ICICI Bank on Monday said it would sell a six per cent stake in its life insurance venture, ICICI Prudential Life Insurance, to Premji Invest and its affiliates, and Compassvale Investments Pte, a unit of Singapore-based Temasek, for Rs 1,950 crore. This deal values the life insurance company at Rs 32,500 crore, making it the highest valued private insurance company in the country.

Of the six per cent stake, four per cent will be sold to Premji Invest, while balance will be sold to Compassvale Investments, an indirectly wholly-owned subsidiary of Temasek.

The growing digitisation and mobility would open up more ways for women to participate in economic activity and help in gender diversity, ICICI Bank CEO Chanda Kochhar said.

“There are so many new e-commerce opportunities around very small cottage entrepreneurship, which can enable more and more women to participate,” she said on the sidelines of a CII HR summit on diversity and inclusion.

ICICI Bank, India’s largest private sector lender, posted a 12 per cent rise in net profit for the quarter ended September to Rs 3,030 crore. This was driven by 25 per cent growth in retail loans. The bank’s earnings were in line with market expectations.

Overall credit growth stood at 17 per cent despite muted loan demand from corporate borrowers. Retail loan growth was higher than the sector’s, which stands at 16-17 per cent. Now, retail loans account for 44 per cent of ICICI Bank’s overall loan book, compared with 40 per cent a year ago.

Indian stocks climbed for the first time this week, with the benchmark gauge set for its biggest monthly advance since May, as investors awaited quarterly results of some of the nation’s biggest companies including ICICI Bank Ltd and ITC Ltd.

Dr Reddy’s Laboratories Ltd, the third-biggest drugmaker by market value, rallied to a record after its profit beat estimates. NTPC Ltd, the top power producer, surged the most since May last year. ITC, the largest cigarette company, fell for a fifth day, set for the longest losing streak since August.

ICICI Bank, India’s largest private sector lender, has outpaced its peers to record the highest number of mobile banking transactions. According to the Reserve Bank of India (RBI) data, the lender recorded transactions worth Rs 6,885.36 crore in July, higher than any other bank.

In June, too, ICICI Bank had recorded the highest amount of transactions through mobile at Rs 6,160.18 crore.

Top private sector lender ICICI Bank today launched a mobile-payment solution based on 'mVisa' that will allow its customers pay for services using their smartphones.

The service, which can be used by customers who have installed an app of the bank's mobile wallet 'Pockets', works by scanning QR codes.

Mumbai, Oct. 6: After its larger rival the State Bank, ICICI Bank has also raised its spreads on home loan rates and not passed on the entire benefit of base rate cuts to new borrowers.

In case of both women and salaried borrowers for floating rates, ICICI raised its spreads or mark-up over base rate paid by a borrower by 0.10 per cent. The bank had cut its base rate by 0.35 per cent to 9.35 per cent.

Mumbai: Lanco Infratech Ltd’s lenders had had enough. The infrastructure company had made plenty of promises during its debt-restructuring negotiations with banks in 2013 as it sought to recast about Rs.7,000 crore in loans. A year and a half later, only a few of those promises had been honoured.

Asset sales were far too few and the slower-than-expected economic recovery meant that the stress on Lanco’s balance sheet showed no signs of easing.

Nifty closed weekly in positive territory. It managed to hold lower end support levels as expected last week & sharply bounced back after RBI Policy. The correction turned out to be 3 waves declines. It made a low of 7691.20 levels on nifty & 25,287.33 levels on sensex. Broader market is out performing at current levels of market. Midcap, small cap & Bankex indices etc closed weekly in positive territory. It made a high of 26,430.62 levels on sensex & 8008.25 levels on nifty at the end of weekly trading session.

ICICI Bank, the country's largest private sector lender, has been aggressive on unsecured lending, especially personal loans. (An unsecured loan is one that is obtained without the use of property as guarantee for the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan. Personal loans (in spite of their high interest rates) are probably the best way to go for individuals looking to borrow relatively small amounts of money, and who are able to repay the loan within a couple of years.)

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