In banking this week: ICICI Bank-Videocon Group loan controversy raises many questions

Many allegations and questions have been raised after a blog post by a ‘whistleblower’ alleged that Dhoot provided Rs 64 crore to a firm promoted by Chanda Kochhar’s husband Deepak Kochhar six months after Videocon Group secured a Rs 3,250 crore as loan from ICICI Bank in 2012. ICICI Bank, its CEO and Managing Director Chanda Kochhar, and Videocon Group and its promoter Venugopal Dhoot, grabbed the all headlines in the banking sector during the week. Many allegations and questions…

IOC to invest Rs 1.4 lakh crore to double refining capacity The company currently owns and operates 11 out of the country’s 23 refineries. Its refineries have a total capacity of 80.7 million tonnes per annum.

India’s biggest oil firm IOC today said it plans to invest about Rs 1.43 lakh crore to nearly double its oil refining capacity to 150 million tonnes and boost petrochemical production by 2030. While Indian Oil Corp (IOC) is expanding refining capacity to meet fuel demand, which is expected to nearly double by 2040, it does not want to remain “a refining company alone and is thus venturing into petrochemicals and alternative fuels as well,” company’s Director (Refineries) B V…