The Hindu : ICICI Bank cuts deposit rates

Online edition of India's National Newspaper
Wednesday, Sep 03, 2003

Business

Business

ICICI Bank cuts deposit rates

By Our Special Correspondent

MUMBAI SEPT. 2. ICICI Bank today reduced interest rates for retail domestic deposits by 25 basis points for various maturities from September 3.

"The move is in line with the prevailing easy liquidity position and declining interest rate trends in the market consequent to the reduction in the repo rate by 50 basis points by the Reserve Bank of India effective August 25," stated a bank release.

It also stated that the reduction in the interest rates would be applicable only to renewals and fresh deposits on or after September 3.

Buys stake in HFCL

ICICI Bank has acquired 3.6 crore shares aggregating 12.65 per cent of Himachal Futuristic Communications (HFCL) due to a default in loan payment by the latter.

The mode of acquisition is through loan conversion (the loan agreement stipulated condition for conversion into equity shares on default in payment), ICICI Bank informed the National Stock Exchange here today. The date of acquisition of shares is August 27. — PTI

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