Kochhar's termination case: HC seeks RBI's reply



Chanda Kochhar, the high-profile ex-banker had on November 30 moved the Bombay high court challenging “termination” of her employment by ICICI Bank which also denied her remuneration and clawed back all the bonuses and stock options between April 2009 and March 2018 for her alleged role in granting out of turn loans worth Rs 3,250 crore to the Videocon Group which benefitted her husband Deepak Kochhar. A division Bench of justices Ranjit More and SP Tavade allowed her to implead RBI and directed the apex bank to file its reply by December 16.



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RBI pauses rate cut spree, cuts GDP growth to 5%



“The Monetary Policy Committee recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture,” the RBI said in its fifth bi-monthly monetary policy for this fiscal.



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Kochhar keen to make RBI party in ICICI Bank case



Kochhar’s counsel argued that according to Section 35B (b) of the Banking Regulation Act, prior approval of the RBI is required to terminate the contract of a bank’s chairman or managing director. But in this case, the RBI approval came after the termination letter was served.



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78% of PMC a/c holders can withdraw full deposit: FM



Nirmala Sitharaman said in Lok Sabha that in case of medical emergencies, marriages and other crisis situations, a depositor of the Maharashtra-based PMC Bank can withdraw up to Rs 1 lakh by invoking the ‘hardship provisions’ of the RBI.



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Sensex, Nifty end flat in volatile trading



Investors turned cautious weighing weak GDP numbers and continued drop in automobile sales, bringing banking and auto sector stocks under pressure.



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This RBI museum blends technology with history



In the museum, RBI’s history is shown in panels that illuminate while moving on a rotating table, and begins with the commencement of RBI in 1934 and ends with Prime Minister Narendra Modi’s famous speech on November 8, 2016 announcing demonetisation of Rs 500 and Rs 2,000 notes.



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This RBI museum blends technology with history



In the museum, RBI’s history is shown in panels that illuminate while moving on a rotating table, and begins with the commencement of RBI in 1934 and ends with Prime Minister Narendra Modi’s famous speech on November 8, 2016 announcing demonetisation of Rs 500 and Rs 2,000 notes.



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