Uncertainty is emerging as the only certainty, said RBI Governor Shaktikanta Das as he emphasised on continued policy support at the December MPC meet during which members expressed concerns over spread of the Omicron variant of coronavirus, as per the minutes of the rate-setting panel released on Wednesday. After three days of deliberations, the six members of the Monetary Policy Committee (MPC) on December 8 unanimously voted for status quo on policy rates for the ninth consecutive time. At the meeting, the RBI Governor said risks stalking the global economy have amplified with rapid spread of the virus mutations, including the Omicron variant, leading to countries scrambling for restrictions.
The BJP also announced a Rs 5 meal scheme for all, named after religious guru Anukul Chandra, and setting up of a Regional Institute of Medical Sciences hospital in Agartala.
The Enforcement Directorate (ED) has arrested Shiv Sena MP Sanjay Raut in a money laundering case linked to alleged irregularities in the redevelopment of a Mumbai 'chawl', officials said.
Exactly a fortnight ahead of the Reserve Bank of India's (RBI's) next monetary policy review, a key market indicator of interest rates - the overnight indexed swap (OIS) - suggests that the central bank may tighten policy by 35 basis points and then refrain from further rate hikes. RBI Deputy Governor Michael Patra recently described the OIS as the primary instrument for hedging interest rate risk in India. The six-member Monetary Policy Committee (MPC) of the RBI will meet on December 5-7.
India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
Reserve Bank will have to constantly re-assess the "dynamic and fast changing situation" and tailor its actions accordingly, Governor Shaktikanta Das said during the recent meeting of the Monetary Policy Committee (MPC) which decided to maintain status quo on key interest rate. According to the minutes of the six-member MPC meet released by Reserve Bank of India (RBI) on Friday, the five other members had also expressed a similar opinion amid the ongoing Russia-Ukraine conflict's impact on the global and domestic economies. MPC, which held its meeting from April 6-8, unanimously decided to keep the borrowing costs unchanged at a record low for the 11th time in a row in a bid to continue supporting economic growth despite inflation edging higher in the aftermath of Russia-Ukraine conflict.
The opposition parties were demanding a division of votes as they had moved a motion to send the Bill to a select committee, which was rejected by voice vote.
The Shiv Sena said Opposition was not targeted in such manner even during Emergency
The Reserve Bank will hold a special meeting of its rate-setting committee on November 3 to prepare a report for the government on why it failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January. The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will prepare the report on reasons for failure to meet the inflation target as well as the remedial measures the central bank is taking to bring down prices in the country. "Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934... an additional meeting of the MPC is being scheduled on November 3, 2022," RBI said in a statement on Thursday.
All members of the Monetary Policy Committee (MPC) -- Shashanka Bhide, Ashima Goyal, Jayanth R Varma, Mridul K Saggar, Michael Debabrata Patra and Shaktikanta Das -- had unanimously voted to keep the policy repo rate unchanged at 4 per cent after the three-day meet of the panel earlier this month. Further, except Varma, other members voted to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. Varma expressed reservations on this part of the MPC resolution, according to the minutes.
A special court in Mumbai on Monday remanded Shiv Sena leader Sanjay Raut to the custody of the Enforcement Directorate (ED) till August 4 in a money laundering case.
The year 2022 saw the Reserve Bank of India (RBI) start acting on the policy repo rate after a gap of two years. The six-member monetary policy committee of the RBI reduced interest rate sharply - by 115 bps - when Covid-19 struck in 2020. In March 2020, days after the nationwide lockdown was announced, MPC in an unscheduled meeting reduced the repo rate by 75 bps, followed by another 40 bps in May. Status quo was maintained for the next two years since the May repo rate hike.
The BJP launched an all-out and aggressive personalised campaign led by Prime Minister Narendra Modi himself, but voters went by local rather than national issues.
Shiv Sena (Uddhav Balasaheb Thackeray)'s Rajya Sabha MP Sanjay Raut walked out of Mumbai's Arthur Road jail on Wednesday evening, hours after a special court granted him bail in a money laundering case.
Prime Minister Narendra Modi on Tuesday dedicated to the nation the Mahakal Lok corridor at Ujjain in Madhya Pradesh.
The Enforcement Directorate (ED) has summoned Varsha Raut, wife of arrested Shiv Sena MP Sanjay Raut, for questioning in a money laundering investigation linked to alleged irregularities in the redevelopment of a local 'chawl' and linked transactions, officials said on Thursday.
The Bharatiya Janata Party on Monday hit out at its rival parties in Jammu and Kashmir, saying their stand on a number of issues, including the demand for restoration of Article 370, is the same as that of countries like Pakistan, and asked the Congress if it agrees with the "anti-national" views of the National Conference and the Peoples Democratic Party over its support to them.
The staff at post offices misappropriated Rs 95.62 crore of public money between November 2002 and September 2021, the Comptroller and Auditor General has said. The money may seem small but it is what common citizen invested in post office savings, the oldest and the largest banking system in the country. The system serves the investment needs of urban and rural clients through schemes such as savings bank, recurring deposits, time deposits, national savings certificates, kisan vikas patras, public provident fund, monthly income account scheme, sukanya samriddhi accounts and senior citizens savings scheme.
Raut has been asked to depose at the agency's regional office in Mumbai.
The Enforcement Directorate (ED) has issued fresh summons to Shiv Sena MP Sanjay Raut asking him to appear on July 1 for questioning in a money laundering case linked to the re-development of a Mumbai 'chawl' and other related financial transactions involving his wife and friends, officials said.
Amid prolonged uncertainty, continued policy support will be crucial for sustained economic recovery from the coronavirus pandemic, Reserve Bank Governor Shaktikanta Das said at the recent meeting of the Monetary Policy Committee. "In this period of prolonged uncertainty, it would be wise to remain agile and respond in a gradual, calibrated and well telegraphed manner to the emerging challenges," opined Das, according to the minutes of the MPC meeting released by the Reserve Bank on Thursday. Observing that economic recovery from the pandemic remains incomplete and uneven, he said, "continued support from various policies remains crucial for a sustained recovery." The governor said the renewed surge in international crude oil prices, however, requires close monitoring.
The National Commission for Women has summoned Udit Raj over his "sycophancy" remark against the president.
The street leading up to his tea stall cum house is dotted with Argentina flags while a giant one flutters high making its presence felt.
Allocation of portfolios would be the immediate vexatious issue for the party, with supporters of Virbhadra Singh already feeling sidelined after the elevation of the late chief minister's professed rival Sukhu.
Proceedings in Rajya Sabha were repeatedly disrupted on Monday before being called off for the day as opposition members protested on the alleged phone-tapping and other issues and demanded discussions on them in the House.
'Mumbai's corroding infrastructure, Delhi's pollution, Bangalore's rain water drainage, Kolkata's electricity -- these are all real and serious life threatening situations.'
The Congress is blaming the BJP to deflect criticism for its inability to keep its house in order, but truth is clear before the masses, the BJP said.
Dress up any fresh seasonal greens with an imli-dal-coconut koottu-style preparation.
'They tell us that we have kept our women in the front. Only the lionesses have come out and you are already sweating. You can understand what would happen if all of us come together'
The statement of Sunny Marwah, an accused in the Delhi excise policy case, has been recorded and he has given important information about the modus operandi of those named in the first information report (FIR) in connection with the liquor 'scam', Central Bureau of Investigation (CBI) officials said on Monday.
Modi stressed his government has created a 'security cover' to ensure good heath of children and mothers during the past 55 month of his rule.
Priyanka Gandhi Vadra released the Congress' manifesto for Uttarakhand on Wednesday promising to reserve 40 per cent jobs for women in the police department, jobs to four lakh people, and creation of a 'tourism police' force.
'Badle ki bhavna (revengeful politics) was never seen in Maharashtra and Indian politics, but now we are witnessing all that today.'
Shiv Sena member of Parliament Sanjay Raut skipped appearing before the Enforcement Directorate (ED) in Mumbai on Wednesday for questioning in a money-laundering case, citing his engagement with the ongoing Parliament session in Delhi, sources said.
Chhattisgarh Chief Minister Bhupesh Baghel on Sunday said he was yet to receive minister T S Singh Deo's resignation from the panchayat department and that he learnt about the latter's move through media.
In its scheme of things, tackling inflation now comes ahead of ensuring growth in the world's sixth largest economy, points out Tamal Bandyopadhyay.
Addressing a summit in Varanasi on the implementation of the National Education Policy, Modi said the system should not just produce degree-holders but provide human resources needed to take the country forward.
The Congress urged Modi to come forward and order a JPC probe into the Rafale deal.
The ban on Verma, second in the last one week, came into force at 6 pm on Wednesday. This means, he will not be able to campaign for the February 8 Delhi assembly polls any further.
Most members of the monetary policy committee (MPC) argued for front-loading interest rate hikes in view of rapidly rising inflation during the off-cycle monetary policy review earlier this month - the minutes of the meeting published on Wednesday showed. In early May, the rate setting committee met unscheduled and unanimously decided to hike the repo rate by 40 bps. This was the first repo rate hike in four years, and an inter-meeting hike in more than a decade.
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