K.V. Kamath, managing director and CEO, ICICI Bank, will hand over charge to joint managing director and chief financial officer Chanda Kochhar, in what is being seen as a smooth change of guard in the country's largest private sector bank.
The change will be with effect from April 30, 2009.
Kamath will take over as the non-executive chairman of the board from N.Vaghul, who is designated to retire on April 30, next year.
Satyam Computers' controversial decision to buy two group-promoted companies and then reversing the deal within a few hours under pressure from investors may have put them in a soup as the government is understood to have ordered a probe to look into whether the company violated any corporate governance laws while entering into such a deal involving shareholders money.
There is likely to be a shuffle in the top brass of ICICI after the retirement of N Vaghul on April 30, 2009. Chanda Kochhar is most likely to be appointed as managing director and chief executive officer. Kochhar, who at present is holding the position of joint managing director and chief financial officer of the bank, will succeed KV Kamath, who will become the non-executive chairman.
State Bank of India and Small Industries Development Bank of India (Sidbi) announced a cut in interest rates for the new loans to micro, small and medium enterprises by up to one per cent. Interest rate reduction came after the announcement of a special package by the RBI and Association of Bankers. The new rates would be effective immediately. Small scale industry had been demanding financial package from the government to push demand in the sector which is adversely impacted by the ongoing financial crisis.
The Telecom Regulatory Authority of India stressed the need to establish the Universal Services Obligation fund administrator for providing the telecom services to the rural areas of the country. The administrator should be an independent authority and modeled like the National Highways Authority of India (NHAI). USO fund is involved in national rural infrastructure and is currently administrated by the Department Of Telecommunication.
Gurgaon-based infrastructure development company C&C Constructions Ltd has received an order worth Rs 781 crore for a dedicated freight corridor from New Karwadiya to New Ganj Khwaja in Bihar.
This work is of 105 kilometers on the Mughal-Sone section of the Eastern Corridor, which has to be finished by the next 36 months.
The project will be carried out in company with its joint venture partner M/s BSCPL Infrastructure Ltd.
M/s BSCPL Infrastructure Ltd is equal partner in this contract.
K.V. Kamath, managing director and CEO, ICICI Bank, will hand over charge to joint managing director and chief financial officer Chanda Kochhar, in what is being seen as a smooth change of guard in the country's largest private sector bank. 
Satyam Computers' controversial decision to buy two group-promoted companies and then reversing the deal within a few hours under pressure from investors may have put them in a soup as the government is understood to have ordered a probe to look into whether the company violated any corporate governance laws while entering into such a deal involving shareholders money. 
There is likely to be a shuffle in the top brass of ICICI after the retirement of N Vaghul on April 30, 2009. Chanda Kochhar is most likely to be appointed as managing director and chief executive officer. Kochhar, who at present is holding the position of joint managing director and chief financial officer of the bank, will succeed KV Kamath, who will become the non-executive chairman.
State Bank of India and Small Industries Development Bank of India (Sidbi) announced a cut in interest rates for the new loans to micro, small and medium enterprises by up to one per cent. Interest rate reduction came after the announcement of a special package by the RBI and Association of Bankers. The new rates would be effective immediately. Small scale industry had been demanding financial package from the government to push demand in the sector which is adversely impacted by the ongoing financial crisis. 
The Telecom Regulatory Authority of India stressed the need to establish the Universal Services Obligation fund administrator for providing the telecom services to the rural areas of the country. The administrator should be an independent authority and modeled like the National Highways Authority of India (NHAI). USO fund is involved in national rural infrastructure and is currently administrated by the Department Of Telecommunication. 
Gurgaon-based infrastructure development company C&C Constructions Ltd has received an order worth Rs 781 crore for a dedicated freight corridor from New Karwadiya to New Ganj Khwaja in Bihar. 
