Private sector lenders ICICI Bank and Kotak Mahindra Bank and state-owned lenders Central Bank of India and Dena Bank on Monday reduced the marginal cost of funds-based lending rates (MCLRs) with effect from January 1.

While ICICI Bank’s one-year MCLR now stands 70 basis points (bps) lower at 8.2%, the corresponding figure for Central Bank came down 85 basis points (bps) to 8.5%. Dena Bank lowered the MCLR by 75 bps to 8.55% and Kotak Mahindra Bank cut the MCLR by 20 bps to 9%.

Countering Reliance Jio, Bharti Airtel is all set to introduce a new offer that will offer customers free data for 12 months if they switch to Airtel’s 4G network! According reports, the offer will open on January 4, 2017 and will close on February 28, 2017. The offer will be available to Airtel customers across India. Airtel will offer free 3GB/month data for 1 year to new 4G customers.

The offer comes within days of Reliance Jio launching its ‘Happy New Year’ offer. The offer gives the consumers, free voice calling, video calling, data and messaging features. However, the daily limit for data usage will now come down to 1GB.

Markets regulator Securities and Exchange Board of India (Sebi) has given the BSE a go-ahead to launch its IPO, paving the way for Asia's largest bourse to list its shares on the National Stock Exchange. The stock exchange is looking to raise Rs 13,000 crore from the markets

The BSE had filed its Draft Red Herring Prospectus (DRHP) in September and has completed its road shows abroad for the IPO.

Homegrown auto major Tata Motors launched its new pick-up vehicle Tata Xenon Yodha with price starting at Rs 6.05 lakh.

The pick-up, which is endorsed by Tata Motors Commercial Vehicles' new brand ambassador Bollywood actor Akshay Kumar, is available in multiple variants of 4x2 and 4x4, and in single and double cab options, the company said in a statement.

The Reserve Bank of India (RBI) on Tuesday instructed banks to ensure that at least 40 per cent of bank notes are supplied to rural areas, in denomination of Rs 500 or below, as the notes being supplied to rural areas "are not commensurate with the requirements of rural population".

Banks maintaining currency chests should step up issuance of fresh notes to rural branches of regional rural banks, district co-operative banks, other commercial banks, white label ATMs (WLAOs) and post offices in rural areas on priority basis.

The country’s largest hydrocarbon producer Oil and Natural Gas Corporation (ONGC) plans to spin off its difficult fields into a separate division that includes Gujarat State Petroleum Corporation's Deen Dayal Upadhyaya discovery in the Krishna Godavari (KG) basin.

Besides, the company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities. It was this integration that added value to the $1.2 billion deal with GSPC, D K Sarraf, chairman and managing director, ONGC, told Business Standard.

A day after SBI slashed its rate offering steeply, country’s fourth biggest private sector lender Kotak Mahindra Bank today announced a cut of up to 0.45 per cent in its lending rates. The bank has cut marginal cost of funds based lending rate by 0.20 to 0.45 per cent across tenors, it said in a statement.

The one year MCLR, which is used as the benchmark for a bulk of long-term consumer loans, has been reduced by 0.20 per cent while the maximum cut of 0.45 per cent has been effected in the one month and three month MCLRs.

RBI tonight came out with conditions for exchange of defunct notes for those, including non-resident Indians, who failed to do so till yesterday, the last day for depositing the invalid currency notes in banks. Resident Indian citizens who were abroad from November 9 to December 30 can avail this facility up to March 31, 2017 and NRI citizens, who were abroad during this period, can exchange their defunct notes up to June 30, 2017, RBI said in a late evening statement.

Larsen & Toubro (L&T) on Monday said it has been chosen as the implementation partner to convert Pune into a smart city.

The letter of intent (LoI) was handed over to representatives of L&T Construction's Smart World and Communication business unit, which will be executing the project, by Municipal Commissioner of Pune Kunal Kumar, the company said in a statement.

Ford India today posted over two-fold increase in total sales at 23,470 units in December 2016, driven by overseas shipments.

The company had sold 10,865 units in the same month of 2015, Ford India said in a statement.

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