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Consumers may get relief on petrol, diesel prices this festive season

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Consumers can cheer as oil marketing companies (OMC) may actually bring down the retail prices of petrol and diesel this festive season.

Oil sector experts said that with global oil prices under pressure from slowing demand in the second wave of Covid-19 pandemic sweeping several western countries, crude price could fall in coming days. If this holds on for a week or so, there could be positive gains for auto fuel consumers in India by way of a fall in retail price of petrol and diesel.

Global crude prices are holding close to $ 42 a barrel now. It has been hovering between $ 40-42 a barrel for over a month now. But with lower oil demand and rising inventory, there is fear a song oil producing companies that crude prices may start falling again.

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ICICI Bank sets up presence in Nepal

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ICICI bank, apex consumer commission, Rs two lakh, ATM fraud, Business news

Lending major ICICI Bank on Thursday launched its operations in Nepal, via a representative office, to become the first Indian private sector bank to set up its presence in the country.

The bank opened a representative office in Kathmandu which will closely work with the domestic banks in Nepal to facilitate investment, trade, payments and treasury business between the two countries.

According to the bank, the current foray has expanded its global footprint to 15 countries including India.

“India and Nepal have significant trade and investment links between them. We believe that ICICI Bank’s on-ground presence through the new representative office coupled with its strong business partnerships with banks in Nepal, will help us further our participation in the economic flows between the two countries,” said Sriram H. Iyer, Head – International Banking Group, ICICI Bank.

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