Tag: ICICI Bank

Here are top banks offering most affordable home loan rates, BFSI News, ET BFSI

Banking & Finance

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Home loans help people become property owners, and have ownership over secured assets. That is why it is so important for us to know where we can avail the loan from.

Tenure for home loans usually range from 15 years to 30 years, and is one of the most affordable loans available.

The cost effectiveness of a home loan depends on the bank you choose. Following are some top banks offering affordable home loans.

Bank Salaried Borrower Self Employed Borrower Women Others Effective Rate of Interest

(RBI Repo Rate : 4%)

Kotak Mahindra Bank – – – – 6.50%-7.1%
ICICI Bank 6.75%-7.4% 6.90%-7.5% – – 6.75%-7.55%
Bank of Baroda 6.75%-9.0% 7.00%-9.0% – – 6.75%-9.00%
Union Bank of India 6.80%-7.3% 6.85%-7.3% 6.80-7.30% 6.80-7.30% 6.80%-7.35%
State Bank of India 6.80%-7.1% +15 bps -5 bps – 6.80%- 7.15%
Axis Bank 6.90%-8.4% 7.00%-8.5% – – 6.90%-8.55%
Canara Bank – – 6.90%-8.85% 6.95%-8.90% 6.90%-8.90%

(Source:
Official Websites- Kotak Mahindra Bank, ICICI Bank, Union Bank of India, State Bank of India, Axis Bank, Canara Bank
BankBazaar.com- Bank of Baroda )

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Will banks clamp down on cryptocurrency transactions again?, BFSI News, ET BFSI

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Banks which had started processing cryptocurrency transactions after RBI clarification may be again shying away from virtual currencies.

The country’s largest lender, State Bank of India, has blocked the receipt of funds by crypto bourses on its UPI platform. The bank has told payment processors to disable SBI UPI for crypto merchants, according to a report.

With this, traders cannot buy Bitcoin or any cryptocurrency by transferring funds via UPI, as none of the processors which handle funds for

exchanges will be unable to receive money sent for crypto purchases on their SBI accounts.

The largest domestic crypto bourse, WazirX, has already been impacted by the decision, with the processing agency following the directive of SBI. Industry circles said payment processors may stop accepting payment for other exchanges as well, unless SBI does a rethink.

With UPI blocked, many traders on WazirX are using one of the e-wallet services to transact.

But due to wallet charges and limits on fund transfer, traders prefer UPI in the absence of other payment modes like credit and debit cards, NEFT (national electronic fund transfers) and net banking.

After SBI’s decision, many banks may be reluctant to onboard crypto merchants on their respective UPI platforms.

The RBI decision

After the Reserve Bank of India told banks that they no longer can use the regulator’s 2018 circular prohibiting dealings in virtual currencies, as the direction has been struck down by the Supreme Court, banks were allowing crypto transactions.

Lenders including HDFC Bank, ICICI Bank and Axis Bank are allowing transactions in virtual currencies through the UPI platform.

According to crypto exchanges, more banks are now warming up to them and several channels are available for customers to buy crypto assets.

Till June this year banks were sending official notices to many customers warning them of curbs, including permanent closure of accounts.

Lenders were asking customers to clarify the nature of transactions and warning credit card users that transactions of virtual currency will lead to suspension/cancellation of card.

While trading in cryptocurrency is not illegal as per existing Indian laws, individual institutions can enforce their terms based on their risk assessment.

A grey area

Despite the boom, cryptocurrencies are in a grey area in India, with the Reserve Bank hostile towards it and the government unsure about its prospects.

There is no legislation or regulatory code yet to govern the crypto ecosystem, leading to confusion among customers, businesses and financial institutions providing banking services.

In 2018, the Reserve Bank of India barred financial institutions from supporting crypto transactions, which the Supreme Court overturned in 2020. The government has circulated a draft bill outlawing all cryptocurrency activities, which has been under discussion since 2019.

The RBI asked banks not to cite its 2018 circular and clarified that banks can do their own KYC for crypto clients. With this, banks are now reassessing the situation, but several banks currently lack the technical expertise to make a supervisory assessment on these transactions.



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Sensex, Nifty end lower today; banks, financials fall, ICICI Bank, SBI Life among top laggards, BFSI News, ET BFSI

Personal Finance

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Domestic equity indices ended in the red on Monday, with BSE Sensex down 0.2% at 58,177 points and Nifty 50 down 0.08% at 17,355. Mid and smallcap stocks outperformed the market today, with BSE Midcap index closing 0.32% higher and the smallcap index ending with a gain of 0.80%.

Nifty Media, Nifty Metal and Nifty Realty were among the other indices rose today. The remaining sectoral indices fell, which includes Nifty Bank Index and Nifty Financial Services down 0.58% and 0.19%, respectively.

ICICI Bank, HDFC Bank and SBI Life Insurance were the top laggards among Sensex stocks. While Kotak Mahindra Bank, Bajaj Finserv, Chola Invest and Power Finance emerged were among the top gainers in the index.

Stock Talk

SBI Life Insurance Company:

Canada Pension Plan Investment Board has offloaded 2.3 crore equity shares in SBI Life at Rs 1,171.07 per equity share, while BNP Paribas Arbitrage bough 96,35,692 equity shares at Rs 1,171 per share on BSE, the bulk deals data showed.

Punjab National Bank:

The board has approved raising Rs 6,000 crore through issue of Basel III additional Tier-1 (AT-1) bonds or Tier II bonds or combination of both in one or more tranches.

Indiabulls Housing Finance:

The company has received approval from the Competition Commission of India to divest its mutual fund business and sell it to Groww for Rs 175 crore

Other key takeaways

SREI’s Rs 35,000-crore loan may be classified as NPA

Banks may classify Rs 35,000 crore loan given to SREI group as Non Performing Asset (NPA) by the end of this quarter after the National Company Law Tribunal (NCLT) set aside the previous order restraining banks from such classification.

According to analysts’ estimates, Indian Bank and Canara Bank have exposures of ₹2,000 crore and ₹1,200 crore, respectively, to Srei group, while ICICI Bank and Axis Bank have ₹800 crore each.

India’s inclusion in global bond index to attract $170-250 bln inflows

India could be included in the global bond index early 2022, which can attract $170-250 billion in bond inflows in the next decade, said Morgan Stanley in a recent note.

Investors have been staying away from the Indian bond market for the past few years, given the widening fiscal deficit, above-target inflation and gradual weakening currency. However, recent macroeconomic stability could change early next year, according to analysts at Morgan Stanley.

US Markets

Wall Street ended sharply lower on Friday as investors weighed signs of higher inflation. Shares of Apple Inc tumbled following an unfavorable court ruling related to its app store.

The Dow Jones Industrial Average index fell 0.78% to close at 34,607.72 points, while the S&P 500 lost 0.77% and closed at 4,458.58. The Nasdaq Composite dropped 0.87% to 15,115.49.

Gold prices subdued as firm dollar dims safe-haven appeal

Gold prices were subdued on Monday as the dollar held firm, while cautious investors awaited readings on U.S. consumer prices due this week that could be crucial to the Federal Reserve’s decision on when to exit its super-supportive policy. Spot gold was flat at $1,787.40 per ounce after having recorded a weekly decline of 2.1%.

Market Outlook for the week ahead

-Nifty has been in a narrow range for the last 5 days and any breakout above 17,450, with above average volumes, may take Nifty to 17,550 levels. According to experts, Traders are advised to book profits if Nifty gives a daily close below 17,250 level.

-The market is expected to turn stock specific, and the Nifty will undergo a healthy consolidation this week, making it prudent to stick to the buy on decline strategy to accumulate quality stocks.

-As Nifty is not expected to breach 16900 in its consolidation phase, dips towards psychological level of 17000 would offer incremental buying opportunity in this week

– Bank Nifty is expected to form a higher base above the upper band of the recent range breakout area (36200). Experts stick with a positive stance with Bank Nifty gradually heading towards 37700 levels in September. Any breather in the coming week would offer an incremental buying opportunity in quality banking stocks.



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ICICI Lombard ceases to be a subsidiary of ICICI Bank

Banking & Finance

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ICICI Lombard General Insurance has ceased to be a subsidiary of ICICI Bank.

“With the bank’s shareholding reducing from 51.86-48.08 per cent, ICICI Lombard has ceased to be a subsidiary of the bank,” ICICI Bank said in a stock exchange filing on Thursday.

This follows the allotment of equity shares of ICICI Lombard to the eligible shareholders of Bharti AXA General Insurance after the scheme of arrangement amongst Bharti AXA and ICICI Lombard and their respective shareholders and creditors.

ICICI Lombard had on September 8 informed the stock exchanges that its board has allotted 3.57 crore equity shares to shareholders of Bharti AXA.

The IRDAI Insurance Regulatory and Development Authority of India had on September 3 given its final approval for the acquisition of the non-life insurance business of Bharti AXA General Insurance by ICICI Lombard General Insurance. The transaction had been originally announced on August 21, 2020.

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Ola Electric ties up with banks, financial institutions for loans to customers, BFSI News, ET BFSI

Banking & Finance

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Ola Electric on Monday said it has tied up with leading banks and financial institutions, including HDFC Bank, ICICI Bank, Kotak Mahindra Prime and TATA Capital, for providing loans to customers for its S1 electric scooter that will be available for purchase from September 8.

The company, which had last month launched the Ola S1 electric scooter in two variants — S1 and S1 Pro — at prices Rs 99,999 and Rs 1,29,999, respectively (ex-showroom including FAME II subsidy and excluding state subsidies), said it will start deliveries in October.

“We have tied up with all the major banks and (financial) institutions…we will have many of them live starting September 8 and then others will be live soon after,” Ola Electric Chief Marketing Officer Varun Dubey told PTI.

The banks and financial institutions that Ola Electric has tied up include Bank of Baroda, Axis Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, AU Small Finance Bank, Jana Small Finance Bank, Kotak Mahindra Prime, TATA Capital and YES Bank.

Dubey said as consumers will be buying online the entire process is going to be “very seamless” and all those who choose financing should be able to avail of the option.

“They will be able to also get all the details in terms of what is the loan approval amount they have, what they need to do…Also, we have got very attractive financing options, with the EMI starting at just Rs 2,999 for S1…,” he added.

When asked about the delivery plans for the scooters, Dubey said from September 8 onwards, people who have reserved can convert that to a purchase by paying the remaining amount and finalise vehicle variant and colour options.

“Then we will start deliveries for them from October onwards. We will be doing home delivery and we will actually take the scooters to their doorsteps,” Dubey added.

When asked about the impact of the current semiconductor shortage on the company’s ability to meet demand, he said, “It’s definitely an evolving situation. Currently the timelines that we have given out factor in the various constraints.”

As people keep converting orders into purchases, he said Ola Electric will update its customers about the waiting period on the basis of “where they are in the queue or when they have exactly purchased how many people purchased before them”.

Ola Electric had opened pre-launch bookings of its electric scooters in July for Rs 499 and had received 1 lakh orders in just 24 hours but it has not disclosed how many orders it has received so far.

On August 15, the company announced its foray into the green mobility space with the launch of its first electric scooter, Ola S1.

The scooter comes in 10 colours with in-house development 8.5 KW motor and 3.97 kWh battery packs. Ola is setting up a manufacturing plant, spread across 500 acres, in Tamil Nadu.

The company had stated that it would initially start with 10 lakh annual production capacity and then scale it up to 20 lakh, in line with market demand, in the first phase.

When fully completed, Ola Electric had claimed that its plant would have an annual capacity of one crore units “that is 15 per cent of the world’s entire total two-wheeler production”.



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Small finance banks seen offering high interest rates for fixed deposits, BFSI News, ET BFSI

Banking & Finance

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For those who seek to invest with guaranteed returns, fixed deposits (FDs) are still among the preferred investment products. They continue to be popular among senior citizens and investors who are looking for low-risk investment tools.

These days, small finance banks (SFBs) are offering lucrative interest rates than top lenders–State Bank of India (SBI), HDFC Bank and ICICI Bank.

On an average, small finance banks are offering interest rates ranging from 3.5% to 6.50%, while top lenders are offering 2.5 % to 5.5%.

Here are some small finance banks to consider for investing in FDs

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering interest rate ranging from 3.25% to 6.75% on deposits with maturity of seven days to 10 years.

North East Small Finance Bank

North East Small Finance Bank offers interest rates from 3% to 7% on deposits maturing in seven days to 10 years.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank offers interest rate from 3.00% to 6.75% on FDs maturing in seven days to 10 years.

Equitas Small Finance Bank

Equitas Small Finance Bank offers interest rates from 3.50 % to 6.50 % on FDs maturing in seven days to 10 years.

AU Small Finance Bank

AU Small Finance Bank offers interest rates ranging from 3.50 % to 6.00 % on FDs maturing in seven days to 10 years.

Jana Small Finance Bank

Jana Small Finance Bank offers interest rates from 2.50% to 6.75% on FDs maturing in seven days to 10 years.



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ICICI Bank customers can now pay dues of other credit cards on iMobile Pay app, BFSI News, ET BFSI

Banking & Finance

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Customers of ICICI Bank can now pay and manage dues of their credit cards, of any bank, using the bank’s mobile application ‘iMobile Pay‘, the bank said in a release today.

Customers can add credit cards of any bank to the application, and then pay and manage their dues.

“With a large section of customers using multiple cards for their various needs, this new solution aims to help them decongest the process of their credit card bill payments,” said Bijith Bhaskar, head of digital channels and partnership at ICICI Bank.

Users can also set bill payment reminders of all the cards they have added, view payment history, share payment confirmation through WhatsApp, and manage and change due dates as per the billing cycle of their cards, the bank said in the release.

The bank has also provided a simple 4-step process to avail this new feature:

> Login to iMobile Pay and select ‘Cards and Forex’ section

> Go to ‘Other Bank Credit Card’

> Tap on ‘Add a card’ and enter the required details

> Authenticate the one time password (OTP) sent on the registered mobile number, and card will be added instantly

> Once the card is added, it can be viewed and managed under the ‘Other Bank Credit Card’ tab



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ICICI Bank gets Irdai nod to cut stake in non-life arm to 30%, BFSI News, ET BFSI

Banking & Finance

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Mumbai: The insurance regulator Irdai has allowed ICICI Bank to bring down its stake in ICICI Lombard General Insurance to 30%. The private bank currently holds just below 52% in the non-life company.

The approval to reduce promoter stake was conveyed to the bank, while approving the scheme of demerger of the general insurance business of Bharti Axa, which was acquired by ICICI Lombard last year through a scheme of arrangement. The scheme will result in the merger of Bharati Axa General Insurance with ICICI Lombard.

Last year, ICICI Lombard had signed a deal to purchase Bharti Axa, as part of which Bharti Axa shareholders will receive two shares of ICICI Lombard for every 115 shares held by them.

Last month, a senior finance ministry official said that the Indian insurance industry is moving from being a promoter-led to a market-led one with the capital markets becoming a dominant source of capital for the companies. The RBI too has been asking lenders to bring down their stake in insurance companies below 50%. In May 2021, HDFC sold overe 44 lakh shares in HDFC Ergo to bring down its stake below 50% and comply with RBI norms.

Approving the reduction in stake, the Insurance Regulatory and Development Authority of India (Irdai) said that the private insurer must ensure that its solvency margin ratio should remain above control level at all times. Also ICICI Bank is required to infuse capital to meet business growth or solvency in proportion to shareholding after merger.



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Indian banks facilitate cryptocurrency transactions amid a fresh boom, BFSI News, ET BFSI

Banking & Finance

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As Indians flock to the cryptocurrency market with renewed enthusiasm, banks are joining the party.

They are again allowing the purchase of Bitcoin and other cryptocurrencies through their channels, easing curbs that they had imposed on such services.

Lenders including HDFC Bank, ICICI Bank and Axis Bank are allowing transactions in virtual currencies through the UPI platform.

Crypto exchange WazirX has listed the net banking facilities of Punjab National Bank, Union Bank of India, IDBI, IDFC First Bank, Federal Bank and Deutsche Bank to make payments for crypto purchases.

According to crypto exchanges, more banks are now warming up to them and several channels are available for customers to buy crypto assets.

The change in stance happened after the Reserve Bank of India told banks that they no longer can use the regulator’s 2018 circular prohibiting dealings in virtual currencies, as the direction has been struck down by the Supreme Court, said people in the know.

Banks have also reopened accounts with crypto exchanges after conducting due diligence, in absence of any specific regulation. This comes at a time when Indians are flocking back to cryptocurrencies.

Reluctant banks

As early as June banks were sending official notices to many customers warning them of curbs, including permanent closure of accounts.

Lenders were asking customers to clarify the nature of transactions and warning credit card users that transactions of virtual currency will lead to suspension/cancellation of card.

While trading in cryptocurrency is not illegal as per existing Indian laws, individual institutions can enforce their terms based on their risk assessment.

A grey area

Despite the boom, cryptocurrencies are in a grey area in India, with the Reserve Bank hostile towards it and the government unsure about its prospects.

There is no legislation or regulatory code yet to govern the crypto ecosystem, leading to confusion among customers, businesses and financial institutions providing banking services.

In 2018, the Reserve Bank of India barred financial institutions from supporting crypto transactions, which the Supreme Court overturned in 2020. The government has circulated a draft bill outlawing all cryptocurrency activities, which has been under discussion since 2019.

Last month, the RBI asked banks not to cite its 2018 circular and clarified that banks can do their own KYC for crypto clients. With this, banks are now reassessing the situation, but several banks currently lack the technical expertise to make a supervisory assessment on these transactions.



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Indian banks facilitate cryptocurrency transactions amid a fresh boom, BFSI News, ET BFSI

Personal Finance

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As Indians flock to the cryptocurrency market with renewed enthusiasm, banks are joining the party.

They are again allowing the purchase of Bitcoin and other cryptocurrencies through their channels, easing curbs that they had imposed on such services.

Lenders including HDFC Bank, ICICI Bank and Axis Bank are allowing transactions in virtual currencies through the UPI platform.

Crypto exchange WazirX has listed the net banking facilities of Punjab National Bank, Union Bank of India, IDBI, IDFC First Bank, Federal Bank and Deutsche Bank to make payments for crypto purchases.

According to crypto exchanges, more banks are now warming up to them and several channels are available for customers to buy crypto assets.

The change in stance happened after the Reserve Bank of India told banks that they no longer can use the regulator’s 2018 circular prohibiting dealings in virtual currencies, as the direction has been struck down by the Supreme Court, said people in the know.

Banks have also reopened accounts with crypto exchanges after conducting due diligence, in absence of any specific regulation. This comes at a time when Indians are flocking back to cryptocurrencies.

Reluctant banks

As early as June banks were sending official notices to many customers warning them of curbs, including permanent closure of accounts.

Lenders were asking customers to clarify the nature of transactions and warning credit card users that transactions of virtual currency will lead to suspension/cancellation of card.

While trading in cryptocurrency is not illegal as per existing Indian laws, individual institutions can enforce their terms based on their risk assessment.

A grey area

Despite the boom, cryptocurrencies are in a grey area in India, with the Reserve Bank hostile towards it and the government unsure about its prospects.

There is no legislation or regulatory code yet to govern the crypto ecosystem, leading to confusion among customers, businesses and financial institutions providing banking services.

In 2018, the Reserve Bank of India barred financial institutions from supporting crypto transactions, which the Supreme Court overturned in 2020. The government has circulated a draft bill outlawing all cryptocurrency activities, which has been under discussion since 2019.

Last month, the RBI asked banks not to cite its 2018 circular and clarified that banks can do their own KYC for crypto clients. With this, banks are now reassessing the situation, but several banks currently lack the technical expertise to make a supervisory assessment on these transactions.



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