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New Delhi, Apr 14 () ICICI Group on Tuesday announced that it has committed Rs 100 crore to support the nation in its fight against the COVID-19 outbreak.Of this, the group pledges to contribute Rs 80 crore to the the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund and Rs 20 crore to state governments and local authorities in their efforts to battle the pandemic."The sum of Rs 100 crore is being contributed by ICICI Bank and all its subsidiaries," the group said in a statement.Speaking on the initiative, ICICI Bank President Sandeep Batra said, "ICICI Group has always partnered the nation-at the times of progress as well as in times of need. The outbreak of COVID-19 has thrown an unprecedented challenge to the nation and its citizens. It demands us to stand together and fight the challenge.""This is our humble way to salute the heroic efforts of the people, who are at the forefront of this challenge," he said expressing confidence that the country will win this battle and emerge victorious.ICICI Group said it has provided over 2.13 lakh surgical masks, over 40,000 N95 masks, 20,000 litres of sanitisers, 16,000 gloves, 5,300 personal protection equipment (PPE) suits, 2,600 protective eye gear and equipment like 50 thermal scanners and 3 non-invasive category ventilators to various state departments and hospitals.ICICI Bank is also assisting the central government, state governments and municipal corporations in their efforts to collect donations digitally.The Bank has received mandate of collections for the 'PM CARES Fund'. Further, several state governments and local bodies have provided similar mandates to the Bank to receive donations/ contributions, it added.As per the Health Ministry data, death toll due to coronavirus infection in the country rose to 339 while the number of cases soared to 10,363 on Tuesday. The government has extended lockdown till May 3 to prevent the spread of the disease. LUX ANS BJBJ

ICICI Group commits Rs 100cr in fight against COVID-19

<keyword id="128187" type="PERSON" weightage="20" keywordseo="Sandeep-Bakhshi">Sandeep Bakhshi</keyword>, ICICI Bank's MD &amp; CEO, is a staunch believer in creating value for all stakeholders. Under his leadership, the bank has been following the guiding philosophy of 'Fair to Customer, Fair to Bank', emphasizing the need to deliver on the promise of a fair value proposition for customers while effectively increasing shareholder value. Under his leadership, ICICI Bank is poised to emerge even stronger as a trusted financial service provider to its customers. Below are some interesting details about Bakhshi and his journey to becoming Managing Director &amp; CEO of ICICI Bank, one of the country's leading banks. Sandeep Bakhshi’s early career with ICICI Group Sandeep Bakhshi has been working with the ICICI Group for over the past three decades. He joined the erstwhile Industrial Credit and Investment Corporation of India (ICICI) Ltd in 1986. His rise in ICICI and later other companies in the group, including ICICI Bank, has been steady. He was hand-picked by his mentors — KV Kamath and N Vaghul -- to head different businesses within ICICI. His work responsibilities included business development, project appraisals, project monitoring, and business restructuring in the initial years. He was handed the charge of risk management for the Northern Zonal office. He subsequently looked after the corporate clients for the Northern and Eastern regions of ICICI. Journey with insurance subsidiaries Sandeep Bakhshi came to be known as the man most trusted to handle massive changes and tumultuous phases. He built the general insurance business from scratch, which he joined in 2002. He was chiefly responsible for grooming the company at a time when the insurance industry was at a nascent stage. Today, ICICI Lombard General Insurance Company is one of the country's largest private sector general insurance companies. Bakhshi was brought into the Bank in 2009 as Deputy Managing Director to fight rising delinquencies. After he deftly handled it, he was put in charge of ICICI Prudential Life Insurance Company in 2010. During his tenure at ICICI Prudential Life Insurance Company, Sandeep Bakhshi took charge of digital adoption, which resulted in disruptive changes across the industry. He is credited for taking the first insurance company in the country public. During Bakhshi's tenure, the Assets under Management (AUM) of ICICI Prudential Life Insurance Company rose to ₹1.4 lakh crore in 2018 from ₹57,319 crore in 2010. <div type="image" title="image1" msid="78597882" hostid="261" caption="&amp;lt;p&amp;gt;Sandeep Bakhshi ICICI Bank, MD &amp;amp;amp; CEO&amp;lt;/p&amp;gt;"></div> His management style and philosophy Throughout his career at ICICI Group, Sandeep Bakhshi, the current <keyword id="25344" type="ORGANIZATION" weightage="20" keywordseo="icici-bank-ceo">ICICI Bank CEO</keyword>, has maintained a customer-first approach, believing that the most vital part of any business is delivering the best products to the customer. He ardently follows the approach – “Fair to Customer, Fair to Bank” — which balances the importance of giving a fair proposition to customers while ensuring that the bank delivers value to its shareholders and stakeholders. He encourages independent thinking across teams, giving them the space to grow. Reforms at ICICI Bank under Sandeep Bakhshi’s leadership Good leaders can infuse organisations with fresh energy. Under Bakhshi’s leadership, the bank has gone through transformative cultural and structural reforms. He introduced the philosophy of “One Bank, One Team, One Goal” that has brought teams closer by breaking down symbols of hierarchy. These changes have been swift, decisive, and effective. Hobbies and interests Sandeep Bakhshi is a fan of vintage Bollywood, particularly old Hindi songs, and is a fan of SD Burman, OP Nayyar, and Madan Mohan. He also enjoys wildlife parks and visits around five to six sanctuaries a year. Leadership with passion His three decades at ICICI Group have only made him more passionate about his work. In an interview, Sandeep Bakhshi had said, “Every day I believe that I am in ICICI because I need ICICI. ICICI can get a 100 Sandeep Bakhshis, but for me, there is no better opportunity than ICICI. He knows the organisation inside-out and has the insights needed to guide it smoothly. Education Sandeep Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh, and has a postgraduate degree in management from XLRI, Jamshedpur. He grew up in a defense services family.

What you didn’t know about Sandeep Bakhshi, ICICI Bank Chief

New Delhi, Nov 26 () Two asset management companies -- ICICI Prudential Mutual Fund and HDFC Mutual Fund -- on Tuesday said they have received payments to the tune of Rs 437 crore from Subhash Chandra's Essel Group.
 Individually, ICICI Prudential MF has got Rs 270 crore as repayment and interest from the Essel Group, while the same for HDFC MF has been pegged at Rs 167 crore.
 With this repayment, ICICI Prudential Mutual Fund's exposure to Essel Group has come down to nil.
 "Pursuant to the sale of shareholding by the promoters of ZEEL, ICICI Prudential Mutual Fund has received repayment of the total principal amount invested along with the accrued interest thereon. Subsequently, as on date, none of the schemes of ICICI Prudential MF have any investments in debt instruments issued by the promoter group companies of ZEEL," the fund house spokesperson said.
HDFC MF said that the company holds certain non-convertible debentures (NCDs) of the Essel Group that are secured by a pledge of listed equity shares. The carrying value of these NCDs as at September 30, 2019 was Rs 275.63 crore.
 "The company has received a total of Rs 166.86 crore towards part repayment of the said NCDs and interest thereon, from the issuer through sale of certain listed equity shares comprising part of the collateral. The value of the residual pledged listed equity shares as at November 25, 2019 is Rs 143.95 crore," the fund house informed the stock exchanges.
 On Monday, Subhash Chandra resigned as chairman of his flagship company Zee Entertainment Enterprises Ltd (ZEEL) with immediate effect. He will remain the company's non-executive director, which he founded in 1992.
 His resignation came at a time when the debt-ridden group is looking to further divest promoters' stake in the company to repay the debts
 Essel Group on November 20 had said it is planning to sell 16.5 per cent stake in its flagship ZEEL to financial creditors to meet its loan repayment obligations.
 In September, the group had sold 11 per cent stake in ZEEL to Invesco-Oppenheimer fund for over Rs 4,224 crore and then retired debt worth Rs 4,000 crore.
 Atlanta-based Invesco already held 7.74 per cent stake in ZEEL since 2002.
 Promoter and promoter group shareholding in the company went down to 22.37 per cent in the quarter ended September 30, from 35.79 per cent in the quarter ended June 30. SP SHW
SHW

ICICI Pru MF, HDFC MF receive payments from Essel Group

Stressing on the need for banks to take up social causes, Prime Minister Narendra Modi has asked banks to finance cleanliness ventures and help create one lakh 'Swachhta Entrepreneurs' in a year. 
 
“Can we create Swachhta Entrepreneurs? There is immense scope in solid waste management and water treatment," he said at a function to celebrate 60 years of ICICI group. 
 
"Within the financial sector, can we develop a new sector and give it a priority and can banks create one lakh Swachhta Entrepreneurs with the help of bank finance? Solid waste management and waste water treatment is a big business. We can create such entrepreneurs by training and giving finance to our youth. This can be a sustainable in the long-term," he added. 
 The Prime Minister also dedicated an '<keyword id="2667831" type="UNKNOWN" weightage="100" keywordseo="ICICI-Digital-Village">ICICI Digital Village</keyword>' to the nation. The digital village has been developed by ICICI bank, which has adopted the village in Gujarat. 
 Modi had launched the 'Swachh Bharat Abhiyaan’ on October 2, 2014 to fulfil the <keyword id="6355532" type="PERSON" weightage="80" keywordseo="Mahatma-Gandhi">Mahatma Gandhi</keyword>'s dream of Clean India.

PM Narendra Modi Asks Banks To Finance 1 Lakh 'Swachhta Entrepreneurs'

New Delhi, Dec 10 () Realty firm Gaurs Group has raised Rs 450 crore in debt from ICICI Bank and the amount will be used for a shopping mall project in Greater Noida. 
The project 'Gaur City Mall' is part of 237-acre township 'Gaur City'.
"We have successfully closed Rs 450-crore transaction with leading private sector lender ICICI Bank for our Gaur City Mall," Gaurs Group MD Manoj Gaur said.
"The transaction will cut down our interest cost and make our portfolio stronger as one-third of our total corporate loans will be LRD/LAP (loan against rental discounting/loan against property)," he added 
The group has repaid a major part of the Rs 640-crore funding facility it availed from PNB Housing Finance Ltd last year. 
Gaur City Mall project has a leasable area of 8.5 lakh sq ft. It also has 1,200 office spaces, 180 rooms-hotel and 120 service apartments. 
"At a time, when the real estate sector is passing through a challenging phase, the trust and confidence that ICICI Bank has shown in our Group offerings speaks volume about our robust business performance and strong credentials," said Vineet Singhal, Group CFO at Gaurs.
Besides Gaur City township, Gaurs is developing another township on Yamuna Expressway on a 250-acre land which it purchased from Jaypee Group in 2013.
Founded in 1995, Gaurs Group has developed more than 45 commercial and residential projects, having 51 million sq ft area. MJH MKJ

Gaurs raises Rs 450 cr in debt for Greater Noida shopping mall

<ul><li>A special <keyword id="6354572" type="General" weightage="80" keywordseo="cbi" source="Orion">CBI</keyword> court on Thursday sent former ICICI Bank CEO and MD <keyword id="45875" type="General" weightage="80" keywordseo="chanda-kochhar" source="Orion">Chanda Kochhar</keyword>, her husband <keyword id="2621036" type="General" weightage="80" keywordseo="deepak-kochhar" source="Orion">Deepak Kochhar</keyword> and <keyword id="6354248" type="General" weightage="80" keywordseo="videocon" source="Orion">Videocon</keyword> group founder Venugopal <keyword id="18489" type="General" weightage="100" keywordseo="dhoot" source="Orion">Dhoot</keyword> to 14-day judicial custody. </li><li>The CBI had named the Kochhars and Dhoot, along with companies NRL, SEPL, VIEL and Videocon Industries Limited, as accused. </li><li>The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to companies of the Videocon Group promoted by Dhoot, violating the Banking Regulation Act.</li></ul>A special CBI court in Mumbai on Thursday sent former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot to 14-day judicial custody in connection with a loan fraud case. The Kochhars were arrested by the Central Bureau of Investigation (CBI) last Friday. Dhoot was arrested on Monday. The three were produced before special judge S H Gwalani at the end of their earlier remand on Thursday. The CBI, represented by special public prosecutor A Limosin, did not seek their custody further. The court then sent all the three accused to judicial custody till January 10, 2023. The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy Private Limited (SEPL), Videocon International Electronics Ltd (VIEL) and Videocon Industries Limited, as accused in its FIR registered in 2019 under Indian Penal Code sections related to criminal conspiracy and the Prevention of Corruption Act. The CBI has alleged that ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to companies of the Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank. According to the CBI, a sanctioning committee headed by Chanda Kochhar in 2009 approved a term loan of Rs 300 crore to VIEL in contravention of the rules and policies of the bank by abusing her official position as a public servant. The day after the loan was disbursed, Dhoot transferred Rs 64 crore to NRL from VIEL through SEPL. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/recession-will-be-an-opportunity-for-it-services-firms-focused-on-transformation-as-per-mphasis-ceo/articleshow/96544373.cms">“Recession will be an opportunity for IT services firms focused on transformation” - Mphasis CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/years-will-roll-decades-will-pass-and-ril-will-grow-like-a-banyan-tree-mukesh-ambani/articleshow/96591146.cms">Years will roll, decades will pass and RIL will grow like a banyan tree: Mukesh Ambani</a>

Loan fraud case: Chanda Kochhar, Deepak Kochhar and Dhoot sent to judicial custody till Jan 10

New Delhi, Feb 26 () The CSR arm of ICICI Group has signed a pact with agri-research body ICAR for training and capacity building of farmers. The pact was signed between ICICI Foundation for Inclusive Growth and ICAR last week, the Foundation said in a statement on Wednesday. As per the agreement, the Foundation through its 'Rural Livelihood programme' will leverage ICAR's knowledge and research and enrich the existing training programmes for farmers, spanning over 1,000 villages across 29 states. Further, the Foundation along with ICAR will evaluate and design various new courses for enhancing farm productivity in various commodities, the statement said. The two partners will also undertake collaborative programmes in sharing technical knowledge and know-how for training and capacity building for the benefit of farmers. They will also take up research and development activities. Additionally, the collaboration will focus on an integrated farming approach with allied activities (like dairy, fisheries, apiculture, horticulture, etc.) to ensure that farmers are able to earn a sustainable livelihood. "This MoU is a significant development that will lead to wide dissemination of the expert knowledge residing with ICAR institutes, universities and the KVKs (Krishi Vigyan Kendras) including application of various research that are undertaken," ICAR Director General Trilochan Mohapatra said. ICICI Foundation President Saurabh Singh said the collaboration will focus on developing large agri-value chains. Under the Rural Livelihood programme, the Foundation has so far trained and enabled sustainable livelihood for 5,00,000 people. LUX SHW ANUANU

ICICI Foundation ties up with ICAR for enhancing farm output

Mumbai, Mar 5 () The Bombay High Court on Thursdaydismissed a petition filed by Chanda Kochhar against hertermination as the managing director and chief executiveofficer of the ICICI Bank.A division bench of Justices N M Jamdar and M S Karnikaccepted the bank's contention that Kochhar's petition was notmaintainable as the dispute was contractual and concerns aprivate body.The bank's counsel Darius Khambata had earlier arguedthat a judicial review cannot be incurred under Article 226 ofthe Constitution, which empowers high courts to issuedirections, orders or writs in such a matter.The bank sought dismissal of Kochhar's petition.Kochhar was terminated from the ICICI Bank monthsafter she voluntarily left the second largest private sectorlender.The high profile former banker moved the high court onNovember 30, 2019, challenging termination of her employmentby the ICICI Bank.She contended that the bank also denied herremuneration and clawed back all the bonuses and stock optionsbetween April 2009 and March 2018 for her alleged role ingranting out of turn loans worth Rs 3,250 crore to theVideocon Group which benefitted her husband Deepak Kochhar.Chanda Kochhar's counsel Vikram Nankani earlier arguedthat her termination came months after the bank approved hervoluntary resignation on October 5, 2018 and therefore, thetermination is "illegal, untenable, and unsustainable in law".The ICICI Bank then filed an affidavit, contendingthat the reliefs in the petition are not maintainable and itdeserves to be dismissed as ICICI is a private bank and isadministered under the Companies Act, not the state or itsagency.Khambata argued that ICICI is a private bankingcompany and Kochhar's petition seeks to contest what arepurely private contractual terms. SPGK GK

HC dismisses Kochhar's plea against termination of employment

New Delhi, Dec 24 () Markets regulator Sebi has imposed a total penalty of Rs 5 lakh on ICICI Prudential Trust and ICICI Prudential Asset Management Company for not exercising due diligence while making investment decisions.
 The matter relates to ICICI MF's scheme -- ICICI Prudential FMCG Fund -- which was launched in March 1999 and as per the scheme information document (SID), the objective of the scheme was to generate long-term capital appreciation through investments made primarily in equities of select group of companies in the fast-moving consumer goods (FMCG) sector.
 The regulator noted that investments were made in companies other than those in the FMCG industry which was against the mandate of the scheme and in violation of Sebi's rules and thereby ICICI Prudential AMC violated regulations.
 Further, Sebi said ICICI Prudential Trust delegated the responsibility of the trustees to the asset management company (AMC) for declaring dividend and fixing the record date for distribution of dividend declaring dividend.
 Sebi noted that trustees, being under such trust obligation ought to ensure that the timing and the quantum of distribution of dividend is in the best interest of investors and to prevent the AMC from giving benefit to select investors at the cost of maximum number of investors. "If the timing of declaration of dividend as well as quantum of dividend are decided by another entity i.e. the AMC, it will compromise the regulatory framework prescribed in this regard," it added.
 "The noticees (ICICI Prudential Trust and ICICI Prudential AMC) have not exercised due diligence in the manner as expected from them while taking decision to make investments in companies not forming part of the FMCG industry and while delegating responsibility of the trustees to AMC for declaring dividend and fixing the record date for distribution of dividend declaring dividend," Sebi said in an order passed on Monday.
 By such activities, the entities have not exercised proper due diligence and also have not exercised independent professional judgement while discharging their responsibilities at the relevant times, it added.
 Accordingly, the Securities and Exchange Board of India (Sebi) has levied a total fine of Rs 5 lakh on them. SP HRS

Sebi slaps Rs 5 lakh on ICICI Pru Trust, ICICI Pru AMC for not exercising due diligence

<ul><li>Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022</li><li>His lawyer, Sandeep Ladda, had filed this petition in the court days after Chanda and <keyword id="2621036" type="General" weightage="80" keywordseo="deepak-kochhar" source="Orion">Deepak Kochhar</keyword> were granted bail.</li><li>The Kochhars were granted bail on the grounds of "illegal arrest by CBI".</li></ul> <keyword id="6379256" type="General" weightage="80" keywordseo="videocon-group" source="Orion">Videocon Group</keyword> Chairman <keyword id="7025" type="General" weightage="80" keywordseo="venugopal-dhoot" source="Orion">Venugopal Dhoot</keyword> was granted bail by the Bombay High Court on Friday in the alleged loan fraud case related to <keyword id="42456" type="General" weightage="100" keywordseo="icici" source="Orion">ICICI</keyword> Bank. Dhoot was arrested by the Central Bureau of Investigation (CBI) on December 26, 2022. Venugopal Dhoot's lawyer Sandeep Ladda had filed this petition in the court days after the prime accused, former ICICI CEO <keyword id="45875" type="General" weightage="80" keywordseo="chanda-kochhar" source="Orion">Chanda Kochhar</keyword> and her husband Deepak Kochhar, were granted bail on the grounds of "illegal arrest by CBI". CBI has alleged that Deepak Kochhar, husband of former ICICI Bank CEO-MD Chanda Kochhar, was helped by a co-accused to get the ownership of Nupower Renewables Ltd (NRL) and receive ill-gotten money. CBI had registered a preliminary enquiry (PE) against Deepak Kochhar and Dhoot in March 2018 to probe alleged irregularities in the Rs 40,000 crore loan made by a consortium of lenders to the Videocon Group. The agency had registered a case against Chanda, her husband and Venugopal Dhoot, along with their companies viz NuPower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited. During its preliminary enquiry, the CBI found six loans worth Rs 1,875 crore were sanctioned to the Videocon Group and companies associated with it between June 2009 and October 2011 in an alleged violation of laid-down policies of ICICI Bank, which are part of the probe. The agency has said that the loans were declared non-performing assets in 2012, causing a loss of Rs 1,730 crore to the bank. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/indian-internet-firms-see-ray-of-hope-as-sc-endorses-nclat-order-against-google/articleshow/97157917.cms">Indian internet firms see ray of hope as SC endorses NCLAT order against Google</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/peegate-scandal-disagree-with-findings-say-shankar-mishras-lawyers-after-air-india-ban/articleshow/97160398.cms">Peegate scandal: Disagree with findings say Shankar Mishra's lawyers after Air India ban</a>

Bombay HC grants bail to Venugopal Dhoot in ICICI loan fraud case

<ul><li>On 4 October, <keyword id="45875" type="PERSON" weightage="20" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> resigned as the <keyword id="5645" type="POSITION" weightage="20" keywordseo="CEO">CEO</keyword> and Managing Director of <keyword id="6653" type="COMPANY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>, India’s largest private sector bank. </li><li>Kochhar has been embroiled in a conflict-of-interest scandal since March this year, and had been on leave since June pending the conclusion of an independent investigation into her dealings with <keyword id="6354248" type="COMPANY" weightage="20" keywordseo="videocon">Videocon</keyword>. </li><li>Sandeep Bakshi, who was made the COO after Kochhar went on leave, has been named as the bank’s new CEO and MD for a period of five years. </li></ul>An illustrious career ended with a whimper on 4 October as Chanda Kochhar, the CEO and Managing Director of ICICI Bank, India’s largest private sector bank, hung up her boots. She also relinquished her position on the various boards of ICICI’s subsidiaries. The resignation isn’t surprising. But it is significant, as it could be seen as an admission of guilt. Kochhar has been embroiled in a conflict-of-interest scandal since March this year, and had been on leave since June pending the conclusion of an independent investigation into the matter. The inquiry, which is led by former Supreme Court Judge Justice BN Srikrishna, is looking into the extent that Kochhar’s dealings with Videocon constitute <keyword id="46183" type="PERSON" weightage="20" keywordseo="Corruption">corruption</keyword> and misconduct. The story goes like this. As CEO, Kochhar sanctioned a ₹32.5 billion loan to Videocon Group in 2012. The loan was eventually declared non-performing in 2017 and to date, 86% of the principal amount remains unpaid. In 2008, the promoter of Videocon Group, Venugopal Dhoot, set up a multi-crore venture with Kochhar’s husband, Deepak, and two of her relatives called NuPower Renewables Pvt Ltd. Six months after receiving the loan from ICICI, Dhoot transferred his ownership in the company to a trust headed by Deepak Kochhar for a meagre amount. Following Kochhar’s resignation, ICICI’s contingency plan has kicked into high-gear. Sandeep Bakshi, who was made <a href="https://www.businessinsider.in/heres-all-you-need-to-know-about-icici-banks-new-coo-sandeep-bakshi/articleshow/64647983.cms">the COO</a> after Kochhar went on leave, has been named as the bank’s new CEO and MD for a period of five years. The investigation into Kochhar’s dealings is still ongoing, and isn’t likely to end well. It marks a sad end for a woman credited with facilitating the evolution of India’s retail banking sector. A high rise and hard landing Kochhar joined ICICI Limited as a management trainee in 1984 and slowly worked her way up the ranks. The company witnessed tremendous change in the 1990s, shifting from a project financier to a diversified financial services firm. Shortly after the establishment of ICICI Bank in 1994, Kochhar began overseeing the lender’s infrastructure finance and corporate banking operations. She then took over the ICICI’s international banking in the mid-2000s before being promoted to CFO and Joint Managing Director in 2007. In 2009, she was made the CEO and MD of the bank, becoming the first female and the youngest person ever to lead its operations, and in 2011, she was awarded the Padma Bhushan in recognition of her contributions to the banking landscape. Kochhar’s resignation is also a lasting contribution of sorts. It will likely set a precedent for better governance, compliance and oversight at India’s banks as regulators like the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> look to clamp down on instances of fraud and corruption.

It's the end of the road for Chanda Kochhar

<ul><li>Indian stock market indices opened in green on Thursday.</li><li>The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. </li><li>These are the top stocks that are buzzing on D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark stock index, Sensex advanced over 175 points in early trade on Thursday, led by financial stocks and fuelled by foreign funds ahead of the expiry of monthly derivative contracts. The Sensex was trading 0.45% higher, while the Nifty50 was up 0.37%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Housing Development Finance Corp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Cement </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr></tbody></table>*as of August 27 10:40 am These are the top stocks that are buzzing in trade today: ICICI Bank gained over a percent ICICI Bank gained over a percent after the bank said it would sell up to 6.4 million shares (about 2% of the company) of its broking subsidiary ICICI Securities. The market value of 2% stake would be about ₹300 crore. With overall credit demand languishing under the weight of the pandemic, ICICI Bank has been cashing out of its investments. In <a href="https://www.businessinsider.in/finance/banks/news/just-like-sbi-icici-bank-has-created-a-cash-cushion-in-case-bad-loans-rise/articleshow/77140214.cms">June 2020, the country's second largest private bank sold</a> stake in <keyword id="6468827" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance">ICICI Prudential Life Insurance</keyword> and ICICI Lombard to raise around ₹3,090 crore. <div type="Article" hostid="261" msid="77776199" title="ICICI Bank's share price is expected to surge as much as 34% in the coming year — despite having more loans under moratorium than other lenders" mstype="2" mssubtype="0"></div> Mahindra &amp; Mahindra Limited shares up over 1% Mahindra &amp; Mahindra share price gained over a percent after the company said it has entered into a memorandum of understanding (MoU) with Israel-based e-mobility technology company REE Automotive to explore development and manufacturing of commercial electric vehicles for global markets. Reports suggest that the joint venture will produce up to 250,000 vehicles in the first few years. More importantly, the partnership will enhance Mahindra Group's capabilities in producing electric vehicles. <div type="Article" hostid="261" msid="77389244" title="M&amp;M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it" mstype="2" mssubtype="0"></div> Sunteck, Godrej Properties and Oberoi Realty and other real estate stocks zoom Sunteck zooms 8%, Godrej Properties gains 5% and Oberoi Realty up over 6% after the Maharashtra government decided to slash stamp duty on sale deed documents by 3% from September 1 to December 31, 2020, and by 2% from January 1, 2021, to March 31 2021. <div type="Article" hostid="261" msid="77757126" title="Indians are borrowing heavily against gold⁠— but it may have been wiser to borrow money to buy the precious metal instead of homes" mstype="2" mssubtype="0"></div> Future Enterprises hit upper circuit Future Enterprises shares hit a 5% upper circuit set by the stock-exchanges after the company said it is considering raising funds through the issuance of bonds. The cash-strapped Future Group <a href="https://www.business-standard.com/article/companies/future-enterprises-board-likely-to-discuss-merger-plan-on-saturday-120082100066_1.html?1597982924">reportedly</a> may merge three of its group companies before selling 50% stake in the combined entity to <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>. This has led to a rally in other group stocks as well, like Future Retail (up 7%), Future Consumer (up 4.3%), and <keyword id="1854044" type="PERSON" weightage="20" keywordseo="Future-Lifestyle">Future Lifestyle</keyword> (up 5%). HAL tanks 11% HAL shares tanked 11% after news surfaced that the Union Government is selling 15% of its equity stake in the state-owned Hindustan Aeronautics Ltd (HAL) at ₹1,001 per share to raise about ₹5,000 crore through an offer for sale (OFS). This government owned defence equipment maker has been a bad investment for shareholders since its listing over 2 years ago. While the government raised a little over ₹4,000 crore from the IPO, the shares have remained below the issue price for nearly the entire time. It did cross the threshold earlier this month, for the first time since the listing, but the exuberance lasted barely a week. Auto stocks tanked despite the expected GST rate revision <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Top losers on Nifty50 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth % </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.26% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.13% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.56% </td></tr></tbody></table> According to a statement issued by <keyword id="6363932" type="COMPANY" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword>, Finance Minister Nirmala Sitharaman hinted at a cut in goods and services tax (GST) rate from 28% to 18%. The proposal is expected to be discussed at the 41st GST Council meeting at 11 am today via video conferencing. Allcargo Logistics gains about a percent Allcargo Logistics shares gained nearly a percent during the early trade hours on August 27. The board of directors of Allcargo Logistics is slated to meet today to consider and approve the voluntary delisting of shares. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-in-trade-icici-bank-oberoi-realty-godrej-properties-hal-infosys-mm-itc-rossari-biotech-allcargo-and-more/articleshow/77775215.cms" data-type="tilCustomLink">Top stocks to watch in trade— ICICI Bank, Oberoi Realty, Godrej Properties, HAL, Infosys, M&amp;M, ITC, Rossari Biotech, Allcargo and more</a> <a href="https://www.businessinsider.in/defense/news/china-fires-two-missiles-into-the-south-china-sea-and-asian-markets-feel-the-blow/articleshow/77777358.cms" data-type="tilCustomLink">China fires two missiles into the South China Sea and Asian markets feel the blow</a>

Top stock movers — Future Enterprises, HAL, Suntek, Oberoi Realty, M&M, ICICI Bank, Maruti Suzuki, Bajaj Auto and more

New Delhi, Jan 20 () ICICI Securities, the investment services arm of ICICI Group, on Monday reported a 36 per cent rise in consolidated profit to Rs 137 crore for the third quarter of 2019-20. 
 In comparison, the company's profit stood at Rs 101.1 crore in the October-December quarter of 2018-19, ICICI Securities said in a regulatory filing.
 The company's total income also rose to Rs 422.12 crore, compared with Rs 404.7 crore in the third quarter of the previous fiscal. 
 Rise in profit was on account of growth in revenue, reduction in expenses, and changes in statutory tax rates, it said. 
During the quarter, ICICI Securities' revenues from retail equities and allied business climbed 5 per cent to Rs 228 crore from Rs 216 crore in the year-ago period.
 I-Sec, which is a retail led equity franchise, distributor of financial products, and investment banker, has 4.7 million operational accounts, of which about 94,000 were added during the quarter. 
"We continued to focus on executing our strategy of offering appropriate products and solutions to varied clientele across a spectrum of needs. We are continuously working towards building for the future with client interest at the center and a keen focus on using digitization to contain cost, enhance productivity and efficiency.
"During the quarter, we saw an uptick in retail participation due to large, mid, and small caps participating in the rally, and If the momentum in the broader market sustains, it will be beneficial for a franchise like ours," the company's MD and CEO Vijay Chandok said.
 He said that in the current environment, where investors are looking for trust, transparency, and safety especially in the light of recent market developments, the company is well positioned to capitalise on it. 
 The company's revenue from investment banking plunged by 31 per cent to Rs 18 crore in the quarter under review primarily due to lower number of high value deals. Besides, revenue from distribution business slipped 4 per cent to Rs 103 crore due to the anticipated reduction arising due to changes in regulations pertaining to mutual fund distribution. DP SP MR
MR

ICICI Securities Q3 profit up 36 pc to Rs 137 crore

<a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+"> ICICI bank</a> might be a household name today—all thanks to its vast presence across the country—but <a href="http://www.ambitcapital.com/">Ambit Capital</a>, a security firm feels that the bank is at serious risk of defaulters. According to the firm, the risk of <keyword id="142154" type="UNKNOWN" weightage="20" keywordseo="bad-loans">bad loans</keyword> in future has increased for the bank as it is still terming the amount of loans that are falling back in payments as standard loans, which have doubled in the last fiscal. 
 
As per an Economic Times report, the concentration risk for the bank is also rising with 32.8% of its capital funds exposure to a single corporate group with same management, up from 29.1% a year earlier. 
 Citing <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword>’s filing with the <a href="http://www.businessinsider.in/searchresult.cms?query=Securities+Exchange+Commission">Securities Exchange Commission</a> (SEC) of the US, the Ambit said, "The delinquency breakup of the standard loan book suggests that early delinquencies (31-90 day due) have almost doubled from 3.6 per cent of loans as at FY14 to 6.4% of loans as at FY15." 
 
It further added, "In absolute terms, the exposure to the biggest corporate group increased 18 per cent YoY in FY15. The name of this corporate group is not known, but if it is one of those highly levered and stressed corporate, this does not bode well for the bank.” 
 
Among the private sector banks, investors and analysts have been raising concerns about the quality of bad loans at ICICI Bank as it has lent money to several infrastructure groups. The bank for the June quarter said that the profit rose to 12% and the bank's gross bad loans rose to Rs 15,138 crore, or 3.68% of its total loans. The shares of the firm also ended flat at Rs 311.3 on the BSE on Thursday. 
 
The bank did not respond to the email query sent by ET. The annual report of ICICI, submitted on 24th July this year, however, says that the bank experienced a significant increase in the downgrade of standard restructured loans to the non-performing category comprises 45% of the total loan book. 
 
Although the amount of loans that were behind payments by 30 days jumped, it may not be a cause of worry since they need not be classified as bad loans. A loan is classified as NPA (nonperforming asset) when the borrower fails to repay the loan within 90 days of the due date while the bank has to set aside 15% of the loan amount as provisions. 
 
However, when a borrower fails to repay loan on due date it is an early sign of stress in the company. Taking cognizance of these early signs of stress, the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India">Reserve Bank of India</a> has asked banks to form a joint lenders forum as soon as a loan is overdue for over 60 days.

You Searched For "ICICI Group" and got 14 results

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