Ms. Chanda Kochhar, MD & CEO, ICICI Bank, announces the various measures implemented by ICICI Bank on November 10

November 10, 2016




  1. ICICI Bank’s branch timings will be extended by two hours on November 10 and 11, 2016ICICI Bank opened many of its branches today, November 10, 2016 at 8 am; the rest of the branches opened from 9 am. Many prominent branches which were operational from 8 am worked till 8 pm today. All branch timings were extended by two hours today. It will be the same tomorrow, Friday, November 11, 2016.
  2. We have served our customers as well as other banks’ customers. We have a witnessed a more than three times increase in footfalls in branches today with over five-fold rise in number of cash transactions.
  3. I am glad to share that with all our measures in place, no branch has run out of cash today.
  4. To manage the requirements of the expected higher footfall of our customers today and the forthcoming days, we have put into place many measures which include:
    1. Special training and guidance to our employees
    2. Increase in the number of cash counters at the branches
    3. Creation of additional facilities for the convenience of senior citizens
    4. We have provided our branches with the new notes of Rs. 2000/- and the existing notes of Rs. 100/- denomination and of lower value.
    5. We have even replenished cash in our high footfall branches twice today.
  5. Our ATMs have started getting operational for usage by ICICI Bank customers today. Non-ICICI Bank customers will also be able to use our ATMs, once the NPCI switch becomes operational. Customers will be able to withdraw money from ATMs to the extent permitted by RBI (Rs. 2000/- per day in denomination of Rs. 100. This is within the overall limit of Rs. 20,000 per week).
  6. For the convenience of our customers, we have also introduced more measures :
    1. All charges pertaining to cash deposit and withdrawal at our Savings Accounts across all branches will be waived w.e.f. November 10, 2016 till November 30, 2016.
    2. Charges related to transactions at ICICI Bank ATMs by ICICI Bank customers will be waived till December 31, 2016.
    3. We have doubled the daily usage limit of debit cards for use at Point-of-sale (POS) as well as online transactions.
    4. We have offered our credit worthy customers an additional credit limit of 20% on credit cards.
  7. We are thankful to the entire ecosystem including RBI, the law enforcement authorities and for their co-operation for a smooth transition. I would specially like to thank our customers who have shown utmost patience and grace today. I would like to laud the Government on this bold, game changing initiative; and RBI for their help and support.

 

About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank with consolidated total assets of US $ 139.14 billion at June 30, 2016. ICICI Bank's subsidiaries include India's leading private sector insurance companies, securities brokerage firms, mutual funds and private equity firms. Its presence currently spans 17 countries, including India.

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 

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