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HDFC   chairman   Deepak Parekh   on Monday said harmonisation of rules between banks and non-banks which reduces the regulatory arbitrage was one of the key factors which influenced the decision for merger between the largest home financier and   HDFC   Bank. Parekh, who said the merger discussions have happened over the last three weeks, noted that requirements like non performing asset recognition being at par and size-based regulations for non-bank finance companies are among the changes in landscape. Addressing a press conference after the surprise announcement earlier in the day, Parekh said the last three years have seen harmonisation in the regulations which reduce the "regulatory arbitrage" of running a separate home finance company. He said being an housing finance company, HDFC does not have priority sector loans mandate, and is not required to comply with statutory liquidity ratio or cash reserve ratio mandates for its liabilities...

India will on Tuesday launch two indigenously built frontline warships, marking a significant development for the military. Prime Minister Narendra Modi will address the silver jubilee celebrations of TRAI, the country’s telecom regulator.   Life Insurance Corporation   will list its shares at the stock exchanges after a blockbuster initial public offering. The Indian embassy in Kyiv, the capital of war-torn Ukraine, is all set to reopen. Here are the top five developments for May 17. Rajnath Singh to launch frontline warships Defence Minister Rajnath Singh will, on Tuesday, launch two indigenously-built frontline warships of the Indian Navy. The inauguration will take place at the Mazagon Docks in Mumbai. The two warships, that are to be launched, are called Surat and Udaygiri. Surat, named after the bustling port city in Gujarat, is the fourth and final of stealth destroyers under the Project 15B program. Udaygiri, on the other hand, is named after a mountain range in Andhra...

Delhi is likely to witness a partly cloudy sky with the possibility of thunder and lightning on Tuesday. According to the weather department, the minimum temperature in Delhi settled at 27.5 degrees Celsius on Tuesday, a notch above normal.  The relative humidity at 8:30 AM on Tuesday stood at 57 per cent, according to data shared by the India Meteorological Department (IMD). On Monday, a partly cloudy sky had led to a marginal dip in the maximum temperature in Delhi though it was still two to four notches above normal. At the Safdarjung Observatory, Delhi's base station, the maximum temperature settled at 42.4 degrees Celsius, two notches above normal. It was 45.6 degrees Celsius, the highest this year so far, on Sunday. The MeT office has forecast a partly cloudy sky with the possibility of development of thunder and lightning later in the day on Tuesday, with the maximum temperature expected to settle around 41 degrees Celsius. The minimum and maximum temperature readings on Wed...

Delhi is likely to record a maximum temperature of 41 degrees Celsius Tuesday, with cloudy skies and the possibility of thunder and lightning, according to the India Meteorological Department (IMD) forecast for the day. Meanwhile, after AAP national convener Arvind Kejriwal claimed that Delhi had 24-hour power supply, BJP MP Manoj Tiwari on Monday went on a “reality check” to shops to see whether inverters are selling or not. Alleging that the Delhi CM lied during in his rally in Kerala, Tiwari, after visiting five inverter shops, said: “Just to lure voters in Kerala, Kejriwal lied about 24-hour power supply in Delhi. The inverter shops I went to have very good sales. Naturally, inverters would be sold only when there are power cuts.” In other news, a fire broke out at a factory in outer Delhi’s Narela Monday night. Officials said that a group of labourers were initially trapped inside the factory but were rescued in time. According to the police, they received a cal...