Railways Minister Suresh Prabhu today ordered a probe into the freak accident at Churchgate Station here wherein a local train crashed into the dead end, injuring five passengers and disrupting suburban services on the Western Railway line.

"Ordered enquiry into freak accident at Churchgate. All lapses of any kind... Responsibility will be fixed, action will be taken," he tweeted.

Benchmark index, Sensex is heading toward the highest fall in a span of four weeks as the fear of Greece default spooked investors amid loss in the Chinese stocks despite a decision by the central bank to cut interest rates to a record low.

Weakness in the rupee owing to persistent demand for the American currency from importers has further dampened the sentiments. The rupee is currently trading at 63.86 against the US dollar.

The Securities and Exchange Board of India (Sebi) is working on rules to regulate algorithmic trading effectively.

According to two sources familiar with the matter, among the points under consideration are means to slow down the pace of trading through introduction of measures, including a minimum resting time for orders before execution, and randomising the time priority of orders an exchange receives.

Leading private sector lender HDFC Bank has “exceeded” the single-borrower limits prescribed by Reserve Bank of India (RBI) in case of its credit exposure to corporate giant Reliance Industries (RIL).

The bank, however, said its board of directors approved “the said excess in respect of this exposure” and it was within the 20 per cent ceiling of capital funds. The central bank has fixed the credit exposure ceiling of a bank at 15 per cent of capital funds in the case of a single borrower and at 40 per cent for a borrower group.

Already weighed down by bad loans, Indian banks are finding it tough to recover assets through auction of seized properties. Despite multiple attempts by banks to sell distressed assets, there are few buyers because of the slowdown in the economy, legal hurdles and problems related to acquisition of land.

Seized assets of at least five big defaulters — Zoom Developers Pvt Ltd, Deccan Chronicle Holdings Ltd, Century Communication Ltd, Mahua Media Pvt Ltd and Biotor Industries Ltd — have had no takers for more than a year, according to bankers and recovery agents who spoke on the condition of anonymity.

Both the indices, BSE Sensex and NSE Nifty, surged further by 496 points and 156 points, respectively, on persistent buying from investors on hopes of rate cut from Reserve Bank of India (RBI) in view of above-average monsoon rains.

India Meteorological Department (IMD) said in its daily monsoon update showed that the southwest monsoon has been further advanced into remaining parts of north Arabian Sea. For the country as a whole, the cumulative rainfall during this year’s monsoon season was 24 per cent above the Long Period Average (LPA) until June 24.

A child has died and six others fell ill on Saturday in Bihar's Vaishali district allegedly after being administered polio drops.

The incident occurred in Shahpur village near Hajipur, district headquarters of Vaishali, about 25 kilometres from Patna, where children aged upto five were administered polio drops on Friday.

MUMBAI: State Bank of India (SBI) is looking at new ways to improve productivity in the bank through a change in HR policy. The changes include providing incentive scheme for its employees for referring home loans to the bank. Employees have a chance of getting gift cards worth Rs 16,000 and travel abroad.

Another change is the introduction of 'choreographed branches' where employees will be moved to man counters in the first and last week of the month when there is a surge in branch transactions. The third major change is a new performance management system which has a system-based appraisal.

Mumbai: The Mumbai electricity regulatory authority has allowed three utilities Tata Power, Reliance Infrastructure and Mahavitaran to increase their tariff with effect from this month.

Maharashtra Electricity Regulatory Commission (MERC) has approved an increase in tariff of 2.44% for Mahavitaran, while 5.2% and 3.92% for Reliance Infrastructure and Tata Power (TPC), respectively.

Hyundai Motor India Ltd (HMIL) today unveiled its new Made-in-India SUV Creta at its facility in Sriperumbudur, near Chennai.

The SUV comes with a “fluidic sculpture 2.0” design. The variants include a petrol 1.6 Dual VTVT and U2 1.4 CRDi and U2 1.6 CRDi VGT diesel engines.

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