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Bijith Bhaskar, ICICI Bank's cards and payments head, resigns

Money Control

Money Control · 1y ago

Bijith Bhaskar, ICICI Bank's cards and payments head, resigns

Bijith Bhaskar, head of cards, payment solutions, e-commerce ecosystem, and consumer finance at ICICI Bank, has resigned after 21 years with the company. Bhaskar's resignation was accepted by the bank on May 10 and is effective from May 18. Bhaskar cited personal reasons for his departure and expressed a desire to pursue opportunities outside the bank. This news comes after ICICI Bank recently experienced a data glitch that affected 17,000 newly-issued credit cards, although the issue was resolved promptly and no misuse was reported.

Related News

B. Prasanna, head of ICICI Bank's treasury, to move to securities unit

Economic Times

Economic Times · 10d ago

B. Prasanna, head of ICICI Bank's treasury, to move to securities unit

B. Prasanna, the head of ICICI Bank's treasury, is set to transition to the bank's securities arm, ICICI Securities, as head of corporate finance and investment banking. He has held the treasury position for nearly nine years. Shailendra Jhingan, head of ICICI Securities Primary Dealership, will succeed Prasanna. Anubhuti Sanghai, currently a non-executive director at the dealership, will take over from Jhingan. ICICI Bank has not commented on the changes.

ICICI Bank app glitch: Alert raised, netizen says sensitive card info visible

Livemint

Livemint · 1y ago

ICICI Bank app glitch: Alert raised, netizen says sensitive card info visible

ICICI Bank customers have reported a potential security glitch in the bank's mobile banking app, Mobile Pay. Users claim that they were able to view other customers' credit card details, including full card numbers, expiry dates, and CVV codes. This raised concerns about the possibility of misuse for international transactions. ICICI Bank has reportedly restricted access to credit card information in response to the issue. The bank is yet to comment on the matter. Users have advised blocking and replacing cards as a precautionary measure. The issue has been flagged to ICICI Bank for investigation.

SEBI warns ICICI Bank over investor outreach for unit's delisting

VCCircle

VCCircle · 1y ago

SEBI warns ICICI Bank over investor outreach for unit's delisting

India's markets regulator, SEBI, has issued a warning to ICICI Bank over its employees contacting shareholders of ICICI Securities to encourage them to vote in favor of the unit delisting from stock exchanges. ICICI Securities, a subsidiary of ICICI Bank, received shareholder approval for delisting in March. SEBI received multiple complaints regarding ICICI Bank's attempts to persuade ICICI Securities' shareholders, prompting the warning letter. SEBI argued that the bank's outreach created a conflict of interest, calling the situation serious.

PhonePe Partners ICICI Bank To Offer Credit Line On UPI

Inc42 · 10m ago

PhonePe Partners ICICI Bank To Offer Credit Line On UPI

- ICICI Bank introduces a credit line service for select customers, allowing them to make UPI payments of up to INR 2 Lakh with a 45-day repayment period. - The collaboration between ICICI Bank and select fintech companies aims to expand their offerings and tap into new customers, generating additional revenue streams. - The RBI's decision to include pre-approved credit lines in UPI has paved the way for this collaboration, enabling customers to make high-value purchases. - ICICI Bank's credit line service aims to provide convenience and flexibility to customers, allowing them to make payments without worrying about immediate cash availability. - This partnership will also contribute to the growth and adoption of digital payment solutions in the Indian market.

Four banks bag bulk of UPI beneficiary payments - The Economic Times

Economic Times

Economic Times · 1m ago

Four banks bag bulk of UPI beneficiary payments - The Economic Times

Yes Bank, HDFC Bank, ICICI Bank, and Axis Bank control nearly 60% of merchant UPI payments, with Yes Bank leading at 40%. This dominance is largely attributed to Yes Bank's association with PhonePe. Axis Bank has increased its share to 10%, while State Bank of India maintains a steady 10% in these transactions. Banks seek to capitalize on merchant payments for revenue, charging fintechs for processing services despite UPI being free for merchants.

HDFC bank talking to Paytm; Waiting and watching as events unfold: Executive

OutlookIndia

OutlookIndia · 1y ago

HDFC bank talking to Paytm; Waiting and watching as events unfold: Executive

HDFC Bank is reportedly in talks with Paytm to navigate the restrictions imposed by RBI on the fintech platform. The bank's country head for payments, Parag Rao, stated that they have been conversing with Paytm given their existing partnership, but are adopting a "wait and watch" approach to observe how events unfold. Additionally, Rao mentioned an increase in HDFC Bank's traction in payments and merchant business since the restrictions were imposed on Paytm. Furthermore, HDFC Bank plans to launch an updated mobile app and is considering launching a dedicated credit card for gig economy workers and freelancers.

ICICI Bank spotlights increased spending on IT, cybersecurity

Livemint

Livemint · 1y ago

ICICI Bank spotlights increased spending on IT, cybersecurity

ICICI Bank has significantly increased its spending on IT and cybersecurity, recognizing the importance of a strong tech backbone in the financial industry. The move comes in light of the recent regulatory crackdown on Kotak Mahindra Bank's IT system deficiencies. ICICI Bank's operating expenses rose by 19% in FY24, with IT expenditure accounting for 9.4% of aggregate operating expenses. The bank aims to prioritize IT resilience and customer security, with a focus on quick recovery and corrective action. ICICI Bank announced a standalone net profit of INR 10,708 crore for the March quarter, showing a 17.4% YoY growth.

Adani’s Super App Push: Adani One Launches Co-Branded Credit Cards With ICICI Bank

Inc42 · 1y ago

Adani’s Super App Push: Adani One Launches Co-Branded Credit Cards With ICICI Bank

Adani Group has partnered with ICICI Bank to launch two credit cards - Adani One ICICI Bank Signature Credit Card and Adani One ICICI Bank Platinum Credit Card, with annual fees of INR 5,000 and INR 750 respectively. The cards will provide up to 7% Adani Reward Points on spending within the Adani Group consumer ecosystem, including Adani One app, Adani CNG pumps, and Adani-managed airports. Adani One recorded an annual gross merchandise value of INR 750 Cr in FY24, with 30 million users.

HDFC Mutual Fund increases stake in IndusInd Bank despite stock plunging 32%

Business Today

Business Today · 5m ago

HDFC Mutual Fund increases stake in IndusInd Bank despite stock plunging 32%

HDFC Mutual Fund has increased its stake in IndusInd Bank from 4.82% to 5.02% by acquiring an additional 0.20% of the bank's shares. This move comes amidst a significant 32% decline in IndusInd Bank's stock value in March 2025, due to accounting discrepancies affecting fourth-quarter results. Despite this, confidence remains in the bank's leadership. Concurrently, domestic institutional investment increased, while foreign portfolio investment decreased. Competitors include HDFC Bank and ICICI Bank.

Paytm's advisory panel chief says yet to delve deep to identify any issue with firm

Economic Times

Economic Times · 1y ago

Paytm's advisory panel chief says yet to delve deep to identify any issue with firm

The advisory committee set up by Paytm's parent company, One97 Communications, following regulatory action on its payments bank business has not yet engaged deeply with the company to address any issues, according to the head of the panel, former chairman of Sebi M Damodaran. The committee was established to advise the company on compliance and regulatory matters after the Reserve Bank's order to stop further transactions and deposits in Paytm Payments Banks Limited. Damodaran also highlighted bandwidth challenges faced by Sebi in handling a large number of issues.

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