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It appears that the investment case for mid-sized banks and non-banking finance companies (NBFCs) is gaining more momentum. Leading foreign brokerage, Morgan Stanley, in a report captioned 'Downgrading the Large Banks; Prefer the Smaller Lenders', flagged off that earnings for the financial stocks may remain weak in FY18 and FY19.

"Return on equity for the sector will struggle and there will be very material divergence in growth of book value per share, which will continue to create divergent stock price performance," the report highlights. What’s interesting is that the investment downgrade undertaken by the brokerage on India’s three largest private banks follows a different rationale in each case.


ICICI Bank wins tea mandate
Posted on 14th March 2017
 
Calcutta, March 13: The Tea Board has appointed ICICI Bank as the new settlement banker for holding pan-India auctions after a search for nearly four months.

"We have selected ICICI Bank as the settlement banker for the e-auctions from a total of five bankers and it is currently working with NSE.IT to align the software," Santosh Sarangi, chairman of the Tea Board, told The Telegraph.


 
ICICI Bank topped the list of banks that witnessed most number of frauds during April-December period of 2016 with state-owned SBI taking the second spot, RBI data said.

During the first nine months of the current fiscal, as many as 455 fraud cases involving Rs 1 lakh and above were detected in ICICI Bank, closely followed by SBI (429), Standard Chartered (244) and HDFC Bank (237).


 
The government on Monday asked State Bank of India (SBI) to reconsider its decision to levy penalty on non-maintenance of minimum balance, which the bank plans to hike manifold from April 1 impacting over 310 million savings bank account holders.

SBI, according to a source, has also been asked to reconsider charges it proposes to levy on cash transactions and ATM withdrawals over specified limits.


 
Banks including HDFC Bank, ICICI Bank and Axis Bank today began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.


 
Ruling out the possibility of its ATM machines dispensing fake notes, ICICI Bank on Monday ordered a probe into an incident where a customer in Rohtak in Haryana reportedly got Rs 2,000 notes bearing 'Children Bank of India'.

Apart from this, some notes were printed with 'Ek Kadam Swachhta ki Aur' and 'Bharatiya Manoranjan Bank'.


ICICI Bank acquires 81.44 cr shares in JPVL
Posted on 23rd February 2017
 
Jaiprakash Power Ventures Ltd on Thursday said ICICI Bank has acquired its 81.44 crore shares under the strategic debt restructuring plan by its lenders.

"ICICI Bank Ltd has acquired 81,44,90,000 shares of Jaipraskash Power Ventures Ltd by conversion of debentures into equity," the company said in a BSE filing.


 
Direct-to-home operator Dish TV Thursday said it has tied-up with private lender ICICI Bank for digital payments.

"We are glad to announce a new payment method which is another customer-oriented initiative in the DTH industry to recharge through unified payment interface (UPI) transactions," Dish TV India Chief Executive Officer Arun Kapoor said in a statement.


 
The aggregate net profit of 16 private sector lenders for the December quarter fell 8.7% year-on-year (y-o-y) to R9,605.4 crore owing to higher provisions for non-performing assets, Capitaline data showed. According to the data, provisions of private banks in Q3 rose 71% y-o-y to R9,474 crore.

For instance, Axis Bank reported a 73% y-o-y fall in its December quarter net profit to R579.57 crore as its provisions rose more than five times over the same period last year. The bank’s gross non-performing assets (NPAs) for the quarter jumped 105 basis points (bps) sequentially to 5.22% of total advances. The bank’s watch list reduced 20% over the previous quarter and stood at R11,091 crore, leading to a rise in bad loans.


 
Shares of Jaiprakash Associates were trading strong after its lender ICICI Bank said the debt to the company could soon be concluded as its planned sale of cement units was moving well.

“A large case that one could talk about is the Jaiprakash Associates’ cement assets sale to Ultratech. That is moving well in terms of regulatory approvals,” ICICI Bank’s MD and CEO Chanda Kochhar told CNBC TV18 in an interview.


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