LIVE: Sachin Pilot's office puts out a video of MLAs supporting him

Rajasthan political crisis: Congress called a meeting of all its MLAs today to iron out differences between Pilot and Gehlot. Stay tuned with Business Standard for the latest news of today

1:56 AM

PM takes stock of financial sector, reviews progress of Rs 20 trn package

Prime Minister Narendra Modi on Monday took stock of the financial sector which has been hit hard by the outbreak of Covid-19 pandemic.

 

He also reviewed the progress of a host of measures announced under the Rs 20-trillion Aatmanirbhar Bharat Abhiyan package to stimulate the economy and help the MSME sector and poor sections of society. Read more

1:55 AM

Life insurance industry to recover in next quarter, says CARE Ratings

Life insurers, which have seen their first-year premiums contract 18.6 per cent in the first quarter of the financial year 2020-21 (FY21), could see recovery in the next quarter, said CARE Ratings. Life insurers also saw the sum assured decline 12.9 per cent from Rs 10 trillion in Q1FY20 to Rs 8.8 trillion in Q1FY21. However, despite a sharp dip in premiums, experts believe the industry is recovering from the initial shocks of the lockdown as June was better compared to May and April. Read more

1:54 AM

CPI-based inflation rose to 6.1% in June; food inflation eased to 7.9%

Consumer Price Index (CPI)-based inflation for June stood at 6.09 per cent, slightly above the Reserve Bank of India’s target band of 4 per cent (with a margin of +/- 2 per cent), showed the official data released on Monday. This has raised expectations of another rate cut.  Read more

1:54 AM

HDFC Bank probes lending practices at vehicle-financing operation

HDFC Bank has conducted a probe into allegations of improper lending practices and conflicts of interests in its vehicle-financing operation involving the unit’s former head, according to people familiar with the matter.

 

The bank decided against proceeding with an earlier proposal to extend the employment of Ashok Khanna, an 18-year veteran at the bank, after the investigation was completed, said the people, who asked not to be identified as the information remains confidential. The vehicle financing unit he headed had outstanding loans of more than Rs 1.2 trillion ($16 billion) as of March 31.

1:53 AM

Rajasthan crisis: Ashok Gehlot claims majority, Sachin Pilot defiant

The Congress in Rajasthan staged a show of strength with several MLAs expressing support to Chief Minister Ashok Gehlot at the legislature party meeting. However, the MLAs were later packed off to a resort near Jaipur, signalling the rebellion sparked by deputy CM Sachin Pilot is still a threat to the party.

 

Sources said top party leaders, including Rahul Gandhi and Priyanka Gandhi Vadra, were trying to reach out to Pilot to assure that his grievances will be addressed. A report in NDTV said Pilot was still in talks with the Bharatiya Janata Party (BJP).

 

Another media report quoted sources close to Pilot to say the rebel camp dismissed Gehlot’s claims. “If they have numbers then why not do a head count, take them to governor instead of moving them to hotel,” the report quoted a source as saying.

1:01 AM

Fire breaks out following explosion at pharmaceutical unit in Visakhapatnam, 1 injured: Officials

12:26 AM

PM allows Priyanka Gandhi's request to stay on in Lutyens' bungalow for some time

In a remarkably statesman like move, Prime Minister Narendra Modi has agreed to a request to allow Priyanka Gandhi Vadra to retain the 35, Lodhi Estate Bungalow for some time. Just when people thought there is witch hunt against the erstwhile first family of Indian politics, the PM's move once again validated his large heartedness.

 

After the government directive to vacate the prime Lutyens real estate property in Lodi Estate, the Centre was approached to allow Priyanka Gandhi to stay there for some more time. Sources close to developments revealed that when the matter was brought to Modi's notice, he said that her request most certainly be accepted.

 

Those who know Modi say that this is not the first time that he has gone out of the way and shown large heartedness towards a family that has left no opportunity to bad mouth him, demean him and use every trick out of the book to nail him. The general impression being that both sides have a visceral hatred for one another.

12:23 AM

US to reject nearly all Chinese claims in South China Sea

US officials say the Trump administration is poised to escalate its actions against China by stepping squarely into one of the most sensitive regional issues dividing them and rejecting outright nearly all of Beijing's significant maritime claims in the South China Sea.

 

In a move the officials say is expected as early as Monday, the administration will present the decision as an attempt to curb China's increasing assertiveness in the region with a commitment to recognizing international law.

 

But it will almost certainly have the more immediate effect of further infuriating the Chinese, who are already retaliating against numerous U.S. sanctions and other penalties on other matters.

11:56 PM

Rahul Gandhi says 'narrative of lies' tearing India apart, to share thoughts on current affairs through video

11:28 PM

Sachin Pilot's office releases video of MLAs supporting him

11:04 PM

Franklin Templeton MF's shut schemes receive Rs 3,275 crore since closure

10:53 PM

PM Oli says "real" Ayodhya is in Nepal and Lord Ram is Nepali; BJP rejects claim

10:44 PM

Capital Foods to invest Rs 100 crore on brand development in FY21

10:42 PM

CCI directs 10 enterprises, officials to cease, desist from anti-competitive ways

The Competition Commission has directed 10 enterprises and some of their officials to cease and desist from indulging in anti-competitive practices but refrained from imposing monetary penalties in a matter related to cartelisation in bidding for certain tenders of the Indian Railways.

 

Various factors, including the current economic situation due to the coronavirus pandemic and that some of the enterprises were MSMEs, were taken into consideration before the watchdog decided against imposing monetary penalties.

 

The cease and desist order has been passed against ten entities and some of their officials. The entities include Hindustan Composites Ltd, Industrial Laminates (India) Pvt Ltd, BIC Auto Pvt Ltd (now Masu Brake Pads Pvt Ltd), Escorts Ltd (Railway Equipment Division), Rane Brake Lining Ltd and Om Besco Super Friction Pvt Ltd.

10:30 PM

Floor open for Sachin Pilot to air grievances: Abhishek Singhvi