After effecting two back-to-back 25 basis points rate cuts, Reserve Bank Governor Sanjay Malhotra on Wednesday hinted at another reduction in key policy rate by changing the central bank's monetary stance to 'accomodative' from 'neutral', which may further lower EMIs for consumers.
A delegation of the National Commission for Women (NCW), led by its chairman Vijaya Rahatkar, met with riot-affected women in Murshidabad district of West Bengal, assuring them of safety and demanding an NIA probe into the recent communal clashes. The women narrated their harrowing experiences and demanded permanent BSF camps in select areas of the district. The NCW team also visited relief camps in Malda district and assessed the condition of women affected by the violence.
Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday said regulations should not create unintended barriers to financial inclusion while emphasising that the impact of regulations on individuals and businesses should be considered.
The Supreme Court of India has ruled that Tamil Nadu Governor R.N. Ravi can no longer serve as chancellor of state-run universities, a decision welcomed by the ruling DMK party. The court's judgment stems from a long-standing dispute between the state government and the governor over the assent of 10 bills passed by the Tamil Nadu Assembly. The DMK alleges that the governor had obstructed the smooth functioning of universities by delaying appointments and other critical matters. The judgment paves the way for the Tamil Nadu government to appoint new chancellors for its universities, effectively removing the governor's influence in higher education.
The West Bengal government has assured the Calcutta High Court that the law and order situation in violence-hit Murshidabad district is under control. The court was hearing a petition by the Leader of the Opposition, Suvendu Adhikari, who alleged bomb blasts during communal riots and sought an NIA investigation. The state government claims adequate steps have been taken to quell the violence, while the Centre has requested an extension of CAPF deployment in the district. The violence erupted during protests against the Waqf (Amendment) Act in Murshidabad, displacing several families. The state government has reported that some families have returned to their homes.
Karnataka Governor Thaawarchand Gehlot has reserved the Bill pertaining to four percent reservation for Muslims in government contracts for the President's assent, citing constitutional concerns. The Bill, which has been a subject of controversy in Karnataka, was passed by both houses of the state legislature amid protests from the opposition BJP. The Governor's decision to reserve the Bill highlights the ongoing debate over the constitutionality of religious-based reservations in India.
West Bengal Governor C V Ananda Bose has submitted a report to the Union Ministry of Home Affairs expressing concern over the recent riots in Murshidabad district and the threat of "radicalisation" and "militancy". The governor has suggested a series of measures, including the establishment of a commission of inquiry and the deployment of central forces in border districts, and has hinted at the possibility of President's rule under Article 356 if the situation deteriorates further. He has also criticized the state government's response to the violence, alleging a lack of coordination and a failure to prevent the escalation of the situation.
Reserve Bank Governor Sanjay Malhotra on Friday said the exchange rate policy has remained consistent over the years and the central bank does not target any 'specific level or band' of the rupee, which slipped to an all-time low of 87.59 to a US dollar. On Thursday, the rupee plunged 16 paise to close at a record low of 87.59 against the American currency. "I would like to mention here that the Reserve Bank's exchange rate policy has remained consistent over the years.
Tamil Nadu Chief Minister M K Stalin has welcomed the Supreme Court's ruling that state governors must give assent to bills passed by state assemblies, calling it a 'historic' victory for all state governments in India. The court's decision came after the Governor of Tamil Nadu, R N Ravi, withheld assent to several bills passed by the state legislature. The court found that the governor's actions were in violation of the Indian Constitution, which mandates that governors must act on the advice of the council of ministers. The ruling is seen as a significant step towards strengthening the federal structure of India.
Tamil Nadu Governor R N Ravi has sparked controversy by asking students at a government-aided college in Madurai to chant "Jai Shri Ram". The State Platform for Common School System-Tamil Nadu (SPCSS-TN) has demanded his removal, alleging that he violated his oath of office and secular principles. The group claims Ravi's actions were against the Constitution, which outlines India as a secular country and emphasizes the importance of upholding secular values in education. The incident follows a recent Supreme Court ruling that overruled Ravi's decision to withhold 10 Bills passed by the Tamil Nadu government, highlighting ongoing tensions between the Governor and the state administration.
Four days after the top court cleared 10 bills, which were stalled and reserved by Tamil Nadu Governor R N Ravi for the president's consideration, and set a timeline for all governors to act on the bills passed by the state assemblies, the judgement running into 415 pages was uploaded on the apex court's website at 10.54 pm on Friday.
According to a senior officer, during the two-week deadline for surrender of arms and ammunition, a total of 990 arms were surrendered with 11,526 ammunition.
Reserve Bank Governor Sanjay Malhotra on Saturday said that the market forces decide the value of rupee with respect to the US dollar and the central bank is not worried about day-to-day movement of the currency value.
The Reserve Bank of India on Tuesday said it will shortly issue banknotes of Rs 100 and Rs 200 denominations bearing the signature of Governor Sanjay Malhotra. "The design of these notes is similar in all respects to Rs 100 and Rs 200 banknotes in Mahatma Gandhi (New) Series," it said in a statement
A Bharatiya Janata Party delegation on Tuesday called on Manipur Governor Ajay Kumar Bhalla at the Raj Bhavan in Imphal amid a leadership crisis following the resignation of N Biren Singh as the chief minister of the ethnic violence-hit state two days ago.
The indecision of the then Maharashtra governor on the state government's recommendation to appoint 12 persons as MLCs is 'quite disturbing', the Bombay high court has said.
Reserve Bank of India (RBI) Governor Sanjay Malhotra said the repo rate cut in the February meeting of the monetary policy committee (MPC) was due to inflation aligning with the target and recognising the fact that monetary policy is forward-looking.
Facing criticism from the government over the central bank prioritising inflation over growth, the new RBI Governor Sanjay Malhotra on Monday said that prospects of the Indian economy are expected to improve on the back of high consumer and business confidence in 2025. "As we strive to preserve financial stability to support a higher growth path for the Indian economy, our focus remains steadfast on maintaining stability of financial institutions and, more broadly, systemic stability," Malhotra said in foreword to the Financial Stability Report.
Actor-politician Vijay has urged Tamil Nadu Governor RN Ravi to take steps to ensure the safety of women in the state, amid outrage over the sexual assault of a woman student at a technical varsity. Vijay, the founder of the Tamizhaga Vetri Kazhagam (TVK), met with the Governor and submitted a memorandum, calling for "protecting" law and order and ensuring women's safety in all places. Vijay's move was lauded by BJP state chief K Annamalai, who called for justice for the victim and urged functionaries of all parties to come forward. The TVK also pressed for the release of Central funds towards Cyclone Fenjal relief.
Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.
Reserve Bank on Tuesday cautioned public against "deepfake" videos of the governor being circulated on social media that claim the launch of or support to some investment schemes by the central bank. In a statement, the RBI cautioned public on "deepfake videos of Top Management" circulated over social media giving financial advice.
West Bengal Governor CV Ananda Bose skipped the convocation ceremony of Jadavpur University, alleging that the event was organized in violation of several rules and laws. The governor, who is the chancellor of the university, claimed the convocation was "illegal" and "fraught with malpractices." The university administration refuted the allegations, stating that all procedures were followed and the governor's approval was sought. The incident has sparked controversy, with some accusing the governor of acting at the behest of the BJP government and undermining the autonomy of the university.
Anandiben Patel said students should study ancient Indian texts to appreciate the unparalleled research and discoveries made by their ancestors.
Outgoing Reserve Bank Governor Shaktikanta Das said on Tuesday that restoring inflation-growth balance is the most important task ahead of the central bank. Addressing a press conference on his last day as the central bank chief, Das said his successor will have to navigate the changing world order, effectively deal with cyber threats, and focus on harnessing new technologies.
The RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic.
Former Union Home Secretary Ajay Kumar Bhalla has been appointed as the governor of strife-torn Manipur. Ex-Army chief Vijay Kumar Singh is the new Mizoram governor. Kerala Governor Arif Mohammed Khan has been shifted to Bihar, while Bihar Governor Rajendra Vishwanath Arlekar will become the new Kerala Governor. These appointments will take effect from the dates they assume charge of their respective offices.
A day after his appointment as the 26th governor of the Reserve Bank of India (RBI), outgoing Revenue Secretary Sanjay Malhotra on Tuesday said one must understand the economic landscape and do what was best for the economy. "Let me first go, join, understand the turf ... Here it is a different role," Malhotra said, speaking to reporters in front of North Block.
The Reserve Bank on Wednesday retained the retail inflation projection at 4.5 per cent for fiscal 2024-25, with Governor Shaktikanta Das stressing that the central bank will have to closely monitor the price situation and keep the "inflation horse" under tight leash lest it may bolt again. Unveiling the October bi-monthly monetary policy, the Governor also said the flexible inflation targeting (FIT) framework has completed 8 years since its introduction in 2016 and is a major structural reform of the 21st century in India.
Karnataka Chief Minister Siddaramaiah on Saturday ruled out his resignation, following the Governor granting sanction to prosecute him, in connection with the Mysuru Urban Development Authority (MUDA) site allotment 'scam', and said he had done no wrong to step down.
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
A lot of frauds have been committed on the people of the country, and one of them was a wrong interpretation of secularism, he said addressing an event in Kanyakumari district on Sunday.
US Vice President Kamala Harris, who is of Indian and African heritage, has formally secured the Democratic presidential nomination becoming the first Indian-American to win the nomination from a major political party, and chose Minnesota Gov Tim Walz as her running mate on Tuesday.
Reserve Bank Governor Shaktikanta Das on Friday said that this stage would have been "premature" and "very very risky" as the retail inflation is still high, and future monetary policy action would depend upon the income data and outlook. Earlier this month, the RBI continued to maintain the status quo in the short-term lending interest rate (repo), citing inflationary concerns, though it changed the monetary policy stance to neutral.
The meeting happened amid fresh violence in the state, in which at least five people were killed in Jiribam district on Saturday.
Karnataka Governor Thaawarchand Gehlot on Saturday accorded sanction for prosecution of Chief Minister Siddaramaiah in connection with Mysuru Urban Development Authority (MUDA) site allotment 'scam', giving a major jolt to the nearly 15 month old Congress government.
In a video message, Bose also said he will also socially boycott the chief minister.
Modifying the single bench order, the division bench presided by Justice I P Mukerji directed that Banerjee and Ghosh will be free to make any statement concerning the Governor, not crossing the contours of freedom of speech and expression and public duty.
The report, made public on Saturday, claimed the complaints were "ill-motivated."
The Calcutta high court on Tuesday restrained West Bengal Chief Minister Mamata Banerjee and three others from making any defamatory or incorrect statement against Governor C V Ananda Bose.
Bose is on record that the government cannot evade responsibility and remain silent on the disturbing developments in the state.
