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Top headlines: RBI's MPC gets 'dovish tilt', Nobel physics prize announced

GST council has no jurisdiction over states' borrowing, three scientists get Nobel Prize for Physics -- Business Standard brings you top news of the evening

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The Reserve Bank of India is widely expected to keep rates steady when its two-day monetary policy committee meeting concludes on Friday. More on top stories of the day.

New members give RBI's MPC dovish tilt; to hold rates on Oct 9: Analysts

The addition of three new members – Jayanth Varma, Ashima Goyal and Shashanka Bhide – to the Reserve Bank of India’s monetary policy committee (MPC) lends a dovish tilt to the central bank’s think tank on policy, say analysts, who feel it may keep rates unchanged in the policy review later this week. On Monday, the RBI appointed Jayanth Varma, professor in Indian Institute of Management, Ahmedabad, Ashima Goyal, member of Economic Advisory Council of Prime Minister and Shashanka Bhide, senior advisor at National Council for Applied Economic Research as the three external members of the monetary policy committee. Read More...

GST Council has no jurisdiction over borrowing by states: Govt sources

Amid demand for division in the GST Council over the issue of mechanism to compensate states, sources in the Union government said that voting could happen only in areas under the Council's jurisdiction and borrowing is not one of them. The sources said the issue of borrowing is not a GST council matter or is not something which is under its jurisdiction. Read More...

Axis Bank joins India's top private lenders to offer pay hikes up to 12%

India’s third-largest private lender is joining its larger rivals in offering pay hikes to staff even as the economic fall out of the coronavirus pandemic threatens profit growth. Axis Bank Ltd. will increase staff salaries between 4% and 12% from Oct. 1 based on performance, according to people with knowledge of the plans. Read More...

'We were fortunate on timing': 28-year-old who just became a billionaire

Thomas Healy was secretly arranging a deal to turn his Texas-based truck electrification startup into a publicly traded company when the coronavirus pandemic struck. The crisis halted many transactions, but not the one between special-purpose acquisition vehicle Tortoise Acquisition Corp. and Hyliion Inc., which Healy founded in 2015. The company created from the merger -- Hyliion Holdings Corp -- began trading Friday in New York after shares in Tortoise surged more than 300% ahead of a shareholder vote last month. Healy’s stake is now worth more than $1.4 billion, making him one of the world’s youngest self-made billionaires. Read More...

Three scientists share Nobel physics prize for discoveries in cosmology

Three physicists won this year’s Nobel Prize in physics Tuesday for discoveries related black holes. The Royal Swedish Academy of Sciences said that Briton Roger Penrose will receive half of this year’s prize “for the discovery that black hole formation is a robust prediction of the general theory of relativity.” Read More...