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Posts Tagged ‘ICICI Bank’

ICICI to Charge for Mobile Transfer of Funds-Fleecing.

In consumer forum on March 2, 2012 at 17:40

icici bank

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Under the guise of extending facilities, Banks are resorting to fleece the Customers for services they are entitled to.

One charge I can never reconcile to is Minimum Balance,

Logic tells me if I do no not have a balance I do not earn interest that’s all.

For transactions I am charged.

Then why charge for no balance?

Minimum balance should earn interest.

Banks also take time in processing Money Transfer.

During the process I do not get interest but Banks earn on this floating money.

Penalty  for modern living.

Leading private sector bank ICICI Bank will charge its customers Rs 5 per transaction from next month for transfer of funds over mobile phones, a service available for free as of now.

The fee for inter-bank transfer of funds would be levied from April 1, along with a slew of revisions in the bank’s various service charges…

As per a circular issued by ICICI Bank, it will levy a service charge of Rs 5 per transaction on its IMPS (Interbank Money Payment Service) customers and would also limit such fund transfers at Rs 50,000 per transaction a day.

ICICI Bank is one of the top banks offering this service and has more than 30 lakh customers using the facility.

Regarding many other service charges, ICICI Bank has also decided moved to a monthly-basis of levying fees and maintenance of minimum account balance, from quarterly now.

For regular savings accounts, ICICI Bank would require its customers to maintain a monthly average balance of Rs 10,000 in metro and urban locations, Rs 5,000 in semi-urban and Rs 2,000 in rural areas.

For non-maintenance of minimum balance, it would levy a charge of Rs 250 per month in metro/urban areas, as against Rs 750 per quarter currently, in case of the average balance being Rs 5,000-10,000 and Rs 350 per month for average balance falling below Rs 5,000.

For ECS debit returns, the bank has increased the charge from  Rs 250 per return to Rs 350 with effect from April 1.

The bank would allow four free cash transactions at the base branch in a month, as against 12 in a quarter now, and would levy a charge of Rs 90 per transaction thereafter (from Rs 50 currently).”

http://www.rediff.com/business/report/icici-bank-to-charge-for-fund-transfer-over-mobiles/20120302.htm

Banks with bad Debts(NPA)-Full List.

In banks on November 22, 2011 at 23:53

If one were to take statistics,bad debts would have come from corporate, large companies and individually wealthy people.

Small business men and individual borrowers especially the poor  lower,middle and  middle class would have cleared the loan.

Occupy Wall Street is to be supported because of this.

All the much touted banks are in the list.

One does not find a smaller bank, say Vijaya  Bank,KVB,CUB.

Surprising Indian bank does not figure in the list.

May be theydid not meet the minimum NPA to be included in the list.

Some banks have even shown growth in NPA.

Good governance by the Economist Prime Minister.

State bank of India Building.

State bank of India.

1. State Bank of India

Net NPAs: Rs 12,347.90 crore
Gross NPAs: Rs 25,326.29 crore

The gross non-performing assets (NPAs) of public sector banks increased by 20 per cent during June-September 2011.

Standard & Poor’s, which had in September downgraded standalone ratings of State Bank of India, said high credit risks in the Indian banking sector reflects that the country has a weak payment culture and legal system that often result in low recoveries and delayed settlement of foreclosures.

(NPA figures are for the year ended March 2011, Source: RBI)

Net NPAs: Rs 2,407.36 crore
Gross NPAs: Rs 10,034.26 crore

ICICI Bank has the highest NPAs among private sector banks. ICICI Bank has slightly improved its net bad debts to 0.90 per cent from 0.91 per cent in the earlier quarter.

Indian banks face challenges like increase in interest rates on saving deposits, a tighter monetary policy, restructured loan accounts and increasing infrastructure loans.

3. Canara Bank

Net NPAs: Rs 2,347.33 crore
Gross NPAs: Rs 3,089.21 crore

Canara Bank’s gross NPA ratio increased to 1.73 per cent (Rs 3,793 crore) for the quarter ending September 30 from 1.49 per cent (Rs 2,636 crore) in the year-ago period. The net NPA ratio stood at 1.43 per cent (Rs 3,117 crore) in September.

4. Punjab National Bank

Net NPAs: Rs 2,038.63 crore
Gross NPAs: Rs 4,379.39 crore

The NPAs of Punjab National Bank (PNB) rose by 29 per cent during the July-September quarter to Rs 5,150 crore.

Net NPAs: Rs 1944.99 crore
Gross NPAs: Rs 4,811.55 crore

The bank’s gross non-performing assets (npas) stood at 3.02 per cent, up 33 basis points sequentially, while net NPAs stood at 1.98 per cent, up 71 basis points sequentially.

Net NPAs: Rs 1,824.55 crore
Gross NPAs: Rs 3,150.36 crore

As NPAs mount, UCO Bank is eyeing a 20 per cent growth in its business and a reduction in its non-performing assets (NPAs) to less than 3 per cent in FY12.

7. Union Bank of India

Net NPAs: Rs 1,803.44 crore
Gross NPAs: Rs 3,622.82 crore

The system based NPA recognition method has led to a rise NPAs. Compared to the manual method, the system based study gives an accurate picture of bad loans.

However, the Union Bank is optimistic about cutting down NPAs. It expects gross NPAs to be below 3 per cent in the coming quarter.

8. IDBI Bank

Net NPAs: Rs 1,677.91 crore
Gross NPAs: Rs 2,784.73 crore

While IDBI’s gross NPA rose to 2.47 per cent from 1.88 per cent, net NPA shot up to 1.57 from 1.19 per cent in the second quarter.
Net NPAs: Rs 1,328.42 crore
Gross NPAs: Rs 3,089.59 crore

The gross NPA stood at Rs 3,090 crore in March 2011, as against Rs 3,611 crore in March 2010.

In percentage terms, the gross NPA ratio was 2.72 per cent as on March 2011 compared to 4.47 per cent in March 2010.

10. Syndicate Bank

Net NPAs: Rs 1,030.84 crore
Gross NPAs: Rs 2,598.97 crore

While the net non-performing assets (NPAs) increased to Rs 1,052 crore for the second quarter ended September, as against Rs 917 crore in the year-ago period, the percentage of net NPA declined marginally to 0.93 per cent, as against 0.97 per cent in the same period last year.

http://www.rediff.com/business/slide-show/slide-show-1-indian-banks-with-highest-npas/20111122.htm

2G Scam,Reliance Forgotten? Pattern of Investment.

In Corruption, India, Radia Tapes on June 13, 2011 at 07:30

While the Media attention is focused on Raja and co for the scam, the beneficiaries,especially Reliance Industries seems to go unnoticed(?) by the Media.

Seems that media is being selective and the Government and the Opposition have selective amnesia.

You can not bite the hand that feeds.

Story:

DoT issued UASL licenses to Datacom (now renamed as Videocon Telecommunications) to roll out pan – India telecom services, along with free spectrum of 4.4 mega hertz. It was clear that Datacom never had requisite resources to roll out its services on its own. It has therefore concocted a unique way to deceive the Government.

On paper and publicly, Datacom Solutions was always disclosed to be a joint venture between Videocon Group owned by Dhoots and HFCL Group owned by Mr. Nahata and Maloo.

A. Datacom availed illegal benefits aggregating Rs. 17,600 Crores-undue favours by DoT

  1. Background – Order of the Hon’ble Supreme Court
    The Hon’ble Supreme Court of India, vide its order dated 10lh February, 2011 allowed time upto 1st March, 2011, for CBI to submit as to what action has been taken against the beneficiaries of alleged telecom sector irregularities, who prima facie appear to have conspired for causing loss to public revenue.
  2. Datacom was issued telecom licenses at the price of 2001
    Datacom, now called Videacon Communications, was issued 21 UAS Licenses.CAG report dated 8th November, 2010 observed that the aggregate loss caused to the national exchequer by issue of 122 new UAS Licenses in 2008 at 2001 price was Rs, 1,02,498 crore.

    (Refer Para No. 4.7 page No. 37-42 of CAG Report dated 8th November, 2010)

    As per CAG calculations, the loss to public exchequer on account of issue of licenses and allotment of spectrum attributable to Datacom is over Rs. 17,600 crore…..

    A. Datacom availed illegal benefits aggregating Rs. 17,600 Crores-undue favours by DoT

    1. Background – Order of the Hon’ble Supreme Court
      The Hon’ble Supreme Court of India, vide its order dated 10lh February, 2011 allowed time upto 1st March, 2011, for CBI to submit as to what action has been taken against the beneficiaries of alleged telecom sector irregularities, who prima facie appear to have conspired for causing loss to public revenue.
    2. Datacom was issued telecom licenses at the price of 2001
      Datacom, now called Videacon Communications, was issued 21 UAS Licenses.CAG report dated 8th November, 2010 observed that the aggregate loss caused to the national exchequer by issue of 122 new UAS Licenses in 2008 at 2001 price was Rs, 1,02,498 crore.

      (Refer Para No. 4.7 page No. 37-42 of CAG Report dated 8th November, 2010)

      As per CAG calculations, the loss to public exchequer on account of issue of licenses and allotment of spectrum attributable to Datacom is over Rs. 17,600 crore.

    B. Oswal Agro Group, which was not part of the initial application, was made 10% equity holder – which contributed over 92% of the net worth

    Datacom per-se did not have the requisite net worth to meet the eligibility criteria and was ineligible for issuance of UASL. However, after making the application for the license, Datacom issued 10% equity to Oswal Fertilizers & Chemicals Limited of Oswal Agro Group.

    The shareholding pattern submitted by Datacom to DoT was as under (Refer Annexure 1):

    Name of Promoter Equity % Networth of Promoter
    (Rs. in cr)
    of total networth
    Jumbo Techno Services Private Ltd. 89.99% 135 7.80%
    Oswal     Fertilizers     &     Chemicals Limited 10.00% 1590 92.20%
    Other individual Shareholders 0.01
    Total 100.00 1725 100.00

    ….

    It is shocking that the shareholding of Oswal Fertilizers & Chemicals Limited was only 10% but its networth used for the purpose of meeting eligibility criteria was 92.2%…

    http://www.2gscam.co.in/beneficiaries-of-undue-favors-by-dot-datacom.asp

    Related:

    An ICICI Bank manager has indicated a possible link between ADAG Group chief Anil Ambani and Swan Telecom in the 2G scam case.

    http://ramanan50.wordpress.com/2011/04/23/icici-implicates-reliance-in-2g-scam/

ICICI Implicates Reliance in 2G Scam

In Corruption, India, Radia Tapes on April 23, 2011 at 19:18

When you send the Group general manager and Top Executives of the Company for a crime of  Himalayan Corruption,is it not logical that these acts could not have been committed with out the knowledge of the Bosses?

Did not the CBI verify the Minutes Book for Financial  Authority?

Again Reliance has been in the radar for quite some time for irregularities for some time -that they were exonerated later is another matter.

If bankers and Auditors are grilled in the right way with out priority treatment, truth will come out.

Story:

An ICICI Bank manager has indicated a possible link between ADAG Group chief Anil Ambani and Swan Telecom in the 2G scam case.

http://www.indiaeveryday.in/fullnews-2g-icici-bank-manager-hints-at-anil-swan-link-1003-2535839.htm

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