Mumbai: Global credit ratings firm Moody's on Monday downgraded the country's three largest private sector lenders - ICICI Bank, HDFC Bank and Axis Bank - to D+ from C- to align them with the sovereign rating. As a result, the hybrid debt ratings of these banks, except HDFC Bank, will be negatively impacted. The standalone bank financial strength rating (BFSR) of ICICI, HDFC and Axis are revised down to D+...
06:00 PM, May 14, 2012
ICICI bank, India's No two lender, reported a better-than-expected 31.1 per cent rise in quarterly profit, bolstered by higher income from non-core operations and strong loan growth. Net profit rose to Rs 19.02 billion in the fiscal fourth quarter ended March from Rs 14.5 billion reported a year earlier, while net interest income increased nearly 24 per cent to Rs 31.05 billion. Other income, which includes gains from treasury and...
04:22 PM, Apr 27, 2012
ITC Chairman YC Deveshwar said business leaders shouldn't spread negativity as it affects economic growth. ...
04:03 PM, Apr 19, 2012
HDFC Chairman Deepak Parekh has lashed out at the government for it's policy flip flops. ...
08:39 AM, Apr 18, 2012
Mumbai: The second largest private sector lender HDFC Bank has said the present situation is not conducive for rate cuts but further reduction in Cash Reserve Ratio (CRR) could lead to lower interest rates. "As far as reduction in interest rate is concerned, if there is more CRR cuts, it will happen. Because, given the inflationary environment, we can't reduce the deposit. Also, the call rates are high due to...
01:59 PM, Mar 18, 2012
The best thing Prime Minister Manmohan Singh's government has going for it ahead of Friday's Budget unveiling is low expectations. The ruling party, battered in recent state polls and hamstrung by slowing economic growth and high global oil prices, is in no position to advance bold economic reforms that could unclog flagging growth in Asia's third-largest economy. What it can do is bolster tax collections by rolling back what remains...
07:21 PM, Mar 12, 2012
Mumbai: Global banking major Citigroup is learned to have decided to offload its entire 9.8 per cent stake in Indian mortgage major HDFC, valued at over $2 billion at current market prices. A senior official at Citigroup said the US' banking giant has decided to sell its stake in one of the best performing housing loan companies in the country as part of its ongoing capital planning efforts across geographies....
08:27 PM, Feb 23, 2012
Mumbai: Visa and Monitise (a provider of mobile financial services) has partnered together to launch a new mobile payments service - Movida for India. Both companies have signed an agreement with HDFC Bank to make it as one of the first exclusive participating bank to power the Movida mobile payments service. The Movida mobile payments service will let you recharge you mobile, pay utility bills and even book movie tickets....
11:31 AM, Feb 23, 2012
Mumbai: HDFC Bank on Thursday reported a 31 per cent growth in its net profit at Rs 1,429.66 crore for the December quarter, mainly on account of increase in interest income and lower provisioning for bad loans. The bank's net profit in the October-December 2010 was Rs 1,087.83 crore. During the quarter, net interest income of the bank rose 12 per cent y-o-y to Rs 3,116 crore, HDFC Bank said...
06:49 PM, Jan 19, 2012
New Delhi: HDFC Chairman Deepak Parekh hit out against the Opposition and the coalition parties and said their style of politics is hurting India's growth. Speaking to Karan Thapar on Devil's Advocate, Parekh praised Prime Minister Manmohan Singh for his efforts and called him the cleanest Prime Minister. Karan Thapar: Hello and welcome to Devil's Advocate. As 2012 gets underway, how do India's top businessmen view the government and its...
02:27 PM, Jan 08, 2012
New Delhi: HDFC Chairman Deepak Parekh has come down heavily on both the Opposition and the coalition government saying that their style of politics is hurting India's growth. Speaking to Karan Thapar on Devil's Advocate, Thapar said, "Disruption in politics is not good and what we saw in Parliament gives you a little negative feeling on democracy." Deepak Parekh: The role of an opposition party anywhere in the world is...
07:36 AM, Jan 07, 2012
New Delhi: Anguished over "perennial disarray" in Parliament over FDI in retail, India Inc's prominent leaders on Sunday asked common people to stand up against "false drama" on the issue. In a strongly-worded joint statement, HDFC Chairman Deepak Parekh and Rajya Sabha MP and former Unilever chief Ashok Ganguly said, "a slowing economy seems to pale in comparison to the larger crisis at hand- that of a Parliament that is...
04:39 PM, Dec 04, 2011
Rajasthan: Leading telecom service provider Vodafone India and private lender HDFC Bank Saturday launched "m-paisa", a mobile banking service in Rajasthan to enable millions of unbanked Indians perform basic banking transactions on their mobile phone. "It is a great opportunity for a country like India to improve financial inclusion through mobile banking. It is a pioneering initiative modelled on the lines of Vodafone's m-pesa product running in three different countries...
11:04 AM, Nov 28, 2011
New Delhi: India Inc welcomed the naming of Cyrus P Mistry as the successor of Ratan Tata for heading the $ 80 billion Tata Group, saying it shows the high standards of corporate governance and integrity of the country's leading industrial house. "In the choice of Mistry, there is a clear message in the trust of the captains of Indian industry in the capabilities of young leaders in the country....
10:52 PM, Nov 23, 2011
New Delhi: The Reserve Bank of India (RBI) on Tuesday deregulated savings deposit interest rate, the last administered bank rate in the economy, in a move which will push up cost of funds, sending bank shares sharply lower. "It is felt that the time is appropriate to move forward and complete the process of deregulation of rupee interest rates," Reserve Bank of India said in its second-quarter monetary policy review....
04:44 PM, Oct 25, 2011
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