ICICI Bank has announced a significant revision in its minimum balance requirement policy following public criticism. In an official release on Wednesday, the private sector lender stated that it has withdrawn the earlier mandate of maintaining a minimum balance of ₹50,000 for new savings accounts opened by metro and urban customers. The revised minimum balance...
Reserve Bank of India Governor Sanjay Malhotra clarified on Monday that banks are free to decide the minimum balance requirement for savings accounts, as it does not fall under the regulatory jurisdiction of the RBI. He made this statement during a media interaction on the sidelines of the ‘Financial Inclusion Saturation Drive’ held at Gozaria...
A Delhi appellate tribunal has confirmed the Enforcement Directorate’s seizure of properties belonging to former ICICI Bank chief Chanda Kochhar, valued at ₹78 crore. This decision reverses an earlier dismissal by a Mumbai adjudicating authority, establishing a “prima facie” case of money laundering against her and her husband, Deepak Kochhar. The Appellate Tribunal for Forfeited...