ICICI Bank was fined Rs 10 lakh, and Vodafone was fined Rs 5 lakh in a Gujarat SIM fraud case involving an Ahmedabad-based firm that lost more than Rs 1.19 crore due to unauthorised bank transactions. The judgment was delivered by Gujarat's Adjudicating Officer under the Information Technology Act.&nbsp;The case centres on the directors of Collective Trade Links Pvt. Ltd., a bearings trading company, who filed complaints against ICICI Bank, Vodafone Idea Limited (VIL) and local police authorities. The case was filed under Sections 43 and 43A of the IT Act, 2000. The complaint explains how criminals executed a SIM-swap operation to bypass OTP authentication measures and siphon money from the overdraft account of the firm over a weekend in March 2023, as per the report in NDTV.&nbsp;The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions.<h3>Vodafone Idea activated the duplicate SIM</h3>Vodafone Idea approved the request and activated the duplicate SIM by 4:30 pm the same day, without carrying out proper verification, despite the number being active on international roaming. Later, when the office was closed on Sunday, scammers used the duplicate SIM to obtain OTPs and proceeded with 22 transactions totalling Rs 1,19,37,000 through RTGS and NEFT from the company's ICICI Bank account.&nbsp;Then, 10 new beneficiaries were registered, and amounts far beyond usual limits were transferred to unfamiliar accounts for newly added payees. Meanwhile, Director Bharatkumar Mehta was notified of delayed transaction alerts on his secondary number, until the damage was already done.&nbsp;The scam came to light the following day when the company’s accountants checked the account. The directors quickly alerted ICICI Bank and filed a police complaint, after which an FIR was registered at the Cyber Crime Police Station under sections pertaining to cheating, criminal conspiracy and violations of the IT Act.&nbsp;In response to the incident, the Adjudicating Officer ordered the respondents to pay a total of Rs 15 lakh in penalties and compensation for their negligence that enabled the SIM-swap fraud. Of this, ICICI Bank was asked to pay Rs 10 lakh under Sections 43(g) and 43(j) of the Information Technology Act, 2000, while Vodafone Idea Limited was fined Rs 5 lakh under Section 43(g).&nbsp;The order also directs ICICI Bank to return the principal sum of ₹1.05 crore to the complainant in accordance with circular guidelines, with the refund to be completed within six weeks.

The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions.

ICICI Bank was fined Rs 10 lakh, and Vodafone was fined Rs 5 lakh in a Gujarat SIM fraud case involving an Ahmedabad-based firm that lost more than Rs 1.19 crore due to unauthorised bank transactions. The judgment was delivered by Gujarat's Adjudicating Officer under the Information Technology Act. The case centres on the directors of Collective Trade Links Pvt. Ltd., a bearings trading company, who filed complaints against ICICI Bank, Vodafone Idea Limited (VIL) and local police authorities. The case was filed under Sections 43 and 43A of the IT Act, 2000. The complaint explains how criminals executed a SIM-swap operation to bypass OTP authentication measures and siphon money from the overdraft account of the firm over a weekend in March 2023, as per the report in NDTV. The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions. Vodafone Idea activated the duplicate SIM Vodafone Idea approved the request and activated the duplicate SIM by 4:30 pm the same day, without carrying out proper verification, despite the number being active on international roaming. Later, when the office was closed on Sunday, scammers used the duplicate SIM to obtain OTPs and proceeded with 22 transactions totalling Rs 1,19,37,000 through RTGS and NEFT from the company's ICICI Bank account. Then, 10 new beneficiaries were registered, and amounts far beyond usual limits were transferred to unfamiliar accounts for newly added payees. Meanwhile, Director Bharatkumar Mehta was notified of delayed transaction alerts on his secondary number, until the damage was already done. The scam came to light the following day when the company’s accountants checked the account. The directors quickly alerted ICICI Bank and filed a police complaint, after which an FIR was registered at the Cyber Crime Police Station under sections pertaining to cheating, criminal conspiracy and violations of the IT Act. In response to the incident, the Adjudicating Officer ordered the respondents to pay a total of Rs 15 lakh in penalties and compensation for their negligence that enabled the SIM-swap fraud. Of this, ICICI Bank was asked to pay Rs 10 lakh under Sections 43(g) and 43(j) of the Information Technology Act, 2000, while Vodafone Idea Limited was fined Rs 5 lakh under Section 43(g). The order also directs ICICI Bank to return the principal sum of ₹1.05 crore to the complainant in accordance with circular guidelines, with the refund to be completed within six weeks.

The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions.

ICICI Bank, Vodafone fined Rs 15 lakh for lapses over Rs 1.19 crore Gujarat SIM-swap fraud

&nbsp;ICICI Bank, India's second-largest private lender, has increased the minimum balance requirement for its savings accounts for customers in metro and urban areas. The minimum balance required has been raised from Rs 10,000 to Rs 50,000. In semi-urban branches, the new requirement is Rs 25,000 from Rs 5000. For rural branches, the minimum balance has been increased to Rs 10000 from Rs 2500.&nbsp;Those who fail to maintain the minimum balance will be forced to pay either 6 per cent of the shortfall of Rs 500 per month, whichever is lower. Those who maintain the balance will avoid these charges.&nbsp;In the case of Family Banking, the family must collectively maintain 1.5 times the program's eligibility criteria; otherwise, non-maintenance charges will apply individually to members who do not meet their own MAB requirement. Pensioners are exempt from these charges.&nbsp;Those who can't keep the balance for ECS/NACH auto debit over financial reasons will have to pay Rs 500 per instance. The bank has capped three charges per month for the same mandate.&nbsp;ICICI has also announced a fee of Rs 200 per instance in case of the return of cheques deposited by the customer due to financial reasons.&nbsp;In case of the return of cheques issued by the customer, a charge of Rs 500 will be imposed in case of financial reasons and Rs 50 for non-financial reasons.&nbsp;If a transaction at another bank's ATM or a point of sale (POS) terminal is declined due to insufficient balance, a fee of Rs 25 per instance will be charged.



ICICI Bank, India's second-largest private lender, has increased the minimum balance requirement for its savings accounts for customers in metro and urban areas. 

ICICI Bank, India's second-largest private lender, has increased the minimum balance requirement for its savings accounts for customers in metro and urban areas. The minimum balance required has been raised from Rs 10,000 to Rs 50,000. In semi-urban branches, the new requirement is Rs 25,000 from Rs 5000. For rural branches, the minimum balance has been increased to Rs 10000 from Rs 2500. Those who fail to maintain the minimum balance will be forced to pay either 6 per cent of the shortfall of Rs 500 per month, whichever is lower. Those who maintain the balance will avoid these charges. In the case of Family Banking, the family must collectively maintain 1.5 times the program's eligibility criteria; otherwise, non-maintenance charges will apply individually to members who do not meet their own MAB requirement. Pensioners are exempt from these charges. Those who can't keep the balance for ECS/NACH auto debit over financial reasons will have to pay Rs 500 per instance. The bank has capped three charges per month for the same mandate. ICICI has also announced a fee of Rs 200 per instance in case of the return of cheques deposited by the customer due to financial reasons. In case of the return of cheques issued by the customer, a charge of Rs 500 will be imposed in case of financial reasons and Rs 50 for non-financial reasons. If a transaction at another bank's ATM or a point of sale (POS) terminal is declined due to insufficient balance, a fee of Rs 25 per instance will be charged.

ICICI Bank also revealed the charge of ATM usage denial due to insufficient balance.

ICICI Bank's minimum balance requirement increased. Penalty to be 6 per cent of...

A former employee at the ICICI Bank in India's Mumbai has alleged that the organisation mentally harassed her and forced her to resign after she couldn't report to office due to mother's severe health condition.&nbsp;
The woman employee, in a complaint letter to All India Professionals' Congress, claimed she had joined the bank in April 2023 and had to resign in November 2024.&nbsp;
"Things in ICICI were not very smooth from the beginning, however the ship was still sailing," the woman wrote in the letter posted on the professional platform LinkedIn on Sunday (March 23).&nbsp;
Also read: <a href="https://www.wionews.com/india-news/in-musks-style-ola-ceo-bhavish-aggarwal-asks-employees-to-send-weekly-reports-of-achievements-8780679">In Musk style: Ola CEO Bhavish Aggarwal asks employees to send weekly reports of achievements</a>
The ex-employee further claimed that she had "many reporting authorities" during her tenure in the bank.&nbsp;
<h2>'If you are choosing your mother over work...'</h2>
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The ex-ICICI employee claimed that her mother was admitted to hospital on August 13, 2024 after an emergency and the doctors told the family her body "had completely shut down" due to renal failure after wrong medication.&nbsp;
The employee claimed in the letter that she approached her manager to get "work from hospital" &nbsp;but all she received was utter rejection.&nbsp;
Also read: <a href="https://www.wionews.com/india-news/who-is-manav-sharma-tcs-employee-dies-by-suicide-blames-wife-in-last-video-says-men-are-lonely-too-8765546">Who is Manav Sharma? TCS employee dies by suicide, blames wife in last video, says 'men are lonely too'</a>
She said her manager told her over a call that "if you are choosing your mother over work, it's not our concern. You may ask your cousins, uncles, aunts to sit in the hospital and you will required to come down to work or else go on loss of PAY".&nbsp;
She claimed in the letter that she lost her father 4 years back and is the only child and bread winner of the family.&nbsp;
She said that the bank had stopped covering parents in its Mediclaim services for staff "unless a new insurance was brought from ICICI LOMBARD".&nbsp;
She said she had informed the manager that her mother already had a medical insurance and she did not need another for her.&nbsp;
"It cannot be always how you want. I cannot assist your further and I need you to come down to the office," her manager (names hidden for privacy purpose) told her.
Also read: <a href="https://www.wionews.com/world/federal-employees-who-dont-respond-to-musks-email-are-presumed-dead-8759949">US federal employees who don&rsquo;t respond to email are &lsquo;presumed dead&rsquo;, says Musk</a>
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Later, she got a call from her senior manager who said, "If your mother is still in the ICU and not recovering, it's best that you put her in a medical home and come down to office."&nbsp;
<h2>Further allegations&nbsp;</h2>
The employee claimed that she reported to her office after leaving her mother with an extra nurse in the hospital. She approached her manager with a resignation letter and found that her quitting was "pre-decided" by the management.&nbsp;
The letter of the ex-employee, a video of her alleging the bank of harassment, and her mother's medical reports - all of these were shared on LinkedIn by Mohit Pratap Singh, Professionals' Congress - Coordinator, Communications, as claimed on the platform.&nbsp;
Also read: <a href="https://www.wionews.com/world/over-20-civil-service-employees-resigned-from-trumps-doge-in-protest-8758303">Over 20 civil service employees resigned from Trump&rsquo;s DOGE in protest</a>
WION reached out to the ICICI Bank for its comments on the allegations but received no response.&nbsp;
<h2>Not the first case&nbsp;</h2>
This is not the first time, an employee of ICICI has alleged harassment on the bank. Weeks ago, a senior employee of the bank allegedly died by suicide after claiming workplace harassment and extreme work pressure in Bengaluru.&nbsp;

INDIA NEWS | The woman employee, in a complaint letter to All India Professionals' Congress, claimed she had joined the bank in April 2023 and had to resign in November 2024.

A former employee at the ICICI Bank in India's Mumbai has alleged that the organisation mentally harassed her and forced her to resign after she couldn't report to office due to mother's severe health condition. The woman employee, in a complaint letter to All India Professionals' Congress, claimed she had joined the bank in April 2023 and had to resign in November 2024. "Things in ICICI were not very smooth from the beginning, however the ship was still sailing," the woman wrote in the letter posted on the professional platform LinkedIn on Sunday (March 23). Also read: In Musk style: Ola CEO Bhavish Aggarwal asks employees to send weekly reports of achievements The ex-employee further claimed that she had "many reporting authorities" during her tenure in the bank. 'If you are choosing your mother over work...' The ex-ICICI employee claimed that her mother was admitted to hospital on August 13, 2024 after an emergency and the doctors told the family her body "had completely shut down" due to renal failure after wrong medication. The employee claimed in the letter that she approached her manager to get "work from hospital" but all she received was utter rejection. Also read: Who is Manav Sharma? TCS employee dies by suicide, blames wife in last video, says 'men are lonely too' She said her manager told her over a call that "if you are choosing your mother over work, it's not our concern. You may ask your cousins, uncles, aunts to sit in the hospital and you will required to come down to work or else go on loss of PAY". She claimed in the letter that she lost her father 4 years back and is the only child and bread winner of the family. She said that the bank had stopped covering parents in its Mediclaim services for staff "unless a new insurance was brought from ICICI LOMBARD". She said she had informed the manager that her mother already had a medical insurance and she did not need another for her. "It cannot be always how you want. I cannot assist your further and I need you to come down to the office," her manager (names hidden for privacy purpose) told her. Also read: US federal employees who don’t respond to email are ‘presumed dead’, says Musk Later, she got a call from her senior manager who said, "If your mother is still in the ICU and not recovering, it's best that you put her in a medical home and come down to office." Further allegations The employee claimed that she reported to her office after leaving her mother with an extra nurse in the hospital. She approached her manager with a resignation letter and found that her quitting was "pre-decided" by the management. The letter of the ex-employee, a video of her alleging the bank of harassment, and her mother's medical reports - all of these were shared on LinkedIn by Mohit Pratap Singh, Professionals' Congress - Coordinator, Communications, as claimed on the platform. Also read: Over 20 civil service employees resigned from Trump’s DOGE in protest WION reached out to the ICICI Bank for its comments on the allegations but received no response. Not the first case This is not the first time, an employee of ICICI has alleged harassment on the bank. Weeks ago, a senior employee of the bank allegedly died by suicide after claiming workplace harassment and extreme work pressure in Bengaluru.

'If you're choosing your mother over work..': ICICI employee alleges harassment by bank over mother's medical condition

The Securities and Exchange Board of India (SEBI) is under intense scrutiny following its decision to approve the merger between ICICI Bank and its securities affiliate, ICICI Securities. The move, which has sparked a wave of criticism and legal challenges, has raised questions about the regulator’s impartiality and the application of its own rules as detailed by Andy Mukherjee in a recent opinion piece in Bloomberg. <o:p></o:p>

Why the controversial merger sparks investor backlash?<o:p></o:p>

The controversy centers around SEBI’s decision to allow the delisting of ICICI Securities without requiring the usual price discovery process, which is typically mandated to protect minority shareholders. ICICI Bank, which already owned nearly 75 per cent of ICICI Securities, offered a swap ratio of 67 shares of ICICI Bank for every 100 shares of the brokerage firm. This ratio was approved by SEBI despite the two companies operating in different lines of business a condition that would normally disqualify them from such an exemption.<o:p></o:p>

The exemption granted by SEBI has not sat well with many minority shareholders. Despite a majority vote in favor of the merger, concerns were raised when it was revealed that ICICI Securities had shared personal data of its minority investors with ICICI Bank, which then contacted them to influence the e-voting process. SEBI issued an administrative warning, acknowledging a "clear conflict of interest," but this did little to quell the unrest among investors.<o:p></o:p>

Class-action lawsuit and High Court intervention<o:p></o:p>

The controversy escalated when over 100 public, non-institutional investors, led by Bengaluru-based fund manager Manu Rishi Guptha, filed a class-action lawsuit. The plaintiffs argue that the skewed swap ratio undervalues ICICI Securities, causing them to lose over $200 million. Guptha and his fellow investors claim that ICICI Bank is unfairly capitalizing on ICICI Securities' significant cash reserves and short-term investments, valued at approximately Rs 116 billion ($1.4 billion).<o:p></o:p>

Despite ICICI Bank’s assertion that the terms of the merger were determined by independent valuation experts and endorsed by proxy advisory firms, the investors remain unconvinced. Their concerns have caught the attention of the Bombay High Court, which recently directed SEBI to share the approval letter that granted the merger exemption with the plaintiff's legal representative, though the contents remain confidential pending further court orders.<o:p></o:p>

Further, this case has broader implications for SEBI, particularly in light of the ongoing criticism the regulator faces in relation to its handling of the Adani Group investigation. Hindenburg Research, a New York-based short seller, has questioned SEBI Chairperson Madhabi Puri Buch’s objectivity due to her past investments and consulting activities. Although Buch has recused herself from decisions involving ICICI Group, her previous role as CEO of ICICI Securities adds another layer of complexity to the situation.<o:p></o:p>

The fallout from the ICICI Bank and ICICI Securities merger raises critical questions about regulatory transparency and the consistency of SEBI’s rule enforcement. As the case progresses through India’s legal system, the outcome could set a significant precedent for how similar mergers are handled in the future.<o:p></o:p>

The Securities and Exchange Board of India (SEBI) is under intense scrutiny following its decision to approve the merger between ICICI Bank and its securities affiliate, ICICI Securities.

The Securities and Exchange Board of India (SEBI) is under intense scrutiny following its decision to approve the merger between ICICI Bank and its securities affiliate, ICICI Securities. The move, which has sparked a wave of criticism and legal challenges, has raised questions about the regulator’s impartiality and the application of its own rules as detailed by Andy Mukherjee in a recent opinion piece in Bloomberg. Why the controversial merger sparks investor backlash? The controversy centers around SEBI’s decision to allow the delisting of ICICI Securities without requiring the usual price discovery process, which is typically mandated to protect minority shareholders. ICICI Bank, which already owned nearly 75 per cent of ICICI Securities, offered a swap ratio of 67 shares of ICICI Bank for every 100 shares of the brokerage firm. This ratio was approved by SEBI despite the two companies operating in different lines of business a condition that would normally disqualify them from such an exemption. The exemption granted by SEBI has not sat well with many minority shareholders. Despite a majority vote in favor of the merger, concerns were raised when it was revealed that ICICI Securities had shared personal data of its minority investors with ICICI Bank, which then contacted them to influence the e-voting process. SEBI issued an administrative warning, acknowledging a "clear conflict of interest," but this did little to quell the unrest among investors. Class-action lawsuit and High Court intervention The controversy escalated when over 100 public, non-institutional investors, led by Bengaluru-based fund manager Manu Rishi Guptha, filed a class-action lawsuit. The plaintiffs argue that the skewed swap ratio undervalues ICICI Securities, causing them to lose over $200 million. Guptha and his fellow investors claim that ICICI Bank is unfairly capitalizing on ICICI Securities' significant cash reserves and short-term investments, valued at approximately Rs 116 billion ($1.4 billion). Despite ICICI Bank’s assertion that the terms of the merger were determined by independent valuation experts and endorsed by proxy advisory firms, the investors remain unconvinced. Their concerns have caught the attention of the Bombay High Court, which recently directed SEBI to share the approval letter that granted the merger exemption with the plaintiff's legal representative, though the contents remain confidential pending further court orders. Further, this case has broader implications for SEBI, particularly in light of the ongoing criticism the regulator faces in relation to its handling of the Adani Group investigation. Hindenburg Research, a New York-based short seller, has questioned SEBI Chairperson Madhabi Puri Buch’s objectivity due to her past investments and consulting activities. Although Buch has recused herself from decisions involving ICICI Group, her previous role as CEO of ICICI Securities adds another layer of complexity to the situation. The fallout from the ICICI Bank and ICICI Securities merger raises critical questions about regulatory transparency and the consistency of SEBI’s rule enforcement. As the case progresses through India’s legal system, the outcome could set a significant precedent for how similar mergers are handled in the future.

SEBI under fire for greenlighting ICICI Bank and ICICI securities merger

The Indian National Congress (INC) on Tuesday (Sep 3)&nbsp;intensified its attacks on Madhabi Puri Buch, a day after accusing her of&nbsp;receiving salary from ICICI Bank while serving as the SEBI chairperson, leading to a conflict of interest.

Congress, the country's largest opposition party, questioned how Buch's retiral benefits from her stint at the bank were more than the salary she drew.&nbsp;

"How can the retirement benefits be more than the salary she drew when she was with ICICI? Her average annual salary at ICICI was Rs 1.30 crore. However, her average pension and other retiral benefits turned out to be Rs 2.77 crore. How is it even possible?" questioned&nbsp;Congress leader Pawan Khera in a press conference.&nbsp;

"There is a particular year which shows no salary (drawn by Buch). This technically ended her relationship with ICICI. But when she became a whole-time member of Sebi, this relationship resumed," Khera said.

"We now want to demand the Sebi to come out clean and respond to our charges."

<a href="https://www.wionews.com/videos/leading-industrialist-former-lawmaker-accuses-sebi-chief-of-hurting-investors-755521">Watch |&nbsp;Leading Industrialist &amp; former lawmaker accuses SEBI chief of hurting investors</a>

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<h2>Buch's Kochhar connection</h2>

On Monday, Dr Subhash Chandra, Chairman Emeritus, Zee Entertainment Enterprises Ltd. (ZEEL), also alleged that Buch had a connection with embattled former ICICI chairman&nbsp;Chanda Kochhar.&nbsp;

"ICICI Bank and my investigation tells me that Madhabi Puri Buch and Chanda Kochhar at that time, were constantly on phone calls," said Chandra.&nbsp;

"She was the very close person, and Chanda Kochhar was the one who was giving the money to her, which has been revealed today this morning, for crores of rupees, she was taking illegally from ICICI."

<a href="https://www.wionews.com/india-news/india-congress-slams-modi-questions-whether-the-pm-was-aware-of-sebi-chair-buchs-conflict-of-interest-755221">Also read |&nbsp;India: Congress slams PM Modi, questions whether he was aware of SEBI chair Buch’s ‘conflict of interest’</a>

<h2>ICICI Bank clarifies&nbsp;</h2>

Congress raised the questions after ICICI Bank released a statement on Monday, clarifying&nbsp;it had paid no salary to Buch after her retirement.

"ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms Madhabi Puri Buch after her retirement, other than her retiral benefits," said the bank.

"All the payments made to Ms Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits," the statement added.

The Indian market regulator has come under intense scrutiny ever since US-based short seller, Hindenburg Research, released a report alleging that Buch invested money in an obscure offshore fund that tied her to the Adani Group and its syphoning of funds case.&nbsp;

(With inputs from agencies)

The Indian National Congress (INC) on Tuesday (Sep 3) intensified its attacks on Madhabi Puri Buch, a day after accusing her of receiving salary from ICICI Bank while serving as the SEBI chairperson, leading to a conflict of interest.

The Indian National Congress (INC) on Tuesday (Sep 3) intensified its attacks on Madhabi Puri Buch, a day after accusing her of receiving salary from ICICI Bank while serving as the SEBI chairperson, leading to a conflict of interest. Congress, the country's largest opposition party, questioned how Buch's retiral benefits from her stint at the bank were more than the salary she drew. "How can the retirement benefits be more than the salary she drew when she was with ICICI? Her average annual salary at ICICI was Rs 1.30 crore. However, her average pension and other retiral benefits turned out to be Rs 2.77 crore. How is it even possible?" questioned Congress leader Pawan Khera in a press conference. "There is a particular year which shows no salary (drawn by Buch). This technically ended her relationship with ICICI. But when she became a whole-time member of Sebi, this relationship resumed," Khera said. "We now want to demand the Sebi to come out clean and respond to our charges." Watch | Leading Industrialist & former lawmaker accuses SEBI chief of hurting investors × Buch's Kochhar connection On Monday, Dr Subhash Chandra, Chairman Emeritus, Zee Entertainment Enterprises Ltd. (ZEEL), also alleged that Buch had a connection with embattled former ICICI chairman Chanda Kochhar. "ICICI Bank and my investigation tells me that Madhabi Puri Buch and Chanda Kochhar at that time, were constantly on phone calls," said Chandra. "She was the very close person, and Chanda Kochhar was the one who was giving the money to her, which has been revealed today this morning, for crores of rupees, she was taking illegally from ICICI." Also read | India: Congress slams PM Modi, questions whether he was aware of SEBI chair Buch’s ‘conflict of interest’ ICICI Bank clarifies Congress raised the questions after ICICI Bank released a statement on Monday, clarifying it had paid no salary to Buch after her retirement. "ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Ms Madhabi Puri Buch after her retirement, other than her retiral benefits," said the bank. "All the payments made to Ms Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits," the statement added. The Indian market regulator has come under intense scrutiny ever since US-based short seller, Hindenburg Research, released a report alleging that Buch invested money in an obscure offshore fund that tied her to the Adani Group and its syphoning of funds case. (With inputs from agencies)

Congress intensifies attack on SEBI chief for receiving more retiral benefit than salary from ICICI Bank

India's ICICI bank reported better-than-expected third-quarter profit in the December quarter, helped by robust loan growth, although its net interest margin shrank for the fourth straight quarter.

ICICI bank's profit surges to $1.24 bn

The Mumbai Police said on Tuesday (Dec 26) that the Reserve Bank of India (RBI) and other banks, including the HDFC Bank and ICICI Bank in the city, received a bomb threat. In an email, the sender said bombs were planted at 11 different locations across Mumbai.&nbsp;

The ominous threat&nbsp;explicitly demanded the resignation of Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das, setting a deadline for compliance.

Describing their alleged involvement in the "biggest scam in the history of India," the sender claimed to possess substantial evidence to substantiate these accusations.

<a href="https://www.wionews.com/india-news/india-bomb-blast-scare-near-israel-embassy-security-agencies-on-toes-673762">Also read | India: Bomb blast scare near Israel Embassy, security agencies on toes</a>

<h2>Specific targets and timeline</h2>

The threat outlined specific targets, including the RBI New Central Office Building in Fort, HDFC House at Churchgate, and ICICI Bank Towers at Bandra Kurla Complex.

The sender asserted that unless the stipulated resignations were tendered by 1:30 pm, 11 hidden bombs would detonate across the mentioned locations, triggering a potential catastrophe.

Mumbai Police swiftly initiated a comprehensive search operation across all locations mentioned in the threatening email. Despite the urgency of the situation, no explosives or suspicious objects were discovered during the thorough sweep.

Law enforcement also&nbsp;registered a criminal intimidation case, acknowledging the severity of the threat. Investigations are now underway to trace the origin of the email and unravel the motive behind the ominous threat.&nbsp;

In response to the potential threat, the police have heightened security measures around the implicated banks and the RBI office.&nbsp;

Also watch |&nbsp;Hindu woman files nomination for Pakistan elections; Hamas rejects Egypt's proposal

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As of now, neither the RBI nor the private banks implicated in the threat have issued official statements regarding the email. The silence from these financial institutions adds an element of uncertainty to the situation.

Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das have yet to respond to the demand for their resignation.&nbsp;

(With inputs from agencies)

The Mumbai Police said on Tuesday (Dec 26) that the Reserve Bank of India (RBI) and other banks, including the HDFC Bank and ICICI Bank in the city, received a bomb threat.

The Mumbai Police said on Tuesday (Dec 26) that the Reserve Bank of India (RBI) and other banks, including the HDFC Bank and ICICI Bank in the city, received a bomb threat. In an email, the sender said bombs were planted at 11 different locations across Mumbai. The ominous threat explicitly demanded the resignation of Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das, setting a deadline for compliance. Describing their alleged involvement in the "biggest scam in the history of India," the sender claimed to possess substantial evidence to substantiate these accusations. Also read | India: Bomb blast scare near Israel Embassy, security agencies on toes Specific targets and timeline The threat outlined specific targets, including the RBI New Central Office Building in Fort, HDFC House at Churchgate, and ICICI Bank Towers at Bandra Kurla Complex. The sender asserted that unless the stipulated resignations were tendered by 1:30 pm, 11 hidden bombs would detonate across the mentioned locations, triggering a potential catastrophe. Mumbai Police swiftly initiated a comprehensive search operation across all locations mentioned in the threatening email. Despite the urgency of the situation, no explosives or suspicious objects were discovered during the thorough sweep. Law enforcement also registered a criminal intimidation case, acknowledging the severity of the threat. Investigations are now underway to trace the origin of the email and unravel the motive behind the ominous threat. In response to the potential threat, the police have heightened security measures around the implicated banks and the RBI office. Also watch | Hindu woman files nomination for Pakistan elections; Hamas rejects Egypt's proposal As of now, neither the RBI nor the private banks implicated in the threat have issued official statements regarding the email. The silence from these financial institutions adds an element of uncertainty to the situation. Union Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das have yet to respond to the demand for their resignation. (With inputs from agencies)

India: Email bomb threat sent to RBI, HDFC, ICICI banks in Mumbai, demands FM’s resignation

India's Federal Investigating Agency has arrested former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar as a part of its investigation into a loan fraud case. Chanda kochar is accused of misusing her position in the ICICI Bank in granting loans to Videocon group when she was heading the private sector.

CBI: Chanda Kochhar misappropriated funds for own use

India's Central Bureau of Investigation (CBI) told a special court that the former ICICI Bank CEO and MD Chanda Kochhar misused the lender's funds for personal use in a case about cheating and irregularities in sanctioning loans.

ICICI Bank loan fraud case: Former CEO Chanda Kochhar, husband under CBI lens

India: Chanda Kochhar, husband arrested by CBI; accused of criminal conspiracy and cheating

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India.

After the border provocation, investment opportunities for China in India have become very limited.&nbsp;As part of new restrictions, all investments coming in from China will be watched, reported&nbsp;and scrutinised.&nbsp;A report from August 18 claimed that one of India’s most prominent banks ICICI has a new investor.

Who is the investor?

The&nbsp;investor is the People’s Bank of China, which is the central bank of the Chinese state.&nbsp;The same institution had invested in India’s HDFC limited in March.&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-chinas-avenues-to-invest-in-india-are-shrinking-321556/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Recently, ICICI Bank raised Rs 15,000 crore from the market (over $2 billion). It is referred to as a Qualified Institutional Placement Exercise(QIP), which is a way for listed companies to raise capital without submitting legal paperwork or undergoing regulatory approvals.

Also read:&nbsp;<a href="/business-economy/chinas-central-bank-buys-175-crore-shares-in-hdfc-raises-stake-to-over-1-292242" hreflang="en">China's central bank buys 1.75 crore shares in HDFC, raises stake to over 1%</a>

The People’s Bank of China (PBC), then invested Rs 15 crore (over $2 million) and over 300 investors participated in the&nbsp;exercise. According to one claim, the PBC’s stake in ICICI is 0.0006, which is rather minuscule and owing to the fresh curbs for Chinese companies in India, it may not go up at all.

In March, HDFC limited reported that the PBC owns a little more than one per cent of its shares.&nbsp;The PBC had bought these shares from the open market, which is why the Indian government introduced new rules.&nbsp;Any investor from India’s border nations now needs government approval for investment.

Simply put, China can no longer just buy shares from the market. All Chinese companies will need to go through a government approval process first.

Long underway

Even before the border standoff in Ladakh, the Indian government had taken a stand against Chinese investments.&nbsp;In May, India’s finance minister Nirmala Sitharaman in a chat with&nbsp;WION promised more safeguards against hostile takeovers.

Now, India is taking specific and targeted measures to curb the flow of Chinese cash in the Indian economy.&nbsp;Chinese companies have now been restricted from participating in public procurement bids.&nbsp;In June, India made it mandatory for sellers on the government e-marketplace portals to clarify the country of origin of their goods.&nbsp;Following that, restrictions were placed on colour TV imports from China.

India is now considering measures to prevent trade partners in Southeast Asia from re-rerouting Chinese goods to India.

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India. After the border provocation, investment opportunities for China in India have become very limited.

China wants to invest further in the Indian market but in the aftermath of the border skirmish, Chinese products have been boycotted all over India. After the border provocation, investment opportunities for China in India have become very limited. As part of new restrictions, all investments coming in from China will be watched, reported and scrutinised. A report from August 18 claimed that one of India’s most prominent banks ICICI has a new investor. Who is the investor? The investor is the People’s Bank of China, which is the central bank of the Chinese state. The same institution had invested in India’s HDFC limited in March. Recently, ICICI Bank raised Rs 15,000 crore from the market (over $2 billion). It is referred to as a Qualified Institutional Placement Exercise(QIP), which is a way for listed companies to raise capital without submitting legal paperwork or undergoing regulatory approvals. Also read: China's central bank buys 1.75 crore shares in HDFC, raises stake to over 1% The People’s Bank of China (PBC), then invested Rs 15 crore (over $2 million) and over 300 investors participated in the exercise. According to one claim, the PBC’s stake in ICICI is 0.0006, which is rather minuscule and owing to the fresh curbs for Chinese companies in India, it may not go up at all. In March, HDFC limited reported that the PBC owns a little more than one per cent of its shares. The PBC had bought these shares from the open market, which is why the Indian government introduced new rules. Any investor from India’s border nations now needs government approval for investment. Simply put, China can no longer just buy shares from the market. All Chinese companies will need to go through a government approval process first. Long underway Even before the border standoff in Ladakh, the Indian government had taken a stand against Chinese investments. In May, India’s finance minister Nirmala Sitharaman in a chat with WION promised more safeguards against hostile takeovers. Now, India is taking specific and targeted measures to curb the flow of Chinese cash in the Indian economy. Chinese companies have now been restricted from participating in public procurement bids. In June, India made it mandatory for sellers on the government e-marketplace portals to clarify the country of origin of their goods. Following that, restrictions were placed on colour TV imports from China. India is now considering measures to prevent trade partners in Southeast Asia from re-rerouting Chinese goods to India.

Now, People’s Bank of China eyes another Indian bank

Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for the subscription of its 30 crore shares.

"The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for the subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per equity share," a regulatory filing said.

Also Read: <a href="https://www.wionews.com/india-news/sbi-will-take-49-stake-in-yes-bank-cabinet-has-approved-restructuring-sitharaman-286178">SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman</a>

According to the statement, this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of India and subject to regulatory approvals and other conditions as set out in the Letter.

The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank.

The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday.

Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take 49 per cent equity.

Also Read: <a href="https://www.wionews.com/india-news/yes-bank-scam-cbi-carries-out-searches-at-7-locations-285222">Yes Bank scam: CBI carries out searches at 7 locations</a>

Private lender ICICI Bank also announced investing Rs 1,000 crore for equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank.

There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only 26 per cent of shareholding. It would be 75 per cent in the case of other investors.

The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18.

Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for the subscription of its 30 crore shares. "The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for the subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per equity share," a regulatory filing said.

Federal Bank on Saturday said it has committed to investing Rs 300 crore in beleaguered Yes Bank for the subscription of its 30 crore shares. "The Bank has issued an Equity commitment Letter to invest Rs 300 crore in YES Bank Ltd for the subscription of 30 crore equity shares of Yes Bank at a price of Rs 10 per equity share," a regulatory filing said. Also Read: SBI will take 49% stake in Yes Bank, cabinet has approved restructuring: Sitharaman According to the statement, this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of India and subject to regulatory approvals and other conditions as set out in the Letter. The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank. The authorised capital of Yes Bank has been increased to Rs 6,200 crore, Union minister Nirmala Sitharaman said on Friday. Under the plan, state-run SBI will infuse Rs 7,250 crore in the crisis-ridden private bank and take 49 per cent equity. Also Read: Yes Bank scam: CBI carries out searches at 7 locations Private lender ICICI Bank also announced investing Rs 1,000 crore for equity in excess of 5 per cent. HDFC will infuse Rs 1,000 crore, while Axis Bank will invest up to Rs 600 crore to purchase 60 crore shares in the bank. There will be a three year lock-in period for all the investors. However, the lock-in period for SBI would be only 26 per cent of shareholding. It would be 75 per cent in the case of other investors. The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18.

Federal Bank to invest Rs 300 crore in Yes Bank

Former Managing Director and Chief Executive Officer (CEO) of <a href="https://www.wionews.com/india-news/icici-bank-videocon-case-enforcement-directorate-grills-chanda-kochhar-husband-and-venugopal-dhoot-231310">ICICI Bank Chanda Kochhar</a> and her family's assets worth over Rs 78 crore have been attached in connection with the <a href="https://www.wionews.com/india-news/icici-videocon-case-court-reserves-order-on-plea-of-rajiv-kochhar-223925">Videocon loan case</a>, the Enforcement Directorate (ED) said on Friday.

These assets comprise her flat in Mumbai and some other properties belonging to the company of her husband, Deepak Kocchar.

The ED had registered a criminal case in February last year against Videocon chairman Venugopal Dhoot, <a href="https://www.wionews.com/india-news/icici-videocon-case-court-reserves-order-on-plea-of-chanda-kocchars-brother-rajiv-223845">Chanda Kochhar, her husband Deepak Kochhar</a> and others to probe alleged irregularities and corrupt practices in sanctioning Rs 3,250-crore loan by the bank to the corporate group.

A probe was initiated in the case to find out if alleged kickbacks were generated in the loan deal and laundered to create a tainted asset. 
 
(With inputs from ANI)

Former Managing Director and Chief Executive Officer (CEO) of ICICI Bank Chanda Kochhar and her family's assets worth over Rs 78 crore have been attached in connection with the Videocon loan case, the Enforcement Directorate (ED) said on Friday.

Former Managing Director and Chief Executive Officer (CEO) of ICICI Bank Chanda Kochhar and her family's assets worth over Rs 78 crore have been attached in connection with the Videocon loan case, the Enforcement Directorate (ED) said on Friday. These assets comprise her flat in Mumbai and some other properties belonging to the company of her husband, Deepak Kocchar. The ED had registered a criminal case in February last year against Videocon chairman Venugopal Dhoot, Chanda Kochhar, her husband Deepak Kochhar and others to probe alleged irregularities and corrupt practices in sanctioning Rs 3,250-crore loan by the bank to the corporate group. A probe was initiated in the case to find out if alleged kickbacks were generated in the loan deal and laundered to create a tainted asset. (With inputs from ANI)

Videocon loan case: Enforcement Directorate attaches assets worth Rs 78 crore of former ICICI Bank CEO Chanda Kochhar, her husband

Bulls regained control on the D-Street amid softening crude oil prices on Thursday following optimism in global markets after US President <a href="https://www.wionews.com/opinions/donald-trumps-attitude-towards-india-unpredictable-unreliable-238560">Donald Trump</a>'s comments on the Iran conflict eased worries and improved risk appetite.

The cooling off of oil prices lifted market sentiment as India imports more than 85 per cent of its requirement. The international benchmark Brent crude futures fell by 4.1 per cent amid volatility in the previous session and traded around 65 dollars a barrel.

The rally was also be attributed to expectations as the government is readying a set of bold initiatives to be announced in the Union Budget for 2020-21 which could bring a quick turnaround in the economy.

The BSE S&amp;P Sensex closed 634 points or 1.55 per cent higher at 41,451 while the <a href="https://www.wionews.com/business-economy/nifty-sensex-inch-lower-zee-top-gainer-in-nifty-50-263548">Nifty 50</a> moved up by 188 points at 12,214.

Except for Nifty IT, all sectoral indices at the National Stock Exchange were in the green with Nifty realty ticking up by 2.73 per cent, auto by 2.68 per cent, PSU bank by 2.41 per cent and metal by 1.43 per cent.

Among stocks, JSW Steel was the top gainer at Rs 278 per share, up by 5.9 per cent. Private lenders <a href="https://www.wionews.com/business-economy/lower-provisions-help-icici-bank-swing-to-first-quarter-profit-238840">ICICI Bank</a>, IndusInd Bank and Yes Bank advanced by 3.7 per cent, 3.3 per cent and 2.9 per cent respectively while state-owned State Bank of India ticked up by 3.2 per cent.

Auto majors Tata Motors, Mahindra &amp; Mahindra and Maruti gained by 5.4 per cent, 3.2 per cent and 2.9 per cent. Shares of Reliance Industries rose by 2.25 per cent at Rs 1,547.95 after Morgan Stanley said it expects strong growth in its retail and telecom businesses.

However, IT majors Tata Consultancy Services and <a href="https://www.wionews.com/business-economy/market-rebounds-on-easing-crude-firming-rupee-hcl-tech-cracks-6-points-182083">HCL Technologies</a> showed marginal losses along with Coal India, GAIL and Britannia.

Meanwhile, Asian stocks rebounded as the United States and Iran backed away from the brink of further conflict in the Middle East.

Trump responded overnight to an Iranian attack on US forces with sanctions, not violence. Iran offered no immediate signal it will retaliate further over a January 3 US strike that killed one of its senior military commanders.

Japan's Nikkei rose by 2.31 per cent, lifting stocks to their highest for the year so far. Hong Kong's Hang Seng climbed up by 1.68 per cent while South Korea's Kospi inched up by 1.63 per cent.

The Shanghai Composite index too moved up by 0.91 per cent after the government announced that China's Vice Premier Liu He, head of the country's negotiation team in US-China trade talks, will sign phase one of the deal in Washington next week.

Bulls regained control on the D-Street amid softening crude oil prices on Thursday following optimism in global markets after US President Donald Trump's comments on the Iran conflict eased worries and improved risk appetite.

Bulls regained control on the D-Street amid softening crude oil prices on Thursday following optimism in global markets after US President Donald Trump's comments on the Iran conflict eased worries and improved risk appetite. The cooling off of oil prices lifted market sentiment as India imports more than 85 per cent of its requirement. The international benchmark Brent crude futures fell by 4.1 per cent amid volatility in the previous session and traded around 65 dollars a barrel. The rally was also be attributed to expectations as the government is readying a set of bold initiatives to be announced in the Union Budget for 2020-21 which could bring a quick turnaround in the economy. The BSE S&P Sensex closed 634 points or 1.55 per cent higher at 41,451 while the Nifty 50 moved up by 188 points at 12,214. Except for Nifty IT, all sectoral indices at the National Stock Exchange were in the green with Nifty realty ticking up by 2.73 per cent, auto by 2.68 per cent, PSU bank by 2.41 per cent and metal by 1.43 per cent. Among stocks, JSW Steel was the top gainer at Rs 278 per share, up by 5.9 per cent. Private lenders ICICI Bank, IndusInd Bank and Yes Bank advanced by 3.7 per cent, 3.3 per cent and 2.9 per cent respectively while state-owned State Bank of India ticked up by 3.2 per cent. Auto majors Tata Motors, Mahindra & Mahindra and Maruti gained by 5.4 per cent, 3.2 per cent and 2.9 per cent. Shares of Reliance Industries rose by 2.25 per cent at Rs 1,547.95 after Morgan Stanley said it expects strong growth in its retail and telecom businesses. However, IT majors Tata Consultancy Services and HCL Technologies showed marginal losses along with Coal India, GAIL and Britannia. Meanwhile, Asian stocks rebounded as the United States and Iran backed away from the brink of further conflict in the Middle East. Trump responded overnight to an Iranian attack on US forces with sanctions, not violence. Iran offered no immediate signal it will retaliate further over a January 3 US strike that killed one of its senior military commanders. Japan's Nikkei rose by 2.31 per cent, lifting stocks to their highest for the year so far. Hong Kong's Hang Seng climbed up by 1.68 per cent while South Korea's Kospi inched up by 1.63 per cent. The Shanghai Composite index too moved up by 0.91 per cent after the government announced that China's Vice Premier Liu He, head of the country's negotiation team in US-China trade talks, will sign phase one of the deal in Washington next week.

Sensex jumps 634 points as US-Iran tensions ease, auto and realty stocks gain

The <a href="https://www.wionews.com/india-news/india-is-witnessing-temporary-effects-of-global-slowdown-amit-shah-270648">Reserve Bank of India's</a> move to widen its third special open market operation (OMO) helped bonds rise on Friday but worries over a likely fiscal slippage and a surge in global crude prices capped the gains.

The Indian central bank has offered to buy a wider range of papers at the latest auction as against just the benchmark 10-year at the first two OMOs, making it more attractive for participants.

The central bank announced its first-ever special open market operation to simultaneously purchase and sell bonds in the market on December&nbsp;19 to manage bond yields which had been rising despite five consecutive rate cuts.

Yields are down 25 basis points since the announcement of the first auction after having risen as much as 37 bps since the RBI shocked markets by keeping rates on hold on December5.

"The fundamentals are turning adverse for the bond market but the RBI has managed to prevent yields from rising," said <a href="https://www.wionews.com/business-economy/india-to-launch-first-debt-exchange-traded-fund-266182">A. Prasanna</a>, an economist with <a href="https://www.wionews.com/business-economy/india-seen-making-sixth-interest-rate-cut-but-no-cure-for-economys-ills-265905">ICICI Securities</a> Primary Dealership.

"It is good news for the government and other borrowers but whether this equilibrium can sustain is doubtful."

The benchmark 10-year bond yield dropped as much as 3 bps to 6.48 per cent&nbsp;on Friday and traders said they expected yields to stay capped at 6.55 per cent levels in the near term despite broader economic concerns.

Brent crude futures jumped close to $3 to their highest since September after a <a href="https://www.wionews.com/world/rocket-attack-on-baghdad-airport-top-iran-commander-killed-271756">US&nbsp;airstrike</a> killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies.

Market participants broadly expect the government to announce a 0.4 per cent-0.6 per cent&nbsp;slippage in fiscal deficit and that could result in 500 billion rupees-600 billion rupees ($6.97 billion-$8.37 billion) worth of additional borrowing.

Yields are expected to rise on the back of increased borrowing but traders expect the RBI to continue to manage yields at least until the budget, which is likely to be announced on February&nbsp;1.

The consensus is for at least two more special OMOs before the end of the month.

"The RBI has got themselves into a situation where they cannot stop now. Yields will jump the day they stop. There is a way to manage the markets and the RBI now has to live up to the expectations that it has built," a senior debt trader at a private bank said.

The Reserve Bank of India's move to widen its third special open market operation (OMO) helped bonds rise on Friday but worries over a likely fiscal slippage and a surge in global crude prices capped the gains.

The Reserve Bank of India's move to widen its third special open market operation (OMO) helped bonds rise on Friday but worries over a likely fiscal slippage and a surge in global crude prices capped the gains. The Indian central bank has offered to buy a wider range of papers at the latest auction as against just the benchmark 10-year at the first two OMOs, making it more attractive for participants. The central bank announced its first-ever special open market operation to simultaneously purchase and sell bonds in the market on December 19 to manage bond yields which had been rising despite five consecutive rate cuts. Yields are down 25 basis points since the announcement of the first auction after having risen as much as 37 bps since the RBI shocked markets by keeping rates on hold on December5. "The fundamentals are turning adverse for the bond market but the RBI has managed to prevent yields from rising," said A. Prasanna, an economist with ICICI Securities Primary Dealership. "It is good news for the government and other borrowers but whether this equilibrium can sustain is doubtful." The benchmark 10-year bond yield dropped as much as 3 bps to 6.48 per cent on Friday and traders said they expected yields to stay capped at 6.55 per cent levels in the near term despite broader economic concerns. Brent crude futures jumped close to $3 to their highest since September after a US airstrike killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies. Market participants broadly expect the government to announce a 0.4 per cent-0.6 per cent slippage in fiscal deficit and that could result in 500 billion rupees-600 billion rupees ($6.97 billion-$8.37 billion) worth of additional borrowing. Yields are expected to rise on the back of increased borrowing but traders expect the RBI to continue to manage yields at least until the budget, which is likely to be announced on February 1. The consensus is for at least two more special OMOs before the end of the month. "The RBI has got themselves into a situation where they cannot stop now. Yields will jump the day they stop. There is a way to manage the markets and the RBI now has to live up to the expectations that it has built," a senior debt trader at a private bank said.

Indian bonds gain as India's central bank, RBI, widens third special Open Market Operation

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister <a href="https://www.wionews.com/india-news/growth-may-have-come-down-but-not-a-recession-yet-sitharaman-264953">Nirmala Sitharaman</a> said on Wednesday, in a bid to allow retail investors to buy government debt.

"It will be the first corporate ETF, which will provide additional money for PSUs (public sector undertakings) as well as other government organisations," Sitharaman told reporters after the proposal was approved by the cabinet chaired by Prime Minister <a href="https://www.wionews.com/opinions/the-india-japan-alliance-is-the-next-global-power-play-265918">Narendra Modi</a>.

The ETF, called Bharat Bond ETF, will have a fixed maturity of three and ten years and will trade on the local stock exchange. It will invest in a portfolio of bonds of state-run companies and other government entities, a government statement said.

Retail investors will be able to invest in the bonds with as little as 1,000 rupees ($14), it said.

The move reflects Modi's push to ease rules for state companies to raise funds through debt instruments and further develop domestic capital markets.

"It is a positive development for retail investors," said A. Prasanna, head of fixed income research at ICICI Securities Primary Dealership in Mumbai.

"Compared to existing options, the new ETF will have lower fees and better tax treatment," he said, adding it was unlikely to have a big impact in the short term on the corporate bond market.

India has so far allowed only equity ETFs, and the government raised nearly 144 billion rupees ($2 billion) through ETFs in the 2019/20 fiscal year beginning April.

In general, ETFs have become a popular investment vehicle for investors because they allow them to invest in a diverse collection of assets.

According to government estimates, India's state-run social security fund, Employees Provident Fund (EPFO), has invested about 870 billion rupees in ETFs.

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister Nirmala Sitharaman said on Wednesday, in a bid to allow retail investors to buy government debt.

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister Nirmala Sitharaman said on Wednesday, in a bid to allow retail investors to buy government debt. "It will be the first corporate ETF, which will provide additional money for PSUs (public sector undertakings) as well as other government organisations," Sitharaman told reporters after the proposal was approved by the cabinet chaired by Prime Minister Narendra Modi. The ETF, called Bharat Bond ETF, will have a fixed maturity of three and ten years and will trade on the local stock exchange. It will invest in a portfolio of bonds of state-run companies and other government entities, a government statement said. Retail investors will be able to invest in the bonds with as little as 1,000 rupees ($14), it said. The move reflects Modi's push to ease rules for state companies to raise funds through debt instruments and further develop domestic capital markets. "It is a positive development for retail investors," said A. Prasanna, head of fixed income research at ICICI Securities Primary Dealership in Mumbai. "Compared to existing options, the new ETF will have lower fees and better tax treatment," he said, adding it was unlikely to have a big impact in the short term on the corporate bond market. India has so far allowed only equity ETFs, and the government raised nearly 144 billion rupees ($2 billion) through ETFs in the 2019/20 fiscal year beginning April. In general, ETFs have become a popular investment vehicle for investors because they allow them to invest in a diverse collection of assets. According to government estimates, India's state-run social security fund, Employees Provident Fund (EPFO), has invested about 870 billion rupees in ETFs.

India to launch first debt exchange-traded fund

A Delhi court, on an application filed by Chanda Kochhar through her lawyers Vijay Aggarwal and Naman Joshi has injuncted the release of a film, which is allegedly based on the life of the former MD and CEO of ICICI Bank.

Kochhar had recently approached the court against the movie 'Chanda: A Signature that Ruined a Career', which is projected as a film based on her life.

Sandeep Garg, Additional District Judge, Patiala House Court, passed the order stating that all defendants, including producers and their associates as well as other actors, to restraint from using Kochhar's name directly or indirectly.

The producers of the movie are also restrained from screening, exhibiting and marketing the movie online or off-line, whole or in part or in homes, without the consent of Kochhar till the next date of hearing, which is on November 26.

The court has granted interim stay on the screening/marketing of the movie. Kochhar had moved court seeking a stay on the release of the movie alleging that the content of the movie is defamatory and she was never approached for her consent for using her name or making a film on her life.

During counsels'&nbsp;submission, objection has been taken to the title of the film as well as to the film itself and the underlying tone and tenor which is also evident in the interviews/press coverage where she is being shown as a culprit though the trial is pending and no charge sheet has been filed against her and the trial is yet to begin.

Kochhar's lawyers stated that making of such alleged biopic and their release, as well as promotional interviews and material vilifying the plaintiff, are extremely prejudicial to the investigation and the trial.&nbsp;

 
&nbsp;

A Delhi court, on an application filed by Chanda Kochhar through her lawyers Vijay Aggarwal and Naman Joshi has injuncted the release of a film, which is allegedly based on the life of the former MD and CEO of ICICI Bank.

A Delhi court, on an application filed by Chanda Kochhar through her lawyers Vijay Aggarwal and Naman Joshi has injuncted the release of a film, which is allegedly based on the life of the former MD and CEO of ICICI Bank. Kochhar had recently approached the court against the movie 'Chanda: A Signature that Ruined a Career', which is projected as a film based on her life. Sandeep Garg, Additional District Judge, Patiala House Court, passed the order stating that all defendants, including producers and their associates as well as other actors, to restraint from using Kochhar's name directly or indirectly. The producers of the movie are also restrained from screening, exhibiting and marketing the movie online or off-line, whole or in part or in homes, without the consent of Kochhar till the next date of hearing, which is on November 26. The court has granted interim stay on the screening/marketing of the movie. Kochhar had moved court seeking a stay on the release of the movie alleging that the content of the movie is defamatory and she was never approached for her consent for using her name or making a film on her life. During counsels' submission, objection has been taken to the title of the film as well as to the film itself and the underlying tone and tenor which is also evident in the interviews/press coverage where she is being shown as a culprit though the trial is pending and no charge sheet has been filed against her and the trial is yet to begin. Kochhar's lawyers stated that making of such alleged biopic and their release, as well as promotional interviews and material vilifying the plaintiff, are extremely prejudicial to the investigation and the trial.

Interim stay granted on release of biopic allegedly based on Chanda Kochhar's life

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments.

At 10:15 am, the BSE S&amp;P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764.

At the National Stock Exchange, all sectoral indices except for Nifty FMCG were in the negative zone. Nifty PSU bank slipped by 1.7 per cent while the private bank was down by 1.2 per cent, metal by 1.4 per cent and pharma by 1.2 per cent.

Among stocks, Yes Bank lost by 5.4 per cent to Rs 60.60 per share while ICICI Bank was down by 2.7 per cent, IndusInd Bank by 2.5 per cent and State Bank of India by 1.8 per cent.

Tata Steel and JSW Steel were down by 2.4 per cent and 2.2 per cent respectively.

However, those which showed some gains were FMCG majors Britannia and Hindustan Lever, Tata Motors, Bharti Airtel and Asian Paints.

Meanwhile, Asian shares turned lower after the US Federal Reserve cut interest rates by 25 basis points. It was the second Fed rate cut this year.

MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.36 per cent. Hong Kong shares shed by 0.96 per cent but Japan's Nikkei rose by 1.01 per cent.

Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy generally supports equities.

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments. At 10:15 am, the BSE S&P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764.

Equity benchmark indices were in the red during early hours on Thursday on the back of mixed global cues and selling pressure across various segments. At 10:15 am, the BSE S&P Sensex was down by 268 points at 36,295 while the Nifty 50 slipped by 77 points to 10,764. At the National Stock Exchange, all sectoral indices except for Nifty FMCG were in the negative zone. Nifty PSU bank slipped by 1.7 per cent while the private bank was down by 1.2 per cent, metal by 1.4 per cent and pharma by 1.2 per cent. Among stocks, Yes Bank lost by 5.4 per cent to Rs 60.60 per share while ICICI Bank was down by 2.7 per cent, IndusInd Bank by 2.5 per cent and State Bank of India by 1.8 per cent. Tata Steel and JSW Steel were down by 2.4 per cent and 2.2 per cent respectively. However, those which showed some gains were FMCG majors Britannia and Hindustan Lever, Tata Motors, Bharti Airtel and Asian Paints. Meanwhile, Asian shares turned lower after the US Federal Reserve cut interest rates by 25 basis points. It was the second Fed rate cut this year. MSCI's broadest index of Asia Pacific shares outside Japan fell by 0.36 per cent. Hong Kong shares shed by 0.96 per cent but Japan's Nikkei rose by 1.01 per cent. Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy generally supports equities.

Sensex falls by 268 points; Nifty at 10,000

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments.

At 2 pm, the BSE S&amp;P Sensex was down by 496 points or 1.3 per cent at 36,068 while the Nifty 50 slipped by 129 points to 10,711.

At the National Stock Exchange, all sectoral indices were in the red. Nifty media plunged by 4.6 per cent, PSU bank by 2.4 per cent, metal by 2.7 per cent and pharma by 1.8 per cent.

Among stocks, Yes Bank was the top loser which shed 12 per cent to Rs 56.35 per share after CARE Ratings downgraded ratings of non-convertible debentures of Morgan Credits, one of the private lender's promoter entities.

Other private lenders like IndusInd Bank, ICICI Bank and Axis Bank too were in the red.

Zee Entertainment plunged by 8 per cent following reports that its promoter has been restricted from selling its stake in the media company. Tata Steel and JSW Steel were down by 4.6 per cent and 2.3 per cent respectively.

The other prominent losers were Indiabulls Housing Finance which slipped by 7.7 per cent, Vedanta by 4 per cent and Reliance Industries by 2.1 per cent.

However, those which showed some gains were Tata Motors, Bharti Airtel, Asian Paints, Britannia and Coal India.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments. At 2 pm, the BSE S&P Sensex was down by 496 points or 1.

Equity indices faced bearish tendencies during the afternoon on Thursday as selling pressure extended across all segments. At 2 pm, the BSE S&P Sensex was down by 496 points or 1.3 per cent at 36,068 while the Nifty 50 slipped by 129 points to 10,711. At the National Stock Exchange, all sectoral indices were in the red. Nifty media plunged by 4.6 per cent, PSU bank by 2.4 per cent, metal by 2.7 per cent and pharma by 1.8 per cent. Among stocks, Yes Bank was the top loser which shed 12 per cent to Rs 56.35 per share after CARE Ratings downgraded ratings of non-convertible debentures of Morgan Credits, one of the private lender's promoter entities. Other private lenders like IndusInd Bank, ICICI Bank and Axis Bank too were in the red. Zee Entertainment plunged by 8 per cent following reports that its promoter has been restricted from selling its stake in the media company. Tata Steel and JSW Steel were down by 4.6 per cent and 2.3 per cent respectively. The other prominent losers were Indiabulls Housing Finance which slipped by 7.7 per cent, Vedanta by 4 per cent and Reliance Industries by 2.1 per cent. However, those which showed some gains were Tata Motors, Bharti Airtel, Asian Paints, Britannia and Coal India.

Sensex drops by 496 points while Nifty hovers around 10,710

Popular call blocking mobile app Truecaller created a nightmare for thousands of Truecaller users in India. A bug automatically created Unified Payments Interface (UPI) accounts with the ICICI Bank without consent of the users.

Truecaller users got automatically registered for UPI

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement.

But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data.

ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion.

Quarterly provisions fell to $507 million from $865 million a year ago.&nbsp;

Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter.

Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth.&nbsp;

The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth.

ICICI Bank Ltd, India`s second-largest private lender, reported a quarterly profit on Saturday compared with a loss a year earlier, helped by lower provisions and higher retail loan growth. Net profit for the quarter ended June 30 was 19.08 billion rupees ($277.04 million), compared with a loss of 1.20 bln rupees in the same period a year ago, the bank said in a statement. But the profit fell slightly short of the average forecast of 20.87 billion rupees from 19 analysts, according to Refinitiv data. ICICI, which has been under pressure lately due to rising bad loans, said net non-performing assets at the end of the June quarter were down 51% to $1.17 billion. Quarterly provisions fell to $507 million from $865 million a year ago. Net interest margin, a key indicator of the bank`s profitability, was 3.61% in the quarter, compared with 3.19% in the year-ago quarter. Earlier in the week, ICICI's peer Kotak Mahindra Bank Ltd also reported a profit that fell marginally shy of estimates and joined the country`s largest private lender HDFC Bank in warning of the slowing pace of domestic growth. The warnings from the private lenders in Asia's third-largest economy, which have been dealing with a large pile of stressed loans, have spooked investors.

Lower provisions help ICICI bank swing to first-quarter profit

<a href="https://www.wionews.com/business-economy/sensex-gains-over-300-points-nifty-past-11750-228541">The BSE Sensex</a> rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut shortly.

After gyrating over 700 points during the day, the BSE gauge settled 488.89 points or 1.25 per cent, higher at 39,601.63. The index hit an intra-day high of 39,638.64 and a low of 38,933.78.

Similarly, the broader NSE Nifty closed 140.30 points or 1.20 per cent, higher at 11,831.75. During the day, the index touched a high of 11,843.50 and a low of 11,635.05.

Yes, Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent.

Other gainers included Sun Pharma, IndusInd Bank, L&amp;T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent.

HUL, HDFC Bank, ITC and NTPC were the only losers in the index, shedding up to 0.26 per cent.

Meanwhile, shares of Jet Airways witnessed a massive rebound, ending 93 per cent higher, after taking nearly 90 per cent in the past 13 sessions.

According to experts, domestic investors took cues from firm global markets that rallied after the US Federal Reserve's policy outcome. 
The US central bank Wednesday left the interest rates unchanged but indicated it will not hesitate to cut rates to boost the economy amid growing uncertainties.

Bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended significantly higher. Equity markets in Europe too were trading in the green in early deals.

Hopes of a breakthrough in US-China trade talks too boosted global investor sentiment, traders said.

On the currency front, the Indian rupee appreciated 11 paise to 69.57 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 2.67 percent to USD 63.47 per barrel amid a flare-up in geopolitical tensions in the Middle East.&nbsp;

The BSE Sensex rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut shortly.

The BSE Sensex rallied 489 points Thursday, driven by gains in banking, healthcare and auto stocks, amid strong cues from the global markets after the US Federal Reserve hinted at a rate cut shortly. After gyrating over 700 points during the day, the BSE gauge settled 488.89 points or 1.25 per cent, higher at 39,601.63. The index hit an intra-day high of 39,638.64 and a low of 38,933.78. Similarly, the broader NSE Nifty closed 140.30 points or 1.20 per cent, higher at 11,831.75. During the day, the index touched a high of 11,843.50 and a low of 11,635.05. Yes, Bank was the biggest gainer in the Sensex pack, rallying 10.94 per cent. Other gainers included Sun Pharma, IndusInd Bank, L&T, ICICI Bank, Maruti, Bajaj Auto, Tata Motors and ONGC, rallying up to 4.01 per cent. HUL, HDFC Bank, ITC and NTPC were the only losers in the index, shedding up to 0.26 per cent. Meanwhile, shares of Jet Airways witnessed a massive rebound, ending 93 per cent higher, after taking nearly 90 per cent in the past 13 sessions. According to experts, domestic investors took cues from firm global markets that rallied after the US Federal Reserve's policy outcome. The US central bank Wednesday left the interest rates unchanged but indicated it will not hesitate to cut rates to boost the economy amid growing uncertainties. Bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended significantly higher. Equity markets in Europe too were trading in the green in early deals. Hopes of a breakthrough in US-China trade talks too boosted global investor sentiment, traders said. On the currency front, the Indian rupee appreciated 11 paise to 69.57 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 2.67 percent to USD 63.47 per barrel amid a flare-up in geopolitical tensions in the Middle East.

Sensex soars 489 points as dovish Fed lifts global markets

Sensex closed above 40,000 for the first time today, while the Nifty ended the day at record high of 12,103. Sensex closed 553 points higher at 40,267 level. Nifty50 has made an intraday high as well as new high of 12,103 after crossing the earlier high of 12,041.5, whereas Sensex hit all time high of 40,308.

Sensex closes above 40,000 for first time, Nifty too ends at record closing high

The benchmark BSE Sensex rose over 100 points Friday led by gains in banking and auto stocks amid sustained foreign fund inflow and easing crude prices.

The 30-share index was trading 107.81 points, or 0.28 per cent, higher at 39,089.24. Similarly, the NSE Nifty up 22.45 points, or 0.91 per cent, at 11,747.20.

In the previous session, the BSE bourse settled 50.12 points, or 0.13 per cent, lower at 38,981.43; and the broader Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75.

Top gainers in the early session were Tata Motors, Bharti Airtel, Maruti, PowerGrid, ICICI Bank, ONGC, HDFC, Coal India, Asian Paints, M&amp;M, SBI, NTPC, Kotak Bank and RIL, rising up to 2.46 per cent.

On the other hand, HCL Tech, TCS, Infosys, HUL, Tata Steel, Vedanta, IndusInd Bank and Yes Bank were the top losers, shedding up to 2.45 per cent. 
According to traders, recovery in auto and banking stocks led to the rise in key indices. Unabated foreign fund inflow and easing crude oil prices too lifted investor mood.

Brent crude futures, the global oil benchmark, were trading 0.40 per cent lower at $70.47 per barrel.

Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 597.54 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 791.69 crore, provisional data available with stock exchanges showed.

On the currency front, the rupee was trading up at 69.28 against the US dollar in early trade.

On Wall Street, the S&amp;P 500 index and the Nasdaq ended in the red on Thursday.

Elsewhere in Asia, Korea's Kospi and Hong Kong's Hang Seng were trading in the red in early deals, while other major bourses in China and Japan were shut for holidays.&nbsp;

The benchmark BSE Sensex rose over 100 points Friday led by gains in banking and auto stocks amid sustained foreign fund inflow and easing crude prices. The 30-share index was trading 107.

The benchmark BSE Sensex rose over 100 points Friday led by gains in banking and auto stocks amid sustained foreign fund inflow and easing crude prices. The 30-share index was trading 107.81 points, or 0.28 per cent, higher at 39,089.24. Similarly, the NSE Nifty up 22.45 points, or 0.91 per cent, at 11,747.20. In the previous session, the BSE bourse settled 50.12 points, or 0.13 per cent, lower at 38,981.43; and the broader Nifty slipped 23.40 points, or 0.20 per cent, to close at 11,724.75. Top gainers in the early session were Tata Motors, Bharti Airtel, Maruti, PowerGrid, ICICI Bank, ONGC, HDFC, Coal India, Asian Paints, M&M, SBI, NTPC, Kotak Bank and RIL, rising up to 2.46 per cent. On the other hand, HCL Tech, TCS, Infosys, HUL, Tata Steel, Vedanta, IndusInd Bank and Yes Bank were the top losers, shedding up to 2.45 per cent. According to traders, recovery in auto and banking stocks led to the rise in key indices. Unabated foreign fund inflow and easing crude oil prices too lifted investor mood. Brent crude futures, the global oil benchmark, were trading 0.40 per cent lower at $70.47 per barrel. Meanwhile, foreign institutional investors (FIIs) bought equity worth Rs 597.54 crore on Thursday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 791.69 crore, provisional data available with stock exchanges showed. On the currency front, the rupee was trading up at 69.28 against the US dollar in early trade. On Wall Street, the S&P 500 index and the Nasdaq ended in the red on Thursday. Elsewhere in Asia, Korea's Kospi and Hong Kong's Hang Seng were trading in the red in early deals, while other major bourses in China and Japan were shut for holidays.

Sensex rises over 100 points in early trade

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