SBI Life Insurance, a joint venture (JV) between the State Bank of India (SBI) and BNP Paribas Cardif, filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi), the capital markets regulator, for an initial public offering (IPO) of equity shares, on Monday.

The two JV partners are planning to sell up to 120 million shares of a face value Rs 10 each through an offer for sale, which will help them garner well over $1 billion (about Rs 7,000 crore).

Axis Bank on Monday claimed that it stood at second position in the card acceptance industry, with a point of sale (POS) installation base of over 4,33,000 in the country.

The bank, in 2016-17, acquired more merchants (2,18,000) than in the previous four fiscal years, underscoring its commitment to electronic payments, Sangram Singh, Head-Cards and Payment business, Axis Bank, said today.

The Gujarat High Court on Monday dismissed Essar Steel India Ltd's appeal against a Reserve Bank of India (RBI) order that asked creditor banks to start insolvency proceedings against the steelmaker, lawyers on the case said.

The ruling is a boost to the government, which in May tweaked Indian banking laws to empower the RBI to tackle the country's bad debt issue, allowing the RBI for the first time to direct lenders to force defaulters into insolvency courts.

Auto major Tata Motors today rolled out the country's first bio-CNG (bio-methane) bus.

The company said the bio-methane engines (5.7 SGI & 3.8 SGI) will be available on light and medium buses.

The company displayed three models, including the lead model Tata LPO 1613 with 5.7 SGI NA BS-IV IOBD-II compliant bus.

Presidential Election 2017: NDA nominee Ram Nath Kovind looks all set to become the next President of India. Polling for the Presidential election started in the Parliament and legislative assemblies of state at around 10 am. Prime Minister Narendra Modi was one of the first voters. With around 70% of required votes in favour of Kovind, the BJP exuded with confidence even as the opposition called the poll a clash of ideologies.

Union minister M Venkaiah Naidu said, “Kovind ji will win (the election) with a respectable and comfortable margin.” Another Union Minister Ravi Shankar Prasad said Kovind will secure a “decisive victory” and would turn out as an “honest” president, who, he said, will work hard according to the Constitution. “It would have been better if there was consensus (among all parties over Kovind’s nomination). But no issues,” PTI quoted him as saying.

As the Monsoon Session of the Parliament began on Monday, West Bengal Chief Minister Mamata Banerjee said that her party will play an aggressive role.

Speaking to media, Mamata Banerjee said, "We will play an aggressive role in Parliament. We are ready to go to jail but will not bow our heads."

Less than a week after Bengaluru's Deputy Inspector General (Prisons) Roopa D Moudgil alleged special treatment in jail to AIADMK (Amma) leader VK Sasikala, she has been been transferred to Traffic department.

DIG Roopa had alleged that the AIADMK chief was getting special facilities, including an exclusive kitchen to cook food for her, in complete violation of jail rules.

Reliance Industries, the most valuable firm on the bourses, added another feather in its cap by crossing the Rs 5 lakh crore market-capitalisation for the first time in its trading history.

It has become the second only firm to do so after Tata Consultancy Service (TCS), which is now the second most valuable company in terms of market-capitalisation.

The death toll in Assam floods mounted to 59 even though the overall situation showed signs of improvement.

Close to 10 lakh people in 24 districts of Assam continued to reel under floods as the death toll reached 59 in the state on Saturday.

Shares of Wipro rose over 3% in the early trade on Monday after the third largest IT services firm Wipro on Friday said its board will consider a proposal for buyback of equity shares on July 20.

Reacting to the development, the stock of the company gained as much as 3.2% to Rs 268 on the BSE. The stock was the top gainer on Sensex and Nifty.

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