ICICI Bank has announced the launch of its mobile app named Mera iMobile. This is an exclusive mobile banking app for rural customers that will help them to access banking services as well as agri services. Banking services will offer customers gold loan, Kisan credit card, farm equipment loan and loan to self-help groups. It is the first banking app offering agriculture associated information. The app will be available in English and 11 different Indian languages.
Real estate developers are hopeful to see an increase in the purchase of new house units post demonetization as the banks are flushed with funds and likely to push home loans aggressively. According to a senior ICCI Bank representative, the bank has witnessed a healthy growth in home loan queries after demonetization. Real Estate experts expect the housing sector in India to witness a strong growth in FY18.
ICICI Bank has raised funds of Rs. 3,425 crore through Basel III compliant bonds. The bonds with no specific maturity period will carry an interest rate of 9.20 percent payable annually. Some of the leading institutional investors including mutual funds, insurers and business wealth managers have invested in the bond issuance.
ICICI Bank and other lender banks have decided to sell their 51 percent stake in ABG Shipyard Company to recover their business loan outstanding dues of Rs. 16,400 crore. ICICI Bank along with IDBI Bank, PNB and Oriental Bank of Commerce hold 51 percent stake in the company. As per sources, ICICI Bank has the highest stake at 11 percent among all lenders holding a stake in the company.
ICICI Bank has launched the second season of its mobile app development challenge named ICICI Apathon. The bank has launched this initiative to attract participation from young developers, technology startups, technology entrepreneurs and students for facilitating the creation of innovative banking application services. The leading credit card security partner of the bank, Visa has extended its support to the bank in organising Apathon.
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