A novel LOX3-null allele (lox3-b) originated in the aromatic Basmati rice cultivars imparts storage stability to rice bran

•Novel LOX3-null accessions were identified among Indian rice germplasm accessions.•LOX3-null variants were associated with less impact on linoleic acid contents.•Variation in the rancidity of LOX3-nulls was attributed to differences in the γ-oryzanol.•Deletion of a C residue in exon 2 of LOX3-nulls led to non-functional LOX3 protein.•A dCAPS marker based on the C deletion assist in marker assisted breeding.