DIPP Secretary R P Singh clarified those private sector big lenders ICICI bank and HDFC Bank who have been classified as foreign-owned entities are on the same footing as nationalized banks as the two have been integrated under the Indian laws.
Singh told reporters, "In my view, neither ICICI nor HDFC Bank, even though their equity is owned by foreigners, suffers from any handicap, because they are incorporated in India. They are on the same footing as other nationalized banks and we have nothing to worry about it."
He said, RBI does not make any distinguish between these banks and public sector banks.
Elaborating, he said, "Banking is allowed via two ways -- either you open branches, in that case you don't technically bring FDI, or you incorporate a bank in India, take a license from RBI and than that particular bank gets equity from outside."
But in second case, he said, the lender technically becomes a foreign bank. "But that bank we are calling foreign bank only for the purpose of downstream investment, otherwise it's an incorporated entity in India. It is on the same footing as other nationalized banks in terms of priority sector lending and branch expansion."
Singh also added these banks don’t have to worry about any complications while investing in the insurance and NBFC sectors.
"Insurance has been kept out of new (FDI) rules that changed the status of ICICI Bank and HDFC Bank (to foreign owned and Indian controlled) and 100 per cent FDI is permitted in NBFC, so there should be no problem," Singh said.
He told that in a month’s time the department will be introducing a draft on the financial sector that will provide solution to the worries of the sector regarding the new FDI rules.
As per FDI rules announced last year, ICICI and HDFC Banks 74% of equities are owned by the foreigners therefore, they are considered as foreign lenders.
Thursday, July 15, 2010
Wednesday, July 14, 2010
Fraudster withdraws money from manager’s ICICI bank salary account
Now days most of the companies have opened salary accounts for their employees and the salaries are directly transferred in their accounts every month. Most of us feel salary accounts are most secured as not much transaction is done through these accounts except of withdrawing salaries that too through ATM.
Recently in one of the incidence Ashish Sahay , a senior manager employed with Serum Institute MMR production got a shock of his life when he received news that Rs 94,000 had been withdrawn from his salary account, without his knowledge. Sahay is having salary account with ICICI Bank’s Bund Garden Road branch since 2000.
On June 22, Sahay a resident of Hadapsar received a message from the bank stating that Rs. 94,600 had been with-drawn from his account. He immediately lodged a complaint with the Hadapsar police station. SI Dwaraka Dokhe of Hadapsar PS, who is investigating the case, said, “On June 22, at around 4 pm, Sahay got a phone call saying that the ICICI bank’s server was facing problems since some time, with a request not to do any transaction during that time.
After the call, Sahay also received a SMS in which the same information was conveyed. He did not carry out any transaction on that day.”
On the same day, again around 9 pm, he received an SMS from the bank stating that Rs. 94,600 has been withdrawn from his account.
He was shocked and he immediately called up ICICI bank’s customer care service. He told the executive to freeze the account and asked for the details, but the customer care executive told him to personally visit the branch the next day with his complaint.
Dokhe added, “The next morning, Sahay first went to ICICI’s Bund Garden branch, where he was told to go to the bank’s Magarpatta branch. He visited that branch and met the officials.
They told him that they will conduct an enquiry, and requested him to not file a police complaint till then. When he did not hear anything from the bank after waiting for a few days, he asked the bank to provide him details of his transactions, upon which the bank officials told him to lodge a police complaint.”
At this, Sahay lodged a complaint with Hadapsar police. Dokhe said, “We are speaking to ICICI Bank officials. We have asked them to give us all his transaction details.
Once we get that report, we will be able to locate where the money was transferred from his account. Through that, we can investigate the case further.”
Recently in one of the incidence Ashish Sahay , a senior manager employed with Serum Institute MMR production got a shock of his life when he received news that Rs 94,000 had been withdrawn from his salary account, without his knowledge. Sahay is having salary account with ICICI Bank’s Bund Garden Road branch since 2000.
On June 22, Sahay a resident of Hadapsar received a message from the bank stating that Rs. 94,600 had been with-drawn from his account. He immediately lodged a complaint with the Hadapsar police station. SI Dwaraka Dokhe of Hadapsar PS, who is investigating the case, said, “On June 22, at around 4 pm, Sahay got a phone call saying that the ICICI bank’s server was facing problems since some time, with a request not to do any transaction during that time.
After the call, Sahay also received a SMS in which the same information was conveyed. He did not carry out any transaction on that day.”
On the same day, again around 9 pm, he received an SMS from the bank stating that Rs. 94,600 has been withdrawn from his account.
He was shocked and he immediately called up ICICI bank’s customer care service. He told the executive to freeze the account and asked for the details, but the customer care executive told him to personally visit the branch the next day with his complaint.
Dokhe added, “The next morning, Sahay first went to ICICI’s Bund Garden branch, where he was told to go to the bank’s Magarpatta branch. He visited that branch and met the officials.
They told him that they will conduct an enquiry, and requested him to not file a police complaint till then. When he did not hear anything from the bank after waiting for a few days, he asked the bank to provide him details of his transactions, upon which the bank officials told him to lodge a police complaint.”
At this, Sahay lodged a complaint with Hadapsar police. Dokhe said, “We are speaking to ICICI Bank officials. We have asked them to give us all his transaction details.
Once we get that report, we will be able to locate where the money was transferred from his account. Through that, we can investigate the case further.”
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