ICICI cuts savings rate

• Mumbai, Aug. 18: Private lender ICICI Bank today reduced the interest rate on savings accounts by 50 basis points to 3.5 per cent on deposits below Rs 50 lakh. The interest rate on savings accounts with deposits of Rs 50 lakh and above remains unchanged at 4 per cent, the bank said in a regulatory filing. The revised rates will be effective from tomorrow.

Call drop fine

• New Delhi, Aug. 18: Telecom operators may face a maximum penalty of Rs 10 lakh for call drops which will now be measured at the mobile tower level instead of telecom circle, according to the new quality of service rules issued by regulator Trai today. "It is a graded penalty system depending on the performance of a network," Trai chairman R. S. Sharma told reporters here.

IPO filings

• New Delhi, Aug. 18: HDFC Standard Life Insurance Company today said it has filed IPO documents with Sebi to raise around Rs 6,500-7,500 crore. Through the share sale, promoters HDFC and Standard Life will sell 15 per cent stake in the company. Reliance Nippon Life Asset Management, the Anil Ambani-led Reliance Group's asset management arm, has also filed draft papers with Sebi to float an IPO.

PowerGrid

• New Delhi, Aug. 18: State-run power transmission utility Power Grid Corp today said it will get a loan of $500 million from the Asian Development Bank (ADB) for its various projects.