Chanda Kochhar fired by ICICI Bank, unemployment at 45-year high, and more top news

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ICICI Bank has sacked Chanda Kochhar with retrospective effect and revoked her stock options currently valued around ?346 crore. The bank will also reclaim from the ex-MD bonuses worth ?10 crore for the last nine years. The decision came after retired judge BN Srikrishna’s report concluded that Kochhar had violated the bank’s code of conduct in sanctioning loans to Videocon group and failed to make proper disclosures. Kochhar, who worked at the lender for 34 years, said she was “utterly disappointed, hurt and shocked” by the decision. Here's what people are saying.

India’s unemployment rate is at a 45-year high, according to a controversial government report that's not yet published. The National Sample Survey Office's periodic labour force survey pegs the 2017-18 unemployment rate at 6.1%, the highest since 1972-73, reports Business Standard. It was just 2.2% in 2011-12. The report found that joblessness among rural youth jumped three-fold in the last five years. Among urban youth, 18.7% males and 27.2% females were without jobs. On Monday, two members of the National Statistical Commission resigned over the delay in publication of this report. Here's what people are saying.

Uber will now block errant passengers not conforming to its community guidelines, PTI reports. Riders who use abusive language or make inappropriate gestures, damage the driver’s or other passengers’ property, and break the local law will lose their access to the ride-hailing app. “These riders will be given enough notifications before they are removed from the platform…” Prabhjeet Singh, Uber Head of Cities (India and South Asia), explained. The company is also releasing a driver safety toolkit comprising an emergency button and “share trip feature”. Here's what people are saying.

The government has slashed the customs duty on electric vehicle components to 10-15% from 15-20% earlier. That will bring down prices of EVs imported in completely knocked down and semi-knocked down state. Experts feel the lower levy will boost EV assembly in the country, besides creating jobs and generating investment. Fully assembled EVs will, however, continue to attract 25% import duty. Meanwhile, The Ken (paywall) reports that India’s biggest carmaker Maruti is retrofitting its EV on the WagonR platform and is in talks with suppliers for localising components. Here's what people are saying.

Facebook has posted a record quarterly profit, showing that despite recent controversies, advertisers continue to be drawn to the social media giant. CEO Mark Zuckerberg used the fourth-quarter earnings announcement to say the company has turned a corner and is building new products in 2019. Over the past 18 months “building new experiences wasn’t a priority,” he said. Facebook’s stock rose nearly 12% to about $168 in after-hours trading. Here's what people are saying.

Idea of the Day: Transparency does not equal more trust, says author Rachel Botsman.

“Transparency can be a great tool, but it is not a magical cure for building or restoring trust.”

— Abhigyan Chand and Mandar M Bakre/Share this using #DailyRundown

Yesterday’s Rundown saw members chime in on the bad loans problem at SBI and the number of people surrendering their LPG subsidy. Top Commenter JK Sharma suggested disallowing bail for white-collar crimes to reduce financial frauds. Join the conversation here.