‘Not all seven MPs can be wrong’: Raghav Chadha on exit from AAP

‘Not all seven MPs can be wrong’: Raghav Chadha on exit from AAP


In a massive jolt to the Aam Aadmi Party, seven of its Rajya Sabha MPs, including Raghav Chadha (right), Sandeep Pathak (left) and Ashok Mittal, quit the party on Friday, April 24, 2026. (file photo)
| Photo Credit:
PTI/Manvender Vashist Lav

Amid questions raised in some quarters over his decision to quit the AAP, Raghav Chadha on Monday said the work environment in Arvind Kejriwal’s party had turned “toxic” with leaders stopped from working, and asserted that “one or two persons can be wrong, but not all seven”.

In a video on social media, Chadha, who — along with 6 other MPs — merged with the BJP, said he had been receiving several messages over the last three days, with many people congratulating him while others wanted to know the reasons behind his decision.

Chadha said he left a successful career as a practising chartered accountant to enter politics and became a founding member of AAP, giving 15 years of his “prime youth” to build the party.

“I didn’t come into politics to make my career,” he said, adding that he had worked for the party with his “blood, sweat and tears.” However, he alleged that the party was no longer the same and had turned into a “toxic work environment”, where leaders were stopped from working and speaking in Parliament.

“Today, this political party is trapped in the hands of some corrupt and compromised people. They don’t work for the country but for their own personal gain,” Chadha alleged.

There was no immediate response from AAP over his allegation.

The Rajya Sabha MP said that for the past few years, he had been feeling that he was “the right man in the wrong party” and was left with only three choices — to leave politics, to remain in the party and try to fix things or to take his energy and experience to another platform and continue doing “positive politics”.

“That’s why I, not alone, but along with six other MPs, decided to break the relationship with this political party,” he said.

Drawing a parallel with a toxic workplace, Chadha said if people are stopped from working, their hard work is suppressed, and they are silenced, adding that the right decision is to leave such an environment.

He also said he would continue to raise issues of ordinary citizens with more energy and enthusiasm, and hoped to find and implement solutions more effectively on the new political platform.

Chadha, Sandeep Pathak and Ashok Mittal, on April 24, announced that they were joining the BJP, along with four other MPs of the party. The other members who quit the AAP are Harbhajan Singh, Rajinder Gupta, Swati Maliwal and Vikramjit Sahney.

During a press conference, Chadha had said that two-thirds of the total MPs of a party can merge with another party, citing the Indian Constitution.

On Monday, the Rajya Sabha chairman approved the merger of AAP’s 7 defected MPs with the BJP, raising the number of its members in the Upper House to 113. Arvind Kejriwal-led party is now down to 3 members in Rajya Sabha.

Published on April 27, 2026



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RBI to auction ₹14,500 crore state government securities on April 28

RBI to auction ₹14,500 crore state government securities on April 28


The Reserve Bank of India will conduct an auction of State Government Securities (SGS) worth ₹14,500 crore on 28 April 2026.

According to the central bank release, several states, including Assam, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Uttar Pradesh, and Uttarakhand, will participate in this issuance, offering securities across a range of maturities. These include both fresh issuances and re-issuances of existing securities, with tenors ranging from 3 to 23 years. Some securities will be auctioned based on yield, while others – primarily re-issued securities – will be auctioned based on price.

The auction will be conducted electronically through the RBI’s Core Banking Solution, E-Kuber. Both competitive and non-competitive bids must be submitted on the same day. The bidding window for competitive participants is from 10:30 AM to 11:30 AM, while non-competitive bidders can submit their bids between 10:30 AM and 11:00 AM. Under the non-competitive bidding facility, up to 10 per cent of the notified amount of each security is reserved for eligible individuals and institutions, subject to a cap of 1 per cent per bidder per security. Retail investors can access this facility through the RBI Retail Direct platform.

Participants are required to quote yields or prices up to two decimal places. Multiple bids at varying yields or prices are permitted; however, the total bid amount for each state must not exceed the notified amount. The RBI will determine the cut-off yield or price for each security, which will guide the allocation. Securities will be issued in a minimum denomination of ₹10,000 and in multiples thereof.

Auction results will be announced the same day, and successful bidders will have to complete payment by 29 April 2026, during banking hours at designated RBI offices. Newly issued securities will carry interest rates determined at the auction and will pay interest semi-annually on 29 April and 29 October. Re-issued securities will retain their original coupon rates, with similar half-yearly interest payments.

Investments in SGS qualify as eligible assets for banks’ Statutory Liquidity Ratio (SLR) requirements and are also eligible for repo transactions, enhancing their liquidity and attractiveness to institutional investors.

Published on April 27, 2026



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Shriram Finance shares fall nearly 5% despite strong Q4 profit growth

Shriram Finance shares fall nearly 5% despite strong Q4 profit growth


Shares of Shriram Finance declined nearly 5 per cent on Monday, even as the non-banking finance company reported a sharp rise in fourth quarter earnings, highlighting investor concerns around asset quality and margin trends.

The stock fell to ₹963.75 on the NSE, trading in the red despite the company posting a 41 per cent y-o-y jump in standalone net profit at ₹3,014 crore for Q4FY26, compared with ₹2,139 crore in the year-ago quarter. The strong profitability was driven by robust growth across key segments including commercial vehicles, passenger vehicles, farm equipment and gold loans.

Brokerages largely described the performance as steady but flagged emerging risks. Motilal Oswal Financial Services said the company delivered a resilient operating performance, supported by steady demand across lending segments and a strong capital base, following MUFG equity infusion. It added that disciplined cost control and stable credit metrics aided profitability, and reiterated a buy rating with a target price of ₹1,200, while cautioning that the evolving macro environment warrants close monitoring.

HDFC Securities termed the results largely in line with estimates, noting that lower operating expenses offset weaker other income. It highlighted steady assets under management growth of 14.8 per cent y-o-y, driven by strong traction in commercial vehicle and gold loans. However, it pointed to a marginal deterioration in asset quality and higher credit costs. The brokerage maintained an add rating, with a revised target price of ₹1,100, citing expectations of growth acceleration supported by fresh capital infusion.

JM Financial also characterised the quarter as mixed, with strong profitability and healthy disbursement momentum offset by softer asset quality trends. It noted that while net interest income growth remained stable, margins saw some compression on a q-o-q basis. The brokerage added that rising stress in segments such as passenger vehicles, MSME and commercial vehicles remains a key monitorable, even as the company’s diversified lending franchise and strengthened balance sheet support long-term growth. It maintained a buy rating with a target price of ₹1,175.

Published on April 27, 2026



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Crude oil futures rise as US-Iran peace talks stall

Crude oil futures rise as US-Iran peace talks stall


Crude oil futures traded higher on Monday morning as there was no progress in initiating talks between the US and Iran to end the conflict in West Asia.

At 10 am on Monday, June Brent oil futures were at $100.38, up by 1.26 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $95.35, up by 1.01 per cent. May crude oil futures were trading at ₹8,998 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹8817, up by 2.05 per cent, and June futures were trading at ₹8590 against the previous close of ₹8432, up by 1.87 per cent.

In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, said oil is trading stronger on Monday morning after attempts to get US-Iran peace talks back on track broke down, erasing hopes for a resumption of energy flows through the Strait of Hormuz anytime soon.

The lack of progress means the market is tightening every day, requiring oil prices to reprice at higher levels. There’s little alternative to fill a roughly 13 million barrels a day shortfall.

In the short term, inventories help to fill the gap, whether commercial or strategic reserves. Clearly, the longer this persists, the more demand destruction we will need to see. To see further demand destruction, prices will need to move higher, they said.

US efforts to cut off Iranian oil would add to the upside. Last week, the US seized a sanctioned tanker carrying Iranian oil in the Indian Ocean.

The US also has tightened Iranian oil-related sanctions. It imposed sanctions on China’s Hengli Petrochemical (Dalian) Refinery Co for its purchases of Iranian oil, as well as approximately 40 shipping companies and vessels that form part of Iran’s shadow fleet.

Amid the disruptions in the Strait of Hormuz, Iranian oil has continued to transit the strait. The US blockade appears aimed at forcing a resolution and increasing pressure on Iran to return to negotiations, they said.

Meanwhile, a report in Axios said that Iran has given a new proposal to the US to reopen the Strait of Hormuz and end the war, with nuclear negotiations postponed for a later stage. The report quoted an unnamed US official and two sources with knowledge.

The proposal seeks the extension of the ceasefire for a long period or till the parties agree on a permanent end to the war.

According to the proposal, the nuclear negotiations would only start at a later stage, after the strait was open and the blockade lifted.

The Axios report said that the White House has received the proposal, but it’s unclear whether the US is willing to explore it.

April menthaoil futures were trading at ₹971.50 on MCX during the initial hour of trading on Monday against the previous close of ₹989.80, down by 1.85 per cent.

On the National Commodities and Derivatives Exchange (NCDEX), May castorseed contracts were trading at ₹6518 in the initial hour of trading on Monday against the previous close of ₹6,502, up by 0.25 per cent.

May dhaniya futures were trading at ₹12,994 on NCDEX in the initial hour of trading on Monday against the previous close of ₹13,228, down by 1.77 per cent.

Published on April 27, 2026



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Magnitude 6.2 earthquake shakes part of northern Japan

Magnitude 6.2 earthquake shakes part of northern Japan


FILE PHOTO: The Japanese national flag waves at the Bank of Japan building in Tokyo, Japan March 18, 2024.
| Photo Credit:
KIM KYUNG-HOON

A magnitude 6.2 earthquake shook part of northern Japan early Monday, but no damage or casualties have been reported.

No tsunami advisory was issued by the Japan Meteorological Agency.

The quake struck 18 kilometres west of the small town of Sarabetsu on Japan’s northernmost main island of Hokkaido at a depth of 81 kilometres, according to the US Geological Survey. It measured the quake’s strength at 6.1 magnitude.

A week ago, a 7.7 magnitude earthquake prompted Japan to issue an advisory of a slightly higher risk of a possible megaquake for the nation’s northeastern coastal areas.

Published on April 27, 2026



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Paytm Payments Bank license revocation: Fate of 66K BCs in a limbo

Paytm Payments Bank license revocation: Fate of 66K BCs in a limbo


The fate of about 66,000 business correspondents (BCs) and 719 permanent staff members is in a limbo following the cancellation of Paytm Payments Bank Ltd’s (PPBL) license by the Reserve Bank of India (RBI), bringing into sharp focus the viability of this niche banking model.

The Reserve Bank of India (RBI) cancelled PPBL’s license with effect from close of business on April 24, 2026. It cited the Bank’s non-compliance with various Banking Regulation Act provisions for its action.

The cancellation of Paytm Payment Bank’s license is not merely the closure of a single institution; it raises serious questions about the long-term viability of the payments bank model itself.

“The future of the employees and Business Correspondents associated with the institution now remains uncertain. These are not just numbers—they represent livelihoods built around a policy experiment in financial inclusion,” said CH Venkatachalam, General Secretary, All India Bank Employees’ Association..

RBI conceptualised Payment Banks to serve the underserved and unbanked segments. These Banks operate under a differentiated banking license that allows them to offer essential banking services without engaging in lending activities.

Payment Banks are permitted to accept deposits up to ₹2 lakh per customer, facilitate digital payments and remittances, and distribute third-party financial products such as insurance and mutual funds.

Paytm Payments Bank had approximately 66,000 BCs, with a presence across around 32 states and Union Territories, 540 districts, and 15,000 villages, covering nearly 9,000 pin codes, per its FY25 annual report. Further, the Bank employed 719 permanent staff members.

BCs are retail agents engaged by banks for providing banking services at locations other than a bank branch/ATM. The Bank had an average of 17,964 on-roll and 2,086 off-roll employees worldwide, per FY2022 annual report.

“The collapse points to a deeper structural concern: whether a model that restricts core revenue generating activities can remain sustainable in a competitive banking ecosystem. Regulatory oversight, too, must be examined—not merely in terms of compliance enforcement, but also in anticipating and preventing systemic weaknesses.

“In the final analysis, it is the employees, Business Correspondents, and millions of customers who bear the heaviest burden. Any forward-looking response must therefore address three urgent priorities: protection of jobs, continuity of services for customers, and a transparent review of the policy and regulatory framework governing payments banks,” Venkatachalam said.

PPBL’s CASA (current account. Savings account) deosits collectively held a balance of Rs. 428 crore as of March 31, 2025. As of March 31, 2025, its customers had Rs. 271.8 crore in fixed deposits with the partner bank through this arrangement.

Published on April 26, 2026



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