ICICI Bank has reduced its overnight marginal cost of lending rate by 15 basis points to 7.85 percent as compared to 8 percent earlier. The revised MCLR for three months and one year now stands at 7.90 and 8.20 percent respectively. The new rates are effective from 1st March, 2017.
ICICI Bank has acquired 81.4 million shares of Jaiprakash Power Ventures under a debt restructuring plan. The bank has acquired shares by converting debentures into equity. After acquisition, the bank holds 13.72 percent stake in the company as compared to 0.13 percent earlier.
ICICI Bank and DishTv have come together to develop customized UPI (Unified Payment Interface) for the DishTv subscribers. Subscribers can make payment through a specific UPI ID. The bank also plans to provide the UPI payment facility to non internet users via USSD platform. The alliance is expected to create a larger customer base for both the company and the bank.
A report by Economic Times highlighted the positive impact of demonetisation on the retail loan and consumer loan portfolios of the banks and NBFCs during the month of November and December, 2016. As per the report, several banks and NBFCs including ICICI Bank, Central Bank, Bajaj Finance and Capital First have reported fairly strong growth in their consumer durable and personal loan portfolio during the months on November and December.
ICICI Bank has registered a decline of 19 percent in its net profit at Rs. 2,441 crore in third quarter of FY17 as compared to Rs. 3,018 crore for the corresponding period a year ago. Non-interest income of the bank also declined and reached at Rs. 3,939 crore during the quarter as compared to Rs. 4,217 crore a year ago. However, the bank has registered a decent growth of 18 percent in its retail loan business during Q3 of FY17.
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