ICICI Bank

RBI probes Cobrapost report, reveals major violations by banks

New Delhi: The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks.

The report shows string of violations on several counts. Sources say the RBI report reveals dummy PANs, unknown NRO IDs, unauthorised gold sale, rampant non-compliance of KYC norms and irregular staff trips.

Sources say the RBI probe into ICICI Bank reveals cash transactions over Rs 10 lakh from unknown sources in non-resident accounts. There are close to 1,000 cases of customers with multiple IDs in 14 ICICI Bank branches. It reveals cash above Rs 50,000 accepted without a PAN number.

The report on HDFC Bank reveals violaton of KYC norms. Up to Rs 5 lakh cash was accepted for gold per day per customer, say sources....more    

Difficult to cut interest rates soon: Banks

Mumbai/ New Delhi: Big banks say it will be difficult for them to pass on the benefit to customers even though the Reserve Bank of India (RBI) cut repo rate by 25 basis points on Friday even though the cash reserve ratio was left untouched. The banks say RBI's move is not enough to cut interest rates for customers. The State Bank of India (SBI) said there is not much...  

HDFC Bank Q4 net profit up 30 pc, meets forecast

Mumbai: HDFC Bank Ltd, India's No.3 lender by loan value, met forecasts with a 30 per cent rise in quarterly profit on Tuesday led by higher loan growth, fee income and stable asset quality. Mumbai-based HDFC Bank, which has posted profit growth of more than 30 per cent every year for the last decade, said its net profit rose to Rs 18.9 billion in the quarter ended in March from...  

ICICI Bank shares gain 4.3 per cent on value buying

Shares in ICICI Bank gain 4.3 per cent, heading towards its biggest single-day gain since November 29, 2012, on value buying after steep recent falls over allegations of money laundering by a local journalist. ...  

Money laundering: 'RBI teams to audit banks'

In more trouble for the banks that were indicted in a recent Cobrapost expose, which caught some of the employees of HDFC, ICICI and Axis banks offering money laundering services, sources now say that the Reserve Bank of India (RBI) has sent its teams to those branches of the banks for an audit. The results of the audit is expected in two to four weeks. ...  

Money laundering: Banks on a damage control spree

Private banks are in damage control mode after their employees were shown aiding money laundering in a sting operation by online magazine Cobrapost. While ICICI Bank has suspended 18 employees pending an investigation, HDFC Bank says it has ordered a probe by independent agencies on the expose. ...  

Money laundering by banks: ICICI suspends 18 employees

Following the money laundering allegations against it along with a few other private banks, ICICI Bank on Friday suspended 18 of its employees. Earlier, Kotak Mahindra Bank issued a clarification saying none of its employees were involved in money laundering. "We wish to clarify that no such transactions by the alleged person have been routed via Kotak Mahindra Bank," said Kotak Mahindra Group spokesperson reacting to a CNN-IBN story. ...  

Money laundering by banks: Kotak Mahindra denies allegations

After CNN-IBN accessed a confidential government investigation report which highlighted how several private banks were involved in conversion of black money into white, Kotak Mahindra Bank has refuted all the allegations. "We wish to clarify that no such transactions by the alleged person have been routed via Kotak Mahindra Bank," said the Kotak Mahindra group spokesperson on Friday evening. ...  

I challenge the three bank heads to an open debate: Aniruddha Bahal

A sting operation conducted by online magazine Cobrapost across various branches of private banks has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost Editor Aniruddha Bahal has insisted that leading private banks like HDFC Bank, ICICI Bank and Axis Bank are involved in this. He joined IBNLive readers for an interaction on the issue. ...  

Govt officials were informed of money laundering in banks: Report

A confidential government investigation report highlighting how several private banks were involved in conversion of black money into white has been accessed by CNN-IBN. ...  

RBI suspects banks violating KYC norms, orders probe

The Reserve Bank of India (RBI) suspects some banks are involved in KYC violations, sources said. The RBI has sent showcause notice to one bank and a probe is on in the NCR region. ...  

ICICI Bank to probe money laundering allegations

ICICI Bank has in a quick response to money laundering allegations in a Cobrapost sting operation said that the bank launched an investigation into the matter and that a committee will submit its report in two weeks on the issue. ...  

HDFC Bank, ICICI Bank, Axis Bank involved in money laundering: Report

A sting operation conducted by online magazine Cobrapost across various branches of private financial institutions has revealed how bank employees are accepting black money from customers to convert them into white money. ...  

ICICI Bank Q3 profit rises 30 per cent to Rs 2,250 cr

India's largest private sector lender ICICI Bank's third quarter (October-December) standalone net profit jumped more than 30 per cent year-on-year to Rs 2,250 crore, driven by robust net interest income, which increased 29 per cent to Rs 3,500 crore. Other income too climbed 17 per cent to Rs 2,215 crore adding to the profit margin. ...  

Barclays upgrades ICICI Bank, SBI downgraded

Barclays upgraded ICICI Bank Ltd to "overweight" from "equalweight", and lowered the State Bank of India to "equalweight" from "overweight." ...  

Australia: Perdaman seeks $3.5 bln in damages from ICICI

Australia's Perdaman Chemicals and Fertilisers sought to widen its legal battle against Lanco Infratech over a stalled coal-to-urea project by launching a A$3.5 billion damage claim against ICICI Bank, the lender to Lanco's Griffin Coal unit. Perdaman filed its application in federal court in Perth, Australia, on January 2, the company said in an email on January 10. ...  

Sensex ends up, bank shares lead

The Bombay Stock Exchange Sensex ended higher on Wednesday led by gains in bank shares including ICICI Bank that gained on hopes of easing liquidity as RBI continued with cash injection measures and as Larsen & Toubro gained after government extended interest subsidies for some exporters. ...  

ICICI Bank Q2 net profit up 20 pc at Rs 2,390 cr

Mumbai: The country's largest private sector bank ICICI on Friday reported 20 per cent rise in consolidated net profit at Rs 2,390.37 crore for the second quarter ended September 30. The bank's net profit in the same period last fiscal was Rs 1,991.68 crore. The total income in the July-September period of the current fiscal increased to Rs 18,609.43 crore, from Rs 16,110.61 crore in the second quarter of 2011-12,...  

ICICI Bank cuts home, auto loans rates

Mumbai: Country's largest private sector lender ICICI Bank on Thursday announced a cut in their home loan and automobile loan rates. While home loan rates have been cut by one percentage point, the rates on auto loan have been slashed by 0.75 percentage point. But the bad news is that the new rates will be applicable only for two months. In this festival scheme, the bank is offering a home...  

ICICI ties up with Syndicate Bank for its schemes distribution

Mumbai/New Delhi: ICICI Prudential Mutual Fund has entered into a strategic partnership with Syndicate Bank, one of India's most trusted and progressive PSU Banks for distribution of its mutual fund schemes to further strengthen its distribution reach. Syndicate Bank will now be distributing ICICI Prudential Mutual Fund products to its customers across India through its large network of 2709 Branches. Speaking on the alliance Shri M. Anjaneya Prasad, Executive Director,...