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ICICI
Bank comes under MRTPC lens
New Delhi: ICICI Bank has come under the lens of the
Monopolies and Restrictive Trade Practices Commission
(MRTPC). The latter is investigating the private lender
on allegations that it made false promises to its credit
card customers and violated RBI guidelines.
In
its preliminary report, the Director General of Investigation
and Registration (DGIR), the investigation arm of MRTPC,
has said ICICI Bank caused loss to its credit card users
and also violating related RBI guidelines. The DGIR has
already recommended action against HSBC and Citibank on
the same issue.
Sources
said DGIR had found ICICI Bank had issued more than 50
types of special credit cards but did not adequately explain
their features, benefits and liabilities. The special
cards included Solid Gold Card, Bajaj Capital Card, Help-Age
India Card, Kingfisher Card and Amway card apart from
many alumnus Cards for various institutions. In the cards,
special customers were promised life-time free cards by
direct sales agents (DSAs) of the bank, but were charged
annual fees.
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SBI
Q4 net rises by 75 per cent
Mumbai: The State Bank of India (SBI) has posted a
75 per cent increase in net profit at Rs1493.19 crore
for the quarter ended March 31, compared to Rs853.29 crore
for the same period last year. The total income rose 29.05
per cent to Rs14,435.76 crore for the quarter, from Rs11,186.10
crore for the corresponding period a year ago, SBI informed
the Bombay Stock Exchange.
The
central board of the bank has declared a dividend of Rs14
per share for the year ended March 31, 2007. For the year
ended March 31, the bank recorded a net profit of Rs4,541.31
crore, against Rs4,406.67 crore for the period in the
previous year, and the total income grew to Rs45,260.28
crore from Rs43,414.77 crore. The group posted a net profit
after minority interest of Rs6,364.38 crore for the year
ended March 31, as compared to Rs5,529.92 crore preceding
year and the total income increased to Rs68,376.83 crore
from Rs60,834.92 crore.
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