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ICICI Bank votes for Chanda Kochhar's reappointment to board

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Rupee plunges to record low of 71 against US dollar
The Indian rupee collapsed to a fresh record low of 71 against the US dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices, news agency PTI has reported.Rupee is worst performing currency in Asia on year-to-date basis.

Rana Kapoor to remain Yes Bank CEO and MD till further notice from RBI
Private sector lender Yes Bank today said it has received RBI's approval for the continuance of Rana Kapoor as managing director and CEO of the bank till further notice from the central bank. In June this year, Yes Bank's shareholders had approved the re-appointment of Rana Kapoor as the chief executive and managing director for three years, subject to final approval from the Reserve Bank of India.

Rahul Gandhi says intention of demonetisation was to help crony capitalist friends of PM Modi
A day after a RBI report marked the note ban initiative a failure, Congress president Rahul Gandhi mounted an offensive against the Modi government, calling demonetisation a scam to benefit crony capitalists. Addressing media personnel on Thursday, Gandhi said that Prime Minister Narendra Modi owes an explanation to Indians over demonetisation as to why he 'inflicted such a deep wound' when more pressing troubles persisted.

ICICI Bank votes for Chanda Kochhar's reappointment to ICICI Securities board
Chairperson of ICICI Securities, Chanda Kochhar, who is currently on leave amid a probe in the Videocon loan case gave the AGM a miss but her position remained intact as reported by Business Standard. 95.78 per cent of the shareholders' votes were in favour of Kochhar's reappointment. Kochhar is under investigation on a charge of conflict of interest over a loan by the bank to the Videocon group, which had business dealings with her husband, Deepak Kochhar.

Modi's 2nd wave of financial inclusion: India Post Payments Banks to launch on Sept 1
The India Post Payments Bank will be launched in the Maharashtra Postal Circle through the opening of 42 branches and 168 access point on September 1. Government expects the payments bank to be profitable after two years. The state-run bank will face no threat from private sector players. The initiative will focus on providing banking and financial services to people in rural areas through 1.55 lakh post office branches in the country. Three lakh postmen will be trained to provide financial guidance to customers. Departments of Posts has been a pioneer of financial inclusion in the country. It caters to over 40 crore customers with over 17 crore post office savings bank accounts.

Vodafone and Idea get ready to become Vodafone Idea
With the National Company Law Tribunal (NCLT) on Thursday giving its approval to the merger of Vodafone and Idea Cellular, the road is now clear for the two to function as a single entity. The date from which the new entity by the name of Vodafone Idea Limited will start functioning will be announced today as reported by the Financial Express.

Trump threatens to pull US out of WTO if it doesn't 'shape up'
President Donald Trump said in an interview with Bloomberg news that he would pull out of the World Trade Organization (WTO) if it doesn't treat the US better. A US withdrawal from the WTO can be far more damaging for the global economy than even Trump's growing trade war with China. Trump said last month that the US was at a big disadvantage from being treated "very badly" by the WTO for many years. The Geneva-based body needs to "change their ways," he said.

Amazon on a buying spree in India! Spencer's added to cart with Future Retail
Amazon is gunning for a hat-trick to take on the escalating omnichannel competition in India. Apart from a 10% stake in Kishore Biyani's Future Retail Limited (FRL) and joining a consortium to buy out Kumar Mangalam Birla's food and grocery supermarket chain, the world's largest online retailer is now reportedly eyeing a minority stake in Spencer's Retail. "Talks with Spencer's on valuation and structure are currently ongoing," an executive with knowledge of the matter told The Economic Times.