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    August 5, 2026
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    August 5, 2026
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    August 5, 2026
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    August 5, 2026
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    August 5, 2026
    Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI monetary policy decision
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    August 5, 2026
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Show AI Summary
    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    Show AI Summary
    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Show AI Summary
    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    Show AI Summary
    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    Show AI Summary
    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    Show AI Summary
    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Show AI Summary
    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Highlights of RBI's August monetary policy
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Sensex trades higher, Nifty flat post RBI policy
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
    August 5, 2026
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
    Show AI Summary
    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
    August 5, 2026
    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
    Show AI Summary
    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
    Markets climb in early trade on falling crude oil prices; RBI monetary policy decision awaited
    Show AI Summary
    Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
    Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
    August 5, 2026
    Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI monetary policy decision
    Show AI Summary
    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.

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      News and Press Release

      Settlement of Insurance Claims

      August 11, 2018

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      The details of claims paid upon death of the insured person by the life insurance companies during the years 2015-16, 2016-17 and 2017-18, are given at ‘Annexure A’.

      The details of complaints against the said companies for denial/partial denial of claims upon death of insured person, during the years 2015-16, 2016-17 and 2017-18, is at ‘Annexure B’.

      As per Regulation 14 of Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interest) Regulations, 2017, certain procedures such as immediate processing upon receiving a death claim, adhering to timelines for settlement of a death claim, reasons to be stated on rejection or repudiation of the claim, interest to be paid due to delay on the part of insurer etc. are required to be followed by insurers for claim settlement in respect of a life insurance policy.

      Regulation 17 of the said Regulations states that every insurer shall have in place proper procedures and effective mechanism to expeditiously resolve complaints and grievances of policyholders and claimants efficiently.

      As per Insurance Regulatory and Development Authority of India (IRDAI), based on the analysis of claims data of life insurers, if any variation or abnormal discrepancies are noticed, the same are taken up with the insurers. These variations/ deviations/discrepancies noticed are also thoroughly checked by the Inspection Department of the Authority during regular onsite inspection. The Authority also conducts focussed online inspection. In case any grave irregularity is noticed in the claim settlement by the insurer, regulatory and corrective measures are initiated accordingly. 

      Annexure A referred to in reply to Lok Sabha Unstarred Question No. 4097 for 10th August, 2018

      Number of claims paid upon death of the insured person by the life insurance companies

      Life Insurers

      FY 2015-16

      FY 2016-17

      FY 2017-18

       

      Individual

      Group

      Individual

      Group

      Individual

      Group

       

      Aditya Birla Sun Life Insurance Company Limited

      6372

      2309

      5727

      1948

      5292

      4593

       

      Aegon Religare Life Insurance Company Limited

      508

      1

      571

      0

      530

      13

       

      Aviva Life Insurance Company India Limited

      1255

      2068

      1128

      1206

      1056

      490

       

      Bajaj Allianz Life Insurance Company Limited

      16404

      148840

      14887

      201422

      13176

      197425

       

      Bharti Axa Life Insurance Company Limited

      1009

      175

      811

      205

      860

      291

       

      Canara HSBC Oriental Bank of Commerce Life Insurance

       

       

       

       

       

       

       

      Company Limited

      531

      525

      620

      141

      797

      928

       

      DHFL Pramerica Life Insurance Company Limited

      460

      15733

      428

      27149

      572

      48236

       

      Edelweiss Tokio Life Insurance Company Limited

      120

      1269

      153

      1429

      180

      2068

       

      Exide Life Insurance Company Limited

      2889

      697

      2866

      1441

      3250

      1585

       

      Future Generali India Life Insurance Company Limited

      1381

      198

      1223

      12746

      1202

      767

       

      HDFC Standard Life Insurance Company Limited

      11811

      13742

      12421

      38025

      12289

      72946

       

      ICICI Prudential Life Insurance Company Limited

      10615

      1876

      10539

      1774

      11216

      2665

       

      IDBI Federal Life Insurance Company Limited

      920

      1753

      962

      2906

      1068

      1290

       

      India First Life Insurance Company Limited

      1359

      6197

      1439

      7123

      1626

      8579

       

      Kotak Mahindra Old Mutual Life Insurance Limited

      2465

      34501

      2583

      46049

      2881

      48572

       

      Max Life Insurance Company Limited

      8895

      3688

      9606

      5531

      10152

      7932

       

      PNB Met Life India Insurance Company Limited

      2641

      1915

      3380

      1749

      3726

      1264

       

      Reliance Nippon Life Insurance Company Limited

      13714

      6354

      10473

      12266

      8553

      7262

       

      Sahara India Life Insurance Company Ltd.

      717

      67

      654

      88

      556

      7

       

      SBI Life Insurance Company Limited

      15037

      19523

      17027

      23172

      18274

      32915

       

      Shriram Life Insurance Company Limited

      1512

      14575

      1859

      32634

      2524

      32424

       

      Star Union Dai-ichi Life Insurance Company Limited

      1102

      4740

      1238

      5456

      1145

      4448

       

      Tata AIA Life Insurance Company Limited

      3205

      1147

      2599

      695

      2793

      576

       

      Private Life Insurers- Total

      104922

      281893

      103194

      425155

      103718

      477276

       

      Life Insurance Corporation of India

      749249

      246745

      756399

      290148

      724596

      284103

       

      Life Insurers- Total

      854171

      528638

      859593

      715303

      828314

      761379

       

      Source: Insurance Regulatory and Development Authority of India (IRDAI)

      Annexure B referred to in reply to Lok Sabha Unstarred Question No. 4097 for 10th August, 2018

      Number of complaints for denial/partial denial of claims upon death of insured person by life insurers

       

       

      2015-16

       

       

      2016-17

       

       

      2017-18

       

       

      Insurer Name

      In favour

      Partially in favour

      Reject

      Total

      In favour

      Partially in favour

      Reject

      Total

      In favour

      Partially in favour

      Reject

      Total

       

       

       

      AEGON Religare Life Insurance Company Limited

       

      2

      1

      3

       

       

      1

      1

       

       

      2

      2

       

      Aviva Life Insurance Company India Limited

       

      2

      7

      9

       

       

      5

      5

       

       

       

       

       

      Bajaj Allianz Life Insurance Company Limited

      4

      5

      9

      18

      4

       

      6

      10

      5

      1

      4

      10

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Bharti-Axa Life Insurance Company Limited

       

       

      2

      2

       

       

      10

      10

      1

      1

      6

      8

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Birla SunLife Insurance Company Limited

      1

       

      6

      7

       

      2

      2

      4

      3

      2

      14

      19

       

      Canara HSBC Oriental Bank of Commerce Life Insurance

      1

      1

      2

      4

       

      2

      1

      3

      1

      1

      1

      3

       

      Company Limited

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      DHFL Pramerica Life Insurance Company Limited

       

       

      2

      2

       

      2

      1

      3

       

       

      2

      2

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Exide Life Insurance Company Limited

      2

      1

      5

      8

       

      1

      8

      9

       

      2

      6

      8

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Future Generali India Life Insurance Company Limited

      3

      5

      10

      18

       

      4

      8

      12

       

      1

      2

      3

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      HDFC Standard Life Insurance Company Limited

       

      1

      24

      25

      7

      1

      50

      58

      28

       

      44

      72

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      ICICI Prudential Life Insurance Company Limited

      10

      6

      80

      96

      5

      5

      38

      48

      4

      9

      47

      60

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      IDBI Federal Life Insurance Company Limited

      4

       

      19

      23

      7

      1

      15

      23

      1

       

      11

      12

       

      IndiaFirst Life Insurance Company Limited

      4

      1

      15

      20

      24

      4

      66

      94

      49

       

      88

      137

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Kotak Mahindra Old Mutual Life Insurance Limited

      1

       

      8

      9

       

       

      24

      24

       

       

      4

      4

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Max Life Insurance Company Limited

      11

       

      74

      85

      2

       

      55

      57

      4

      1

      58

      63

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      PNB MetLife India Insurance Company Limited

      2

       

      5

      7

      4

       

      15

      19

      7

       

      19

      26

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Reliance Nippon Life Insurance Company Limited

      4

      3

      26

      33

      1

      2

      30

      33

      1

       

      10

      11

       

      SBI Life Insurance Co. Limited

      6

      5

      29

      40

      2

      1

      11

      14

      3

      5

      17

      25

       

      Shriram Life Insurance Company Limited

       

       

      2

      2

       

       

      5

      5

       

       

      10

      10

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Star Union Dai-ichi Life Insurance Company Limited

      1

       

      4

      5

      1

       

      4

      5

      2

      1

      8

      11

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Tata AIA Life Insurance Company Limited

      4

      3

      69

      76

      3

      1

      38

      42

      3

      1

      29

      33

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Private Life Insurers - Total

      58

      35

      399

      492

      60

      26

      393

      479

      112

      25

      382

      519

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Life Insurance Corporation of India

      49

      11

      10

      70

      64

      10

      11

      85

      42

      12

      12

      66

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      TOTAL

      107

      46

      409

      562

      124

      36

      404

      564

      154

      37

      394

      585

       

      Source: Insurance Regulatory and Development Authority of India (IRDAI)

      This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a Written reply to a question in Lok Sabha.

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