HDFC Bank is set to match the steep lending rate cuts by SBI and ICICI, by cutting its lending rate by an estimated 0.7-0.9%, according to sources. The bank will set its one-year MCLR at 8.15 percent, while the six-month MCLR will be reportedly set at 8 percent.

Nearly all the old Rs 500 and Rs 1000 notes - 97% of those in circulation - have now been deposited with banks. Banks have received Rs14.97 trillion ($220 billion) of the $15.4 trillion estimated to be in circulation as of 30 December,  

Stock in spotlight: Indian Oil Corporation, which has hit a new 52 week high today. The company's 15-million tonnes per annum Paradip refinery is set to achieve full utilization in March 2017, which would mean higher revenues, and an improved gross margin equivalent to RIL. The refinery was at 43% utilization end September 2016.

Photo of the day: A 'shop cat' in Hong Kong watches his owner eat lunch. Marcel Heijnen/Blue Lotus