Banks including private and government-run, like HDFC, ICICI, Punjab National Bank to name a few, have increased their lending rates, making loans costlier. ICICI bank has increased its lending rate by 0.30% or 30 basis points and Punjab National Bank has increased its lending rate by 0.15% or 15 basis point. Meanwhile, HDFC increased its retail prime lending rate by 0.05% or 5 basis points.
The online retail major Flipkart has officially announced the comeback of 'The Big Billion Sale' dropping off teasers for the new launches, discounts, and offers ranging across electronics, appliances, fashion, home decor. The sale is expected to go live at the peak of the festive season, around September-end or October-start. However, the consumers will enjoy more discounts using ICICI and Axis bank credit cards and via Paytm transactions.… read-more
In ICICI-Videocon case, Enforcement Directorate (ED) on September 7 has arrested former ICICI Bank CEO Chanda Kochar's husband, Deepak Kochar, under the provisions of the Prevention of Money Laundering Act (PMLA). The case pertains to the irregularities in loan extended by ICICI Bank to Videocon group when Chanda Kochar was the chief of ICICI. Report states… read-more
Courtesy: ANI news
A total loss of Rs 1,11,799.05 crore was faced by eight leading companies in the first week of September. ICICI Banks and Reliance Industries Limited alone faced a combined loss of Rs 49,693.28 crore. In addition to them, HDFC, Kotak Mahindra Bank, ITC, Infosys, Hindustan Unilever also faced losses in their market value. On the contrary, TCS and HDFC banks faced a combined gain of Rs 22,398.11 crore in their values.
Courtesy: Deccan Herald