The Reserve Bank of India (RBI) will soon develop a set of rules that will govern the declaration of a bank account as fraudulent, a report by The Economic Times (ET) said. This comes nearly a month after the Supreme Court asked banks to hear the borrower before declaring their account as fraudulent.

"Banks led by State Bank of India (SBI) are keen to put out their views to the apex court as to why a personal hearing in all these cases is not practical, but the RBI does not want to drag on the case in the Supreme Court and is preparing a new updated notification clarifying all the points raised in the court," a person aware of the matter was quoted as saying in the ET report.

Gold price rose by Rs 230 during Thursday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 61,150, according to the GoodReturns website. Silver prices went up by Rs 200 with 1 kg of the precious metal selling at Rs 77,600.

The price of ten grams of 22-carat gold jumped Rs 200 to Rs 56,050.

In a significant development, the Delhi government has done away with the archaic rules under the Factories Act of 1948 that prohibited women from working night shifts in factories, The Times of India reported.

Now women in Delhi can also work the graveyard shifts in factories or offices that generally span from 7 PM to 6 AM.

The Board of Control of Cricket in India (BCCI) will, in the future, sell digital and television broadcasting rights for bilateral series involving Indian teams separately, a report by The Economic Times (ET) said. This comes after the same template used for the broadcasting rights of the Indian Premier League (IPL) for five years fetched the BCCI $6 billion.

"While we are still finalising the contours of the BCCI media rights auction, we will be unbundling the media rights this time by selling TV and digital rights separately," an official said in the report.

In its probe against insurance firms on alleged malpractices involving commission payments, the income tax (I-T) department sent notices to two large private banks last week, The Economic Times (ET) reported. However, the names of the two banks are not known yet.

According to the ET report, the initial probe that was against more than 20 insurance firms and around 500 entities linked to their sales agent has now shifted to banks due to unexplained voluminous transactions.

The Indian Meteorological Department (IMD) has recently issued a warning that heatwave conditions are likely to continue in East India for the next few days. The weather department predicts that West Bengal along the Ganges, Bihar, Sikkim, Andhra Pradesh, Odisha, and Jharkhand will experience a heat wave. Additionally, temperatures are predicted to climb across Punjab and Haryana over the next few days before falling again.

In several states, including Rajasthan and Bihar, the heatwave conditions have intensified as the mercury levels continue to rise.

India has reimposed special additional excise duty (SAED) on domestically produced crude oil, The Economic Times (ET) has reported. SAED is commonly known as windfall tax.

The tax has been reintroduced at Rs 6,400 per tonne on domestically produced crude oil. On the other hand, the levy on the export of diesel has been scrapped.

Global IT services major Cognizant Technology Solutions has announced a merit increase – the third in the last 18 months – impacting around 300,000 global employees, even as global demand for technology workforce continues to weaken, according to an internal email sent on Tuesday.

“This week, the vast majority of you who are in levels up to Associate Director will receive your 2023 merit pay eLetters. Keep in mind that we advanced this merit increase to be six months earlier in the year, following year-end performance reviews. This means many of you are seeing your third merit increase in 18 months,” says an internal email sent to Cognizant employees.

The National Human Rights Commission registered a case of death due to police firing or encounter every three days even during the pandemic.

Assailants shot dead former member of parliament Atiq Ahmed on April 16, triggering a debate on extra-judicial killings. As many as 179 cases were registered in 2018-19, shows annual data from a Rajya Sabha reply in 2022. The analysis considered deaths due to police encounter or police firing. This works out to one case every two days.

Avalon Technologies (Avalon) made a subdued debut with its shares listed at Rs 431 on the BSE, at 1 per cent discount when compared with its issue price of Rs 436 on Tuesday. The listed at par on the NSE.

At 10:30 AM; Avalon quoted 5 per cent lower at Rs 415 on BSE. A combined 2.1 million equity shares changed hands at the counter on both the exchanges.

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