In the later half of 1996, most of the executives on the board of the tobacco to hotels major, ITC Ltd., were sent to jail on charges of FERA and excise violations. This was when the reign of ITC Classic Finance (Classic), ITC’s flagship financial services 49% subsidiary, began to crumble. The various scandals in ITC has definitely had a damaging impact on its brand. This resulted in a lot of desperate fixed deposit holders wanting to withdraw their funds. Almost 50 crore rupees was withdrawn within barely few days after the breakout of such a crisis. This uncertainty eroded…


A new approach to banking — to help you stay on top of your finances in the palm of your hands —

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