ICICI Bank, India’s second largest bank has launched “b2- Branch- free Banking“. Through “b2- Branch- free Banking“, bank will be offering flawless information through a single interface to make banking transaction easy, over the internet. With this unique direct banking customers will be able to manage all their finances online.
Besides this for easy access and anytime anywhere banking, customers opting for “b2-Branch- free Banking“, will be benefited from zero charges and no minimum balance. Under this the customers will also benefit from quantum optima facility, in which if the balance exceeds Rs 5000, the money is automatically transferred, in multiples of Rs 5000, to a linked fixed deposit which will earn ICICI bank fixed deposit rates. Along with this bank will also offers facilities like an e wallet – a zero limit pre paid visa card which can be used for online purchases and to pay utility bills.
While explaining about the new banking scheme Mr. V. Vaidyanathan, Executive Director, ICICI Bank Ltd said, “b2- Branch- free Banking”, implies to a new way of banking -100 % online. Currently India has over 49 million internet connections and this number is growing at around 20%. Therefore this innovation of banking “only” on the net will gather momentum.”
He informed “b2- Branch- free Banking”, is complete safe as it offers complete security to customers transacting on the internet by using different tools, methods, and processes to protect account information and banking transactions.
ICICI Bank Limited is India's largest private sector bank and the second largest bank in the country, have a consolidated total assets of $121 billion as of March 31, 2008. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. Currently ICICI Bank’s has presence across 19 countries, including India.
Tuesday, July 29, 2008
Thursday, July 24, 2008
In online fraud bank manager loses Rs 53,000
An online fraud has come into light in which, 48-year-old Abhay Sharad Bapat, chief manager of Janata Sahakari Bank in Shukrawar Peth, has lost Rs 53,528. Bapat, in July 2007 got an American Express Card of the ICICI bank. He told that he accepted the card as it was free but never used it.
Bapat said. “I have not used the card even once. In February, I got an SMS from the ICICI bank saying that money to the tune of Rs 53,000 from my account has been transferred to the account of Eseva Epayments Company in Hyderabad through two online transactions”.
He added, “I informed the customer care service of ICICI immediately that I never did these transactions. I was asked to file a written complaint on receiving the bill of these transactions”.
He informed, “I got the bill on March 16 and the same day I filed a complaint that my card has been misused. The bank gave me a complaint number. Even after this, the recovery agents of the bank started coming to my house and workplace demanding money. I also received several calls from the bank asking me to pay the amount”.
He further added, “I repeatedly contacted the ICICI customer care officials requesting them to stop the nuisance. But still the pestering by agents and phone calls continued. Finally, I approached the cyber cell of Pune police two weeks back”.
On Tuesday case has been transferred to the Kothrud police station. Police believes that a cyber fraudster must have stolen the secret information of Bapat’s card. The case has been handed over to police-sub inspector S N Choudhary for investigation.
In the meantime, Home Minister R R Patil has informed that help will be taken from the Central Bureau of Investigation (CBI) for nabbing the Nigerian fraudsters involved in the credit card fraud at Le-Meredien hotel. On Tuesday in the State Assembly, Patil also announced an award of Rs 50,000 for the Pune police team for exposing the fraud with the arrest of eight persons in the case.
Award announcement was made in the assembly after MLA Chandrakant Chhajed gave a statement in which he pointed out there has been rise in online fraud cases which has created fear in the minds of credit card holders.
Bapat said. “I have not used the card even once. In February, I got an SMS from the ICICI bank saying that money to the tune of Rs 53,000 from my account has been transferred to the account of Eseva Epayments Company in Hyderabad through two online transactions”.
He added, “I informed the customer care service of ICICI immediately that I never did these transactions. I was asked to file a written complaint on receiving the bill of these transactions”.
He informed, “I got the bill on March 16 and the same day I filed a complaint that my card has been misused. The bank gave me a complaint number. Even after this, the recovery agents of the bank started coming to my house and workplace demanding money. I also received several calls from the bank asking me to pay the amount”.
He further added, “I repeatedly contacted the ICICI customer care officials requesting them to stop the nuisance. But still the pestering by agents and phone calls continued. Finally, I approached the cyber cell of Pune police two weeks back”.
On Tuesday case has been transferred to the Kothrud police station. Police believes that a cyber fraudster must have stolen the secret information of Bapat’s card. The case has been handed over to police-sub inspector S N Choudhary for investigation.
In the meantime, Home Minister R R Patil has informed that help will be taken from the Central Bureau of Investigation (CBI) for nabbing the Nigerian fraudsters involved in the credit card fraud at Le-Meredien hotel. On Tuesday in the State Assembly, Patil also announced an award of Rs 50,000 for the Pune police team for exposing the fraud with the arrest of eight persons in the case.
Award announcement was made in the assembly after MLA Chandrakant Chhajed gave a statement in which he pointed out there has been rise in online fraud cases which has created fear in the minds of credit card holders.
Friday, July 18, 2008
ICICI to raise service charges from 1st August
From August this year ICICI bank the largest private sector bank in the country will be increasing its service charges.
Earlier last month, IDBI (formerly IDBI Bank) had revised its fees. Kotak Mahindra Bank revised fees in January and the State Bank of India raised its service charges in February this year.
With the increase in service charges one will have to pay more money to make a demand draft from one’s bank and a higher penalty if a cheque drawn on or deposited in the bank account is dishonored. Banks are also raising fees for collecting outstation cheques, issuing statement of accounts on ad hoc basis, duplicate passbooks and a host of other services.
Although ICICI Bank, has already increased the average quarterly balance requirement on a regular savings account to Rs 10,000, and have plans to charge Rs 50 per demand draft up to Rs 10,000 and Rs 3 per Rs 1,000 thereafter, subject to a minimum of Rs 75 and maximum of Rs 15,000, from August 1. Currently bank is charging Rs 2 per Rs 1,000, subject to a minimum of Rs 50 and maximum of Rs 10,000.
The bank will be also increasing the price for cheque books. While it is giving 50 payable-at-par cheque leaves every quarter for free, but from now the bank will be distributing only 30 such cheque leaves without any charge. Any additional cheque leaves will cost Rs 2 per leaf. Thus, one will have to pay more if one writes more than 30 cheques in 121 days or one cheque in four days, beginning August this year.
Experts say banks are increasing their service charges to shore up their non-interest income in the current financial year. As the deposit rates are going up and there has been a significant slowdown in credit growth; therefore banks have started feeling the pinch of declining net interest margin. In view of stock market dipping and unprofitable treasury operations following the rise in interest rates, banks are planning to take a hit on income from investments.
“Income from core banking operations is likely to suffer during the first two quarters, at least in the current financial year. Hence, banks are on the look out for increasing their fee-based and other non-interest income,” said M.V. Nair, chairman and managing director of Union Bank of India. According to bankers the cost of deposits is going up, therefore banks are looking to mobilize more low-cost deposits. In view of this Kotak Mahindra Bank and ICICI Bank had already raised the minimum average quarterly balance for their savings accounts to Rs 10,000 earlier this year.
Earlier last month, IDBI (formerly IDBI Bank) had revised its fees. Kotak Mahindra Bank revised fees in January and the State Bank of India raised its service charges in February this year.
With the increase in service charges one will have to pay more money to make a demand draft from one’s bank and a higher penalty if a cheque drawn on or deposited in the bank account is dishonored. Banks are also raising fees for collecting outstation cheques, issuing statement of accounts on ad hoc basis, duplicate passbooks and a host of other services.
Although ICICI Bank, has already increased the average quarterly balance requirement on a regular savings account to Rs 10,000, and have plans to charge Rs 50 per demand draft up to Rs 10,000 and Rs 3 per Rs 1,000 thereafter, subject to a minimum of Rs 75 and maximum of Rs 15,000, from August 1. Currently bank is charging Rs 2 per Rs 1,000, subject to a minimum of Rs 50 and maximum of Rs 10,000.
The bank will be also increasing the price for cheque books. While it is giving 50 payable-at-par cheque leaves every quarter for free, but from now the bank will be distributing only 30 such cheque leaves without any charge. Any additional cheque leaves will cost Rs 2 per leaf. Thus, one will have to pay more if one writes more than 30 cheques in 121 days or one cheque in four days, beginning August this year.
Experts say banks are increasing their service charges to shore up their non-interest income in the current financial year. As the deposit rates are going up and there has been a significant slowdown in credit growth; therefore banks have started feeling the pinch of declining net interest margin. In view of stock market dipping and unprofitable treasury operations following the rise in interest rates, banks are planning to take a hit on income from investments.
“Income from core banking operations is likely to suffer during the first two quarters, at least in the current financial year. Hence, banks are on the look out for increasing their fee-based and other non-interest income,” said M.V. Nair, chairman and managing director of Union Bank of India. According to bankers the cost of deposits is going up, therefore banks are looking to mobilize more low-cost deposits. In view of this Kotak Mahindra Bank and ICICI Bank had already raised the minimum average quarterly balance for their savings accounts to Rs 10,000 earlier this year.
Wednesday, July 16, 2008
Police arrested ICICI bank recovery agent for theft
Police arrested ICICI bank recovery agent for theft at Bhiwandi near Mumbai. Police said accused Tabrez Jafri, worked as recovery agent with ICICI bank at Bhiwandi was arrested on Sunday for snatching a gold chain of a woman near Apsara Cinema in Pratapnagar locality.
From the accused police recovered gold ornaments, including bangles, chain and necklaces.
Police said the incident occurred on Sunday evening when the police was on their regular patrolling duty, heard some uproar near the cinema hall where maximum robberies take place.
Police informed but it was not just Jafri, there were three others too who were involved in the heist. All the four accused were from Maharashtra. Police said further probe is being conducted on the matter.
From the accused police recovered gold ornaments, including bangles, chain and necklaces.
Police said the incident occurred on Sunday evening when the police was on their regular patrolling duty, heard some uproar near the cinema hall where maximum robberies take place.
Police informed but it was not just Jafri, there were three others too who were involved in the heist. All the four accused were from Maharashtra. Police said further probe is being conducted on the matter.
Subscribe to:
Posts (Atom)