Kochhar May Have To Step Down Till Investigation Against Her Continues

New Delhi: In all likelihood a proposal could come forth for an interim CEO of ICICI Bank, with Kochhar temporarily stepping down until the investigations are over as one of the board member of ICICI Bank is of the view that the focus should be on asserting the strength of the institution rather than defending allegations against an individual amid investigations into ICICI Bank CEO ChandaKochhar’s alleged conflict of interest continuing.
The bank, which is predominantly owned by foreign institutional investors, is facing queries with respect to various media reports. Earlier in the day, ICICI Bank had denied reports that some directors want Kochhar to step down temporarily.


India Imposes Anti-Dumping Duty on Import of Chemicals From China

New Delhi: India has imposed anti-dumping duty on import of a chemical from China to protect the domestic manufacturers from cheap shipments. As per a notification of the Central Board of Excise and Customs (CBEC), anti-dumping duty of $1,685.42 per metric tonne has been imposed on import of Phosphorus Pentoxide from China. The duty has been imposed for five years.
Phosphorus Pentoxide is used as a powerful desiccant and dehydrating agent and is a useful building block and reagent in the chemical industry.
Acting on a complaint of Sandhya Dyes & Chemicals, the Directorate General of Anti-Dumping and Allied Duties (DGAD) had carried out a probe into the imports of the chemical to ascertain if the shipments were causing injury to the domestic manufacturer of the chemical.


India’s Foreign Exchange Reserves Hit All-Time High At $424.361 Billion

New Delhi: The Reserve Bank of India informed that Foreign exchange reserves of India had hit a life-time high of $424.361 billion after rising by $1.828 billion in the week to March 30. This was helped by rise in foreign currency assets. In the previous week, the reserves had increased by $1.197 billion to $422.532 billion.

Previously, the reserves had touched a record high of $421.914 billion on February 9. It had crossed the $400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating.


The RBI Switches Back To GDP-Based Measure To Offer Its Growth Estimates

New Delhi: The Reserve Bank of India on Thursday once again switched back to the Gross Domestic Product (GDP)-based measure to offer its growth estimates from the gross value added (GVA) methodology, citing global best practices. The government had started analyzing growth estimates using GVA methodology from January 2015 and had also changed the base year to 2018 from January.

While GVA gives a picture of the state of economic activity from the producers’ side or supply side, the GDP model gives the picture from the consumers’ side or demand perspective. Deputy governor Viral Acharya said on Thursday the switch to GDP is mainly to conform to international standards.


RBI Crackdown On Bonuses To The Top Executives At Private Sector Banks

New Delhi: The Reserve Bank of India (RBI) has started cracking down on bonuses to the top executives at private sector banks. This is visible from the fact that generally, the central bank grants its approval by mid-March, or latest by March 31, but most banks have not received RBI approval on bonus packages this year.

According to sources familiar with the matter, the central bank is yet to grant its approval for bonuses to senior executives in private banks for 2016-17, even as the financial year 2017-18 has come to an end.

Generally, the central bank grants its approval by mid-March, or latest by March 31, but most banks have not received RBI approval on bonus packages this year.