Banking Sector

ICICI Prudential launches ‘Target Return Fund’

ICICI Prudential launches ‘Target Return Fund’ICICI Prudential AMC, a joint venture between ICICI Bank - one of India's foremost financial services companies, and UK-based Prudential plc - a leading international financial services group, has announced the launch of an open ended equity diversified fund, called the 'ICICI Prudential Target Returns Fund' in the Indian market.

The fund seeks to generate capital appreciation by investing predominantly in equity shares of the large market capitalization companies constituting the BSE 100 index.

United Bank of India IPO to knock the door by February 2010

United Bank of India IPO to knock the door by February 2010Public sector United Bank of India (UBI) is witnessing February 2010 deadline for its proposed maiden public offer, after receiving cabinet nod for the long-awaited capital restructuring.

According to sources, the bank intends to file the red herring prospectus with market regulator, Securities & Exchange Board of India (SEBI) after September 2009.

The IPO size was still pending for finalization by the bank, but reports hinted it would be over Rs 50 crore and the shares will carry a premium.

Projections for cut in key rates by RBI; no change likely in repo rate, reverse repo rate, CRR

Projections for cut in key rates by RBI; no change likely in repo rate, reverse repo rate, CRRAccording to anticipations of the investment banking firm Barclays Capital, it is likely that the impending annual credit policy of the Reserve Bank of India (RBI) may result in the slashing of the key rates by up to 50 basis points. An almost similar opinion has been expressed by the HDFC Bank, which, however, said that it projects a 25-basis-points cut in RBI's policy rates.

Telecom, insurance companies allowed to access credit data

CIBILIn line with the stipulations of the credit flow-regulating Credit Information Companies Act (CICA), 2005, the Credit Information Bureau India Ltd - CIBIL - has been granted 'in-principle approval' for Certificate of Registration by the Reserve Bank of India.

The certification allows companies in the telecommunications and insurance sectors to access credit data. Previously, the credit data could be accessed and shared by financial institutions such as banks and NBFCs.

Two top-rung executives of ICICI Bank reportedly putting in their papers


Substantiating the December 2008 reports that some top-rung executives of ICICI Bank may quit after Chanda Kochhar's appointment as the new CEO and MD, two business chiefs - Renuka Ramnath ICICI Ventures' Managing Director and CEO; and Shikha Sharma, Managing Director of ICICI Prudential Life Insurance - are likely to put in their papers, sooner than later.

Lula: If necessary, troubled banks must be nationalized

Lula: If necessary, troubled banks must be nationalized Rio de Janeiro  - Brazilian President Luiz Inacio Lula da Silva on Wednesday spoke about the nationalization of troubled banks, in a speech before the 2009 World Economic Forum for Latin America.

Before more than 500 businessmen, bankers and government officials gathered in Rio de Janeiro, Lula stressed the fundamental role that the state has to play to bring about recovery from the ongoing financial and economic crisis, which demands the creation of a new world order.