Private sector lender ICICI Bank will conduct an independent enquiry into allegations of breach of code of conduct and conflict of interest against Managing Director and Chief Executive Chanda Kochhar after a complaint from an anonymous whistle-blower. This comes soon after the Securities and Exchange Board of India (Sebi) served a notice to the bank and Kochhar.

The National Company Law Appellate Tribunal (NCLAT) stayed the May 15 order of the National Company Law Tribunal (NCLT) in Mumbai, which had admitted Reliance Communications (RCom) and two of its subsidiaries for insolvency proceedings.

The NCLAT asked the Anil Ambani-controlled firm to pay Ericsson Rs 5.5 billion by the end of September.

State Bank of India, the country’s largest lender, has hiked the interest rate by up to 25 basis points (bps) in some of its term deposits.

Those with a tenor of two to less than three years have been raised by five bps to 6.65 per cent. The hike for those between a year to less than two years is 25 bps, also to 6.65 per cent. A senior executive said: “Money in these two buckets (tenors) has substantial share in banks’ deposit base. We would like to retain the amounts when competition for resources is intensifying.”

Markets regulator Sebi today imposed a fine of Rs 2 lakh on Geojit Financial Services for violating stock brokers' norm.

It was alleged that Geojit had delayed in filing statement transaction report (STR) with government's Financial Intelligence Unit (FIU) of its clients. Besides, Geojit allegedly failed to exercise proper due-diligence while dealing with client.

Small Industries Development Bank of India (SIDBI) is looking to expand its working capital portfolio and has partnered Yes Bank to cater working capital needs of its Micro, Small and Medium Enterprise (SME) clients.

Under the pact, Yes Bank would provide various banking services, including working capital, to SIDBI customers at its pan-India branches, which currently number around 1100.

The country's second largest IT services firm Infosys on Wednesday said it has completed the acquisition of US-based WONGDOODY.

In April, Infosys had said it will acquire WongDoody Holding Company, a US-based digital creative and consumer insights agency, for a total consideration of up to $75 million.

Private sector lender ICICI Bank on Wednesday said it instituted an independent enquiry into the allegations levelled by anonymous whistle-blower against MD and CEO Chanda Kochhar.

Without detailing the allegations, the bank in a regulatory filing said the enquiry will be headed by an independent and credible person.

The CBI on Wednesday carried out searches at the residence of Delhi minister Satyendar Jain after registering a fresh case against him in connection with alleged violation of norms in hiring architects for the Public Works Department (PWD), officials said here.

Five more locations, including residences of PWD officials and other private persons, are also being searched, they said.

An excess of procedural glitches and faulty filing of claims have meant that exactly eleven months after the Goods and Services Tax (GST) regime was rolled out, exporters across the country are yet to receive an estimated Rs 200 billion worth of tax refunds that have been filed but are stuck with the government.

On Monday, apex exporters body, the Federation of Indian Exports Organizations (FIEO) pointed out that refunds had flown smoothly till March 31, after which the pace has considerably slackened.

Maruti Suzuki is not just the country's biggest car maker with a fifty per cent market share. It also makes a significantly higher profit on each car than the industry peers including its nearest rival and Korean car maker Hyundai.

Car makers do not share the profit earned per car though they declare the total profit earned in a year.

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