 villages
Posted on 29th November 2016
ICICI Bank on Monday announced an initiative to digitise 100 villages in as many days to enable smoother commercial transactions in the wake of demonetisation of high-value currency notes.

Managing director and chief executive Chanda Kochhar said, “This encompasses digitisation of transactions and commercial activities in the villages. It includes vocational training and formation of sustainable livelihood groups in the villages.

Fixed deposit investors, beware. The government's decision to abolish Rs. 500 and Rs. 1,000 notes and replace them with new currency notes to crack down on black money may spell bad news for fixed deposit investors.

With crores of cash pouring into banks everyday, some banks have sought to cut deposit rates. Banks need to reduce their deposit rates in order to pass on the benefits of Reserve Bank of India rate cuts, amounting to 175 bps since January 2015, to borrowers. So while borrowers can avail cheaper loans, fixed deposits will turn unattractive.

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