LIC cuts stake in 27 Nifty firms; sells shares worth Rs 8000 cr

State-run insurance giant LIC has lowered its holdings in as many as 27 of the 50 blue-chip firms forming the market benchmark index Nifty, while selling shares worth an estimated Rs 8,000 crore. Read more

CERS exposes convenient interpretation of rules by leading private sector bank

Consumer forum orders HDFC Bank to refund hefty amount charged illegally from a credit card holder

In a case that exposes unfair trade practice adopted by a leading private sector bank, which charged a hefty amount from its credit card holder by wrongly interpreting rules despite timely payment of the due, The Consumer Disputes Redressal Forum, Ahmedabad (Additional) has ordered the bank to return the amount with interest from the day it was collected. The case was filed by Consumer Education and Research Society (CERS) on behalf of a city resident Dipak Sheth on 8 September 2009. The Forum issued its ruling on 22 October 2012. Read more

Policy hurdles may make India Asia’s Greece: Aditya Puri, MD & CEO, HDFC Bank

India will miss its best opportunity to fish in troubled international waters and face the spectre of becoming Asia’s Greece if coal, fiscal deficit and land acquisition issues are not fixed, said the chief executive of the nation’s most valuable bank. Read more