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Chanda Kochhar moves High Court against ICICI Bank over termination

Chanda Kochhar moves High Court against ICICI Bank over termination

Finance
MUMBAI: Former ICICI Bank chief executive, Chanda Kochhar, has moved the Bombay High Court against her ex-employer for terminating her when the bank had accepted her request for an early retirement. Kochhar, one of India’s most prominent woman CEOs, said that Sandeep Bakshi was named her successor only after ICICI Bank had accepted her request for an early retirement. She pointed out that her retirement request was accepted by the bank in October 2018 and in February 2019, the bank issued her a termination letter. Kochhar, in her petition, has challenged the ‘purported termination’ and denial of the agreed remuneration, said two people familiar with the development. ICICI Bank didn’t respond to ET’s mailed queries. Kochhar has termed her termination “illegal, untenable, and unsustainable i

Recent performance of Value Discovery Fund due to expensive markets, says Mrinal Singh of ICICI Prudential Mutual Fund

Finance
“In value investing, patience is a prerequisite to reap gains. That is why it is important for investors to stay put with their investments whether through SIP or otherwise. As value gets unlocked investors will be beneficiaries of exponential gains from these investments,” said Mrinal Singh, Deputy CIO- Equity, ICICI Prudential Mutual Fund, in an interview to Avneet Kaur of ETMutualFunds.com.ICICI Prudential Value Discovery Fund is underperforming its benchmark in one-, three- and five-year horizons. The scheme has given -8.60 per cent in the last one year, 3.31 per cent in the three-year period and 6.27 per cent in five years. What is the reason behind the underperformance?The recent performance of ICICI Prudential Value Discovery Fund has been a function of the markets being expensive w
ICICI offers instant home loan sanction

ICICI offers instant home loan sanction

Finance
ICICI Bank has introduced digital home loans and top-ups where customers can get an instant sanction and disbursement, subject to the borrower’s eligibility. The bank would deploy employees with devices in sourcing locations to enable a customer to fill in the details and obtain an instant sanction or get a top-up loan in their account immediately. “When we have already done a credit scoring of the customer and his bank statements and estimation of income, what value addition a personal interaction can do? We don’t want them to wait for an income statement and then obtain a bank statement printout from our branch and hand it over to the home loan department,” said ICICI Bank ED Anup Bagchi. He added that the value addition can come from helping the customer in finding property from among t
ICICI Pru Mutual Fund launches Bharat Consumption Scheme

ICICI Pru Mutual Fund launches Bharat Consumption Scheme

Finance
ICICI Prudential AMC announced launched the ICICI Prudential Bharat Consumption Scheme. The Scheme aims to benefit from the Indian consumption story, considered as one of the fastest growing consumption markets globally. The benchmark for the Scheme is Nifty India Consumption Index and will be managed by Rajat Chandak and Dharmesh Kakkad. The overseas investments of the scheme will be managed by Priyanka Khandelwal. "Globally, it has been observed that the moment a country’s per capita GDP crosses $ 2,000*, there is a disproportionate rise in discretionary spending and India is poised to cross this milestone in 2019-20,” Nimesh Shah, MD & CEO, ICICI Prudential AMC, said on the launch of the scheme. “With the largest millennial population globally, India offers a growt...
ICICI Lombard, MobiKwik join hands to provide cyber-insurance cover of Rs 50,000

ICICI Lombard, MobiKwik join hands to provide cyber-insurance cover of Rs 50,000

Finance
NEW DELHI: ICICI Lombard and Mobikwik Monday announced a partnership to offer cyber-insurance cover of Rs 50,000 to protect against online frauds. General insurer ICICI Lombard and digital financial services platform Mobikwik said the partnership aims to provide protection against unauthorised and fraudulent transactions online, across bank accounts, debit/credit cards and mobile wallets. The cyber-insurance can be availed digitally through an app at only Rs 99 per month and with a sum insured of Rs 50,000, said a release. MobiKwik users can avail the 'Commercial Cyber Insurance' policy underwritten by ICICI Lombard and enjoy the benefit of a stress-free and secured transaction for its users who opt for this cover, it added. "This relationship with MobiKwik further strengthens ICICI Lombar...