India's IndusInd Bank Chairman Sunil Mehta will step down after his term concludes in January, two sources with direct knowledge of the matter said, marking the latest leadership change at the private lender.

The bank reported its largest-ever quarterly loss in the three months ended March 31, following a $230 million hit to its accounts.

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Tuesday asked chief executive officers of public- and private-sector banks to lower intermediation costs and bolster operational efficiencies, citing the 125 basis points (bps) policy rate reduction since February.

The governor conveyed this in an interaction with bank chiefs, four days after the central bank’s Monetary Policy Committee (MPC) cut the benchmark repo rate by 25 bps to 5.25 per cent, the lowest in three years. One basis point equals 0.01 percentage point.

Vingroup will invest $3 billion in Telangana for developing a “multi-sector ecosystem” that will include India’s first large-scale electric taxi fleet, mobility-as-a-service platform, and real estate projects, said the Vietnamese conglomerate on Tuesday.

The two sides signed a memorandum of understanding (MoU) according to which they will collaborate to explore “strategic opportunities” in smart urban development.

The CBI has booked the son of industrialist Anil Ambani, Jai Anmol Anil Ambani, and Reliance Home Finance Ltd. (RHFL) in a case of alleged cheating in Union Bank of India that caused a loss of Rs 228 crore to the public bank, officials said on Tuesday.

The CBI acted on a complaint from the bank (erstwhile Andhra Bank) against Reliance Home Finance Ltd., Jai Anmol Anil Ambani and Ravindra Sharad Sudhakar, both directors in RHFL, they said.

Civil Aviation Minister Ram Mohan Naidu on Tuesday said that no airline, no matter how big, will be allowed to cause hardship to passengers. Naidu's comments followed the ongoing disruptions in operations of India's largest airline IndiGo, which operates almost 60 per cent of the domestic flights.

Senior Punjab Congress leader and Gurdaspur MP Sukhjinder Singh Randhawa on Tuesday served a legal notice on suspended party leader Navjot Kaur Sidhu, asking her to apologise for making "defamatory" remarks against him or face legal action.

In the notice, Randhawa, who is also the party's in-charge for Rajasthan, took an exception to Kaur's statements in the media levelling corruption charges against him.

Birthday wishes poured in for former Congress president Sonia Gandhi as she turned 79 on Tuesday, with the Congress saying her visionary leadership did not just guide the party but transformed India through landmark rights-based laws such as MGNREGA and the National Food Security Act.

Sajjan Jindal-led JSW Steel on Tuesday said its consolidated crude steel production rose 5 per cent to 2.439 million tonnes in November.

The growth underscores the company's continued expansion and resilience in the competitive steel industry, strengthening its position as a key player in the country's infrastructure sector.

Indian drugmaker Dr Reddy's signed an exclusive licensing pact with Australia's Immutep to develop and distribute the latter's cancer therapy, the companies said on Monday.

As part of the agreement, Immutep will receive about $20 million upfront from Dr Reddy's as well as potential regulatory development and commercial milestones payments of up to $349.5 million.

Karnataka Minister Priyank Kharge on Monday hit out at the BJP ahead of the Assembly session here, alleging that the party has abandoned its responsibilities as an opposition and was instead focusing only on trivial issues.

Speaking to reporters on the premises of Suvarana Vidhana Soudha here, Kharge took a dig at the BJP for remaining silent on matters that fall under the purview of the central government.

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