ICCI Bank Remains “Indian”

MUMBAI, INDIA (Gaea Times.com)- ICICI Bank which happens to be India’s largest bank in the private sector declared that it shall always retain its ‘Indianness” despite the fact that it is being referred as a foreign bank owing to its involvement with major foreign shareholdings.

ICICI Bank along with HDFC Bank are seemingly the only two foreign collaborated banks which is teaming up with five banks in the private sector which shall witness the newly declared FDI policy of foreign shareholding. The new policy of FDI shall find grounds with its real time implication as in GDR’s and ADR’s which witnesses a steady excess rate of 50%. Now this makes the situation a little risky as because this would make ICICI Bank deprived of its domestic assets. Following the very same note, Aditya Puri, who heads HDFC Bank as the managing head told that in spite of the newly enforced FDI policy, there won’t be any hindrance for the bank to reserve its domestic assets

In this regard, Chanda Kochhar who happens to be the governing CEO and managing director of ICICI Bank told media that how the bank dotes upon its Indian origin and that in spite of its foreign collaboration its keen on maintaining its Indian touch. He also mentioned that ICICI Bank has always been reluctant in investing into equity shares like any other nationalized bank does. Obviously, it’s understandable that the Indian Government’s decision in this case is the decisive factor which shall affect all investment plans for both ICICI Bank as well as HDFC Bank which is sure to reverse its policies in accordance with the FDI policy.