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Recovering six equated monthly instalments (EMIs) from a customer for a jewellery set worth Rs1,790, cost ICICI Bank Ltd Rs35,000, excluding an interest of 6%pa (per annum). In an order, the national consumer disputes redressal commission (NCDRC) directed ICICI Bank to pay Rs25,000 compensation and Rs10,000 litigation cost to a customer.
The Reserve Bank of India (RBI) on Tuesday imposed a penalty of Rs 8.80 lakh on Power Finance Corporation Ltd for breach of norms related to 'Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies'.
The Competition Commission of India (CCI) has approved the acquisition of 70 per cent stake in Kotak Mahindra General Insurance Company Limited by the Zurich Insurance Company.
Setting aside judgments and orders and remitting an execution application to national consumer disputes redressal commission (NCDRC), the Supreme Court (SC) clarified that protection of the moratorium will not be available to the directors or officers of the company undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
US banks hold about $2.7 trillion in commercial real-estate loans.