Jagdishan, currently working as the 'change agent' of the largest private sector lender and head of finance, has been with the bank since 1996, and the appointment will put an end to one of the most keenly watched successions in the banking industry.

The rate cuts will bring a drastic change and benefit all existing HDFC retail home loan and non-loan customers.

The frantic efforts to locate Siddhartha are on even as teams of National Disaster Response Force, Coast Guard, Home Guard, fire services and coastal police have been pressed into the massive search operation.

Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, the highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore.

Sanghvi had not returned home last Wednesday after which his family had lodged a missing complaint at the N M Joshi Marg Police station in Central Mumbai.

Blood stains and a knife were found on the rear seat of the car, police said.

The increase in fixed deposit rates is likely to put pressure on lending rate as well.

In the first such action in more than four years, the MPC resolved to hike the repo rate by 0.25 per cent to 6.25%.

Now, loans for upto Rs.30 lakh, the new rate will be 8.4%, up 5 bps, while for those between Rs.30 lakh and Rs.75 lakh, the new rate will be 8.60%, up 20 bps.

“Parekh made us believe that even a single product ­company can be phenomenally ­successful,” says ­biz-analyst Tamal Bandyopadhyay.