RBI Issues Circular On Levying Unfair Interest Charges On Customers

The country’s largest IT company TCS has appointed a new head of Resource Management Group ie RMG. This means that the company has appointed a new head for recruitment. Sivakumar Viswanathan has been appointed as the new RMG head after the company’s old head ES Chakravarthy went on leave. In the 44th episode of CC, we told you about the revelations about the big scam in this company. A senior officer of the company has been accused of taking hefty commission from staffing companies for years in exchange for providing jobs and the amount of this commission has been stated to be up to Rs 100 crore. Following these allegations, the company has fired at least 15 people from its RMG division in the United States, Canada, and India and blacklisted 8 staffing companies.

HDFC, Bank merger effective from July 1
HDFC Limited Chairman Deepak Parekh has said that the merger HDFC and HDFC Bank will be effective from 1st July. To approve this merger, the board of HDFC Bank and HDFC Limited will meet after the market closes on June 30. The merger of HDFC Bank and HDFC Limited has got all the regulatory approvals. Deepak Parekh also said that there will be separate board meetings of both the companies and this will be the last board meeting of HDFC Limited. HDFC Vice-Chairman and CEO Keki Mistry said the company’s shares will be de-listed on July 13. The merger of these two companies was announced in April last year. The new company will have assets worth about Rs 18 lakh crore. After the merger, 100 per cent stake in HDFC Bank will be held by the public and existing shareholders of HDFC Limited will hold 41 per cent stake in the bank. Shareholders of HDFC Limited will get 42 shares of HDFC Bank for every 25 shares held.