ICICI Bank, the country’s second largest private bank by assets, cut its one-year MCLR — the benchmark for most customer loans — by 10 bps to 8.65%. While the MCLR for shorter periods now stands at 8.60% for six months, 8.45% for three months, 8.40% for one month and overnight lending.

The 48-year-old, who has been lodged at Wandsworth prison in south-west London since his arrest in March in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case,

Judge Ingrid Simler at the Royal Courts of Justice said that there are substantial grounds to believe that Modi will fail to surrender. Moreover, the judge felt that there could be interference with the witnesses and obstruction of justice.

The bank’s total fresh slippages stood at Rs 16,616 crore in FY19 against Rs 40,672 crore in FY18. As for Q4FY19, the bank’s slippages stood at Rs 5,130 crore. One large account that slipped during the last quarter was the bank’s Rs 1,600 crore exposure to IL&FS.

The net loss for PNB in the same period of last financial year stoof at Rs 13,417 crore which was mainly due to reporting of fraudulent loans worth over Rs 14,000 crore to group of companies belonging to Nirav Modi and Mehul Choksi.

According to latest shareholding pattern on the BSE, PNB holds a 32.79% stake in the housing finance firm. Had the deal gone through, PNB’s stake would have reduced by 13% to 19.79%.

Earlier this month, CARE Ratings put PNB Housing Finance on credit watch with developing implications due to requirement to raise money to maintain comfortable capital adequacy.