Latest news with #ICICI
Time of India
22 minutes ago
- Business
- Time of India
City-based real estate company falls victim to cyber fraud
Kanpur: A prominent city-based real estate and trading company fell victim to a sophisticated cyber fraud. The fraudsters orchestrated the scam by establishing a counterfeit WhatsApp account using the managing director's photograph to communicate with the company's director regarding fund transfers. The deception came to light when the director and the managing director coincidentally met in Delhi. A swift action enabled the bank to withhold Rs 1.28 crore, while the incident was reported to the commissioner's Cyber Crime police station. On Sunday, the perpetrator, posing as managing director on WhatsApp, claimed to be engaged in a crucial meeting and discussed with the director a contract signing that required advance payment. The fraudster provided details of a Kolkata-based pharmaceutical firm, Maa Tara, including bank particulars and IFSC code, requesting a transfer of Rs 1.97 crore with UTR number confirmation. The director, who was in Delhi, processed the transfer but subsequently encountered the managing director, who confirmed no such instructions were issued. Immediate action was taken by contacting ICICI's Delhi headquarters and the Kanpur branch to halt the transaction. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Nazlat Alsman: Unsold Sofas May Be at Bargain Prices (Prices May Surprise You) Sofas | Search Ads Search Now Undo However, Rs 69 lakh were already disbursed across 15 to 16 transactions to various entities. Initially approaching Gurugram Cyber Crime police station, the company was directed to file the case in Kanpur, where the incident occurred. ACP Cyber Crime Shweta Kumari confirmed ongoing investigations into the transactions and WhatsApp account details.
Time of India
10 hours ago
- Business
- Time of India
Chanda Kochhar: How she broke the glass ceiling, and then the law
Chanda Kochhar 's rise from a young management trainee to one of the most powerful figures in global finance was nothing short of extraordinary. She shattered gender barriers, spearheaded major banking transformations, and won some of the highest national and international honors -- only to fall from grace amidst allegations of corruption and conflict of interest. With the appellate tribunal's ruling on July 3, finding her guilty of receiving a Rs 64 crore bribe in exchange for a Rs 300 crore loan to the Videocon Group , Kochhar's legacy has now been formally and publicly stained. Her spectacular ascent, her transformative leadership at ICICI Bank , the global recognition she earned, were all erased by her ethical breach. Explore courses from Top Institutes in Please select course: Select a Course Category Design Thinking Technology healthcare MCA Management Operations Management Others Cybersecurity others CXO Project Management MBA Data Analytics Finance Artificial Intelligence Leadership Healthcare Product Management Digital Marketing Data Science Public Policy PGDM Data Science Degree Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details From middle-class girl to the queen of Indian banking by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Malaysia: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo Born in 1961 in Jodhpur and raised in Mumbai, Chanda Kochhar's early life was shaped by resilience. Following the early demise of her father, she was raised by her mother and went on to graduate in Economics from Jai Hind College. She later completed her MBA from the prestigious Jamnalal Bajaj Institute of Management Studies, where she stood out for her analytical ability and focus. In 1984, she joined ICICI (then a development financial institution) as a management trainee. In an era when few women occupied meaningful positions in banking, her entry marked the beginning of a pioneering journey. Also Read: A ₹3,250 cr loan, ₹64 cr bribe & ICICI's top banker's alleged role in it Live Events Kochhar's rise within ICICI was swift and steady, aided by her relentless work ethic and deep understanding of credit, risk and project finance. A major turning point came in the 1990s, when KV Kamath, then CEO of ICICI, recognized her potential and brought her into the core team driving the organization's transformation from a developmental finance agency to a full-fledged bank. She was given charge of the fledgling retail business in 2000, just as ICICI was transitioning into a commercial bank. Under her leadership, ICICI's retail banking arm grew exponentially. She built an aggressive retail lending portfolio -- home loans, car loans and personal finance -- that helped ICICI become a household name in India's expanding middle class. Kochhar not only handled product and credit innovation, but also developed risk models that made retail lending scalable. By the time she took over as MD & CEO of ICICI Bank in 2009, following Kamath's retirement, Kochhar had already emerged as one of the most recognizable names in Indian finance. Her elevation marked a historic moment --- she was among the first women to head a major private bank. Her leadership coincided with turbulent times. The global financial crisis of 2008–09 had shattered investor confidence, and ICICI was facing rumors of insolvency. Kochhar stepped into the role during a storm and her calm yet decisive leadership played a pivotal role in steering ICICI Bank out of it. Also Read: Ex ICICI Bank CEO Chanda Kochhar held guilty of Rs 64-crore bribe in Rs 300-crore loan sanction to Videocon Kochhar handled professional crises with ease and deftness. As the bank's retail head, Kochhar was part of the team that had to deal with a run on the bank in 2003 that began in Gujarat following rumours of liquidity crisis. After taking charge as joint managing director during the global financial crisis, she had to again battle a near-run on the bank caused by rumours. When in 2009 she took charge of the bank at the age of 48, becoming the youngest CEO to do so, a large chunk of the senior management exited. Kochhar was unruffled and drew up a post-crisis strategy, with the focus on 4Cs (Cost, Credit, Current and savings account, and Capital). The clearly articulated strategy was a success and the bank was again on a high growth path. She focused on strengthening the balance sheet by cutting exposure to risky sectors, consolidating the bank's retail portfolio while reducing NPAs and investing heavily in technology, laying the groundwork for ICICI's digital banking evolution. Over the next few years, she would face further macroeconomic headwinds: the rupee crisis in 2013, rising bad loans in the banking sector, and regulatory tightening by the RBI . Yet ICICI Bank under her leadership remained resilient and competitive. Her achievements brought her a shower of accolades including Padma Bhushan in 2011, one of India's highest civilian honors. She was named in Forbes' 'World's 100 Most Powerful Women' multiple times and featured in Time magazine's list of 100 Most Influential People in 2015. She was recognized as one of the most powerful business leaders in Asia. For nearly a decade, she was not just the face of ICICI Bank, but a global ambassador for Indian banking and women's leadership. Kochhar's skill of time management has seen her through difficulties. According to a TOI report, insiders say that one of the reasons why she has been able to carry on even in difficult circumstances was that she always maintained a tight schedule, budgeting even the time during her car ride for telephonic engagements. Time management was an art that she had mastered when her children were growing up, ensuring that she managed to leave office around 6pm even as she continued to work out of her car. The family-first approach has continued even after she became CEO, squeezing in a lunch meeting with her husband or working out of the ICICI Securities office at Backbay in south Mumbai, a few hundred meters from her home, when a family member was unwell. Kochhar leaves a conflicting legacy Despite the sheen of global success, by 2016, whispers of conflict of interest began to surface. In 2018, a whistleblower complaint accused Kochhar of granting undue favors to the Videocon Group in the form of a Rs 300 crore loan, part of a larger consortium deal. What made it scandalous was the claim that her husband, Deepak Kochhar, had financially benefited shortly thereafter through his company, NuPower Renewables, which allegedly received Rs 64 crore from a firm linked to Videocon. An internal probe was launched, and despite her denial of any wrongdoing, Kochhar went on leave and then resigned from ICICI Bank in October 2018. The investigations by the CBI and later the Enforcement Directorate uncovered a web of shell companies and related-party transactions. In 2023, she and her husband were arrested and formally charged. The case became a national sensation -- not just for the alleged crime, but for the magnitude of the betrayal by someone once seen as the epitome of ethical banking. On July 3, 2025, the appellate tribunal confirmed the findings: the transaction was a 'clear case of quid pro quo,' facilitated through her husband's company to benefit personally from her position at ICICI. Kochhar's story is now one of duality. On one hand, she was a woman who defied patriarchal ceilings, modernised Indian banking, and earned the admiration of millions. On the other, she allowed personal interests to compromise professional integrity at the highest level. The arc of Kochhar's life mirrors both the promise and peril of modern capitalism in India. She represented what the new India could achieve -- ambitious, competent and global in outlook. But she also revealed how power, if unhinged from ethics, can erode organisations. As Indian banking moves forward, Kochhar's legacy will stand as both inspiration as well as indictment.
Time of India
10 hours ago
- Business
- Time of India
'Reaping the rewards': Why short-term investors leaning towards ICICI Bank over HDFC Bank? Key reasons explained
Short-term investors are leaning towards ICICI Bank in the private banking space, thanks to its solid June quarter results. With strong profit growth and steady margins, ICICI is currently edging out rival HDFC Bank in investor preference. HDFC Bank is currently dealing with various post-merger issues, notably an elevated credit-deposit (CD) ratio, which has affected investor confidence. The high CD ratio indicates that deposit growth is not keeping pace with credit expansion. Despite both institutions maintaining premier banking networks across India, analysts note ICICI's current advantageous position. "ICICI Bank is reaping the rewards of a well-executed transformation, showing clarity and consistency, while HDFC Bank navigates a transitional phase post-merger," Shrikant Chouhan, head, equity research, Kotak Securities told ET. Following its June quarter results and weekend announcements regarding dividend and bonus issue, HDFC Bank shares increased by over 2% on Monday. ICICI Bank shares rose nearly 3% after reporting healthy profit growth, supported by stable net interest margins and robust asset quality. HDFC Bank's performance has raised some concerns. Post-merger, with its CD ratio remaining in the 90s, the bank faces difficulties in efficient liquidity deployment, affecting immediate loan growth and NIMs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read More Undo ICICI Bank's superior near-term earnings visibility makes it more attractive to short-term investors. "ICICI Bank seems to be a preferred pick with its robust asset quality, strong capital position and sustained profitability momentum," Prashanth Tapse, senior VP (research), Mehta Equities told ET. Regarding HDFC Bank, Tapse notes that the stock's underperformance is likely to continue due to valuation adjustments and subdued post-merger earnings. Although ICICI Bank is currently preferred, analysts maintain close observation of HDFC Bank. The institution has projected to surpass industry growth in FY27 earnings and match industry performance in FY26. For short to medium-term investors seeking stability and earnings visibility, ICICI Bank remains the preferred choice, according to market experts. However, for long-term bets, HDFC Bank may gain favour, once there's more clarity on its post-merger growth trajectory and how it stacks up against ICICI Bank. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Reuters
3 days ago
- Business
- Reuters
India's ICICI Bank reports 15.5% profit growth in Q1 helped by higher core lending income
July 19 (Reuters) - ICICI Bank ( opens new tab, India's second-largest private lender by market capitalisation, beat quarterly profit forecasts on Saturday, helped by healthy loan growth resulting in higher core lending income. The bank's standalone net profit rose 15.5% to 127.68 billion Indian rupees ($1.48 billion) in the April-to-June quarter, above the average analyst forecast of 120.24 billion rupees, according to data compiled by LSEG. Net interest income increased by 10.6% year-on-year to 216.35 billion rupees in the quarter. While credit growth has slowed across the industry, ICICI Bank posted 12% growth in its loan book, driven mainly by a 29.7% rise in loans to businesses. ICICI Bank's net interest margin, a key gauge of profitability, fell to 4.34%, from 4.36% a year earlier and 4.41% in the previous quarter, due to the Indian central bank's recent rate cut actions. When rates are lowered, lenders typically pass on the advantage to borrowers first and only later cut deposit rates, which temporarily squeezes their margins. ICICI's asset quality, meanwhile, improved, with the gross non-performing assets ratio at 1.67% at the end of June, versus 2.15% in the same period last year. Indian lenders have kept a tight lid on unsecured lending, after grappling with higher bad loans in the segment, a move that has supported asset quality. ICICI Bank's provisions for bad loans rose 36.2% year-on-year to 18.15 billion rupees. ($1 = 86.1450 Indian rupees)
Economic Times
3 days ago
- Business
- Economic Times
Market pressure remains amid US-India trade deal uncertainty, weak Q1: Sudip Bandyopadhyay
ET Now: This week we have ended below 25,000 mark, but the concerns, the tensions, the news flow remains the same as it was there last week. I want to understand from you how do you assess the market direction now vis-à-vis the news flow still remains the same? Live Events ET Now: You mentioned about distinction about two types of news flow, one was earnings and one was, of course, the global news flow which is continuing. In terms of earnings, this weekend and today actually is very-very important because Reliance is coming, you will have ICICI, HDFC Bank all the heavy weights especially for Nifty, the earnings are due this weekend. Do you think there could be a different direction when we meet on Monday? ET Now: What is going to be your view, especially on tier II, talking about the midcap IT space, do you think that is going to be exciting and someone who really wants to stay put in this particular sector should be looking on the tier II counters or maybe initiating something, so they have a better projection? ET Now: You did mention about your pick in the IT sector, but I want to ask about defence sector as well. How do you see this sector performing particularly on Friday, it was a kind of a dragger? ET Now: How do you look at metals because that is always a new specific sector? I want to understand from you because there has been lot of news flow recently and metal has been…, if you see past one week, it has gained momentum of around 1%, but again it is much dependent on the global news flow. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says considering the valuation at which most of the stocks were trading and considering the uncertainty and subdued Q1 results, the market is drifting downwards, that is our view. Till the time there is a concrete positive news flow around the trade deal or good corporate results come out, we will continue to hover around this with a negative distinct streams of info and news flow we need to keep our eyes on. One is what is happening in the global front and predominantly that is dominated by the trade deal which India and US are expected to sign; now that has been since the 9th of July and we are still waiting. There are multiple news coming but till the time the deal is in front of us, we do not know exactly what it is, so it is kind of a lot of companies, lot of businesses, and the market is on tenterhooks. So that is one part of the uncertainty which is plaguing the second part is, of course, corporate results. It is nothing great which is coming out. By and large it is around expectations. Leave aside JSW Steel which has beaten the expectations or Wipro who has given a very good forecast about their next H2 as well as Q2 but by and large the results have been considering the valuation at which most of the stocks were trading and considering the uncertainty and subdued Q1 results, the market is drifting downwards, that is our view. Till the time there is a concrete positive news flow around the trade deal or good corporate results come out, we will continue to hover around this with a negative yes. these three stocks together is about 30% of Nifty weightage, so definitely if they come up with results which gives a direction one way or the other, market will far as both the banks are concerned, expectations are mixed. After the Axis results came out, there are a lot of concerns as well, particularly on the growth side. Let us wait and watch what happens. But yes, you are absolutely right if they give some results which is indicating a direction, market will take the cue and two things. One is tier II, I will definitely look forward to Coforge numbers. This is one company which has been beating expectations and performing exceedingly well. So, I would definitely watch for their if I have to pick something from the entire universe, probably I will look at the largecap once only and Wipro definitely deserves a look considering the confidence with which management is reiterating that their Q2 numbers as well as H2 numbers will be much yes, Wipro is talking about coming back to growth and valuation-wise also it is attractive, so, one can look at that. As far as the other midcap IT companies are concerned, one has to be extremely careful about the valuation. Look at LTIMindtree. The numbers were pretty good. Management commentary was good, but the stock is still correcting because the valuation was and still is a bit I do like defence and it is a long-term bet. And one has to remember that the valuations are not cheap. So, if you are looking at a long-term investment, long-term view, some of the defence stocks even at current valuation definitely good because they have a strong order book, they will continue getting better and more and more orders. The execution will be phased over a period of time and over a period of time valuation will catch up and move ahead of the current fundamentals. But as things stand today, the valuation is far ahead of the fundamentals, and to expect a short, medium-term significant upside, it is bit unrealistic considering where these companies are right. Metal is always a sector which has lot of global inputs and at this stage if I look at a medium to long-term trend, the trend is positive undoubtedly and metals over a period of time will do well. Short-term fluctuations, short-term price movements will be there and there will be volatility because inherently with global news flows and global demand-supply prices of metals move and hence the stocks also move, but from a long-term point of view these are positive, particularly on domestic scenario I do like Vedanta quite a bit and this is in spite of all the reports and other things which are coming the company is in strong businesses and there is a significant value unlocking happening and it is not a matter of speculation, it is happening, it has already happened, the execution is getting done. So, it is a matter of time before the benefit of value unlocking accrues to the Vedanta shareholders as well. So, yes, if somebody has to look at metals, Vedanta definitely would. Apart from Vedanta, we do like Hindustan Zinc also. Zinc, of course, they are the leaders and all that. Along with that, silver and both these two metals are gaining momentum significantly. The company is doing exceedingly well and one can look at Hindustan Zinc as well.
