Posts Tagged ‘ICICI Bank’

Sensex Tumbles 216 Points on Weak Global Cues

Stocks dropped on Wednesday, triggered mainly by weak sentiments in Asian markets  on concern over rising dollar, ahead of the expiry of October series of futures and option contracts.

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European markets saw a gap-down opening, but recovered later, helping the market to gain some ground in the last half-an-hour of trade. The BSE Sensex trimmed 216.02 points, or 1.07 per cent, to close at 20,005.37. Nifty index declined 69.35 points, or 1.14 per cent, to 6,012.65.

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“Strengthening of the dollar against a basket of major world currencies dragged the market on Wednesday. The Dollar Index, which has an inverse relationship with different assets classes, is rebounding these days. Due to which, investors have turned cautious on equities markets,” said Jagannadham Thunuguntla, head of research at SMC Global Securities.

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The Dollar Index on Wednesday rose to 77.92 against 76.64 on October 14. Before this, the index was falling continuously from the middle of July.

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There was also speculation that US Federal Reserve’s asset purchase plan may be a disappointing one, said Alex Mathews of Geojit BNP Paribas.

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“Nifty has a major support at 5,963 while on the upside, it faces resistance at 6,089 level. On Thursday, we are going to see the October F&O expiry. The rollovers at the end of Wednesday’s session was around 45 per cent,” he said.

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Banking stocks continued to weigh heavy while disappointing results of heavyweight NTPC hurt sentiments on the power counter.

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Union Bank, ICICI Bank and HDFC Bank fell 5.85 per cent, 2.23 per cent and 1.93 per cent, respectively. SBI inched up 0.41 per cent to Rs 3,193.45. Union Bank on Wednesday posted 40 per cent decline in September quarter PAT to Rs 303 crore compared with the same period a year ago.

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NTPC fell 3.24 per cent after the company reported 2.07 per cent drop in PAT on 20.46 per cent year-on-year rise in net sales for the September quarter. The results were announced after Tuesday’s trading hours.

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Among other stocks in news, MRPL rose 1.76 to Rs 83.95 after its Q2 net profit jumped 56.70 per cent to Rs 281.57 crore. ONGC and HPCL, the two stakeholders of the company, dipped 1.80 per cent and 1.42 per cent.

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Shriram Transport Finance hit an all-time high and rose 3.94 per cent to Rs 89.45 after its net profit surged 44.11 per cent year-on-year to Rs 298.96 crore.

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Default On Even One?? Face Blocking of All Your Credit Cards :)

Banks to block all credit cards for default on one

Banks to block all credit cards for default on one

Due to severe measures being adopted by the banks, the comfort of using either of the multiple credit cards owned by the customer in case they default on making payments for even one will now not be allowed as the banks have now amended their credit card terms and conditions.

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Additionally, ICICI Bank already informed its customers about the change, coming into effect from October 5.

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Moreover, according to the new terms, if a customer holds two or more cards and fails to pay in one of the card accounts, the bank can block the credit limit as made available to the card member under all other ICICI Bank’s card accounts.

Also they will pull out such privileges/ benefits as made available under all such card accounts, till such time the defaulting card account is regularized by the card member.

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In addition, banks also authorized themselves with a tool that allows them to ask employers to subtract the outstanding amount from the salary while employees who may have defaulted on payment cannot object to this deduction of dues at source.

On the other hand, such deductions will be submitted to the bank and continued till the entire dues are recovered.

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Moreover the revised terms and conditions state no law or contract governing either the card holder or employers stops the bank from seeking such deduction and subsequent payment by the employer to the bank.

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The country’s largest private sector lender, ICICI Bank, has already informed its customers about the change, coming into effect from October 5, while other banks will soon follow the suit.

Interest Rate Futures Trading Re-Launched in India after 6 years :)

IRF-trading-Nse

Trading in interest rate futures (IRF) kicked off in India after about six years on the National Stock Exchange (NSE)’s platform on Monday.

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The exchange traded financial instrument will give banks and corporates an avenue to hedge their interest rate risks.

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IRFs are contracts traded on the bourses with an agreement to buy or sell an underlying instrument with the date and the price pre-specified.

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The launch of IRF came a year after trading started in currency futures, which gives participants an avenue to hedge against currency risks.

With the launch of IRF, market participants now have the option to hedge foreign currency risks as well as interest rate risk.

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The launch of interest rate derivatives means a lot to the NSE, its constituency of brokers and all economic entities who face interest rate risk,experts quoted on the recent development.

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SBI, Union Bank of India, Central Bank of India, Axis Bank, ICICI Bank, and Standard Chartered Bank actively traded in the IRF market.

It’s the second birth for IRF as the product was launched in 2003 but did not succeed.

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All resident Indians and financial institutions, including

banks and FIIs, can trade in IRF in its new format. 🙂

ICICI Bank accused of violating RBI guidelines

ICICI Bank accused of violating RBI guidelines

ICICI Bank was twice issued letter of warning or advisory note in last two years for violating Reserve Bank of India guidelines, Lok Sabha was informed on Friday.

In 2007-08, ICICI Bank was accused for violating RBI guidelines/directives relating to opening of deposit accounts, which led to a fictitious accounts being opened by fraudsters at the bank’s Patna branch.

The bank was issued ‘Advisory Note’ in December 2007 and a Letter of Warning in April 2008 for its irregular dealings in securities in Hong Kong, Finance Minister Pranab Mukherjee said in a written reply.

Besides ICICI Bank, some other banks including Bank of Baroda, Dena Bank, HSBC Bank and Centurion Bank of Punjab Ltd were issued letters of displeasure by the RBI for violating FEMA guidelines or with regard to opening of deposit accounts, the minister said.