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RBI Leaves Key Interest Rate Unchanged At 6.5% Amid Easing Inflation

By
Manali Goswami
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RBI Leaves Key Interest Rate Unchanged At 6.5% Amid Easing Inflation

The Reserve Bank of India (RBI) announced Friday that its monetary policy committee (MPC) has unanimously voted to keep the benchmark repo rate unchanged at 6.5% in a widely expected move.

This marked the fifth consecutive time that the central bank chose to maintain a pause on increasing the rate.  ( Image Source: Getty )

This marks the fifth straight bi-monthly review meeting where the rate has been left on hold, as the central bank maintains its focus on withdrawing accommodation while supporting growth.

RBI Governor Shaktikanta Das said the decision was taken to ensure inflation progressively aligns toward the target 4% mark while citing the economy’s resilience and strong fundamentals.

The repo rate pause comes as inflation eased to 4.9% in October. The RBI projects it will remain around 5.4% in the 2023-24 fiscal year. Earlier the bank raised its FY24 growth forecast to 7% from 6.5%.

While risks remain on food inflation, core inflation has shown a broad-based easing. The RBI remains watchful on price rises even as economic activity holds up well, Das noted.

Analysts widely predicted the hold decision after recent data showed inflation cooling and GDP growth beating estimates. ICRA Chief Economist Aditi Nayar called it amid a hawkish policy tone.

The RBI monetary panel also announced changes to regulate cloud computing in finance and raise UPI transaction limits to ₹0.2 million. RBI meetings survey the macroeconomic landscape and chart monetary policy stance.

With inflation seen on a glide path to the target, the MPC can afford to pause rate hikes but stays ready to act if prices spiral. The next policy review falls on Feb. 6-8.

Indian Stocks Open Higher Ahead Of RBI Interest Rate Decision

By
Manali Goswami
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Indian Stocks Open Higher Ahead Of RBI Interest Rate Decision

Indian stocks climbed at the open on Friday as investors awaited a key interest rate decision by the central bank’s Monetary Policy Committee (MPC).

The benchmark BSE Sensex gained 180 points to hit 69,701 in early trade, while the NSE Nifty 50 rose 66 points to 20,967. Banking and metal stocks led the gains.

The advances come a day after the Sensex shed 132 points and the Nifty dipped 37 points, breaking a recent rally. Broader indexes like the Nifty Midcap 100 and Nifty Microcap 250 rose over 0.5% each.

All eyes are now on the Reserve Bank of India as its monetary panel concludes a two-day policy meeting. Analysts widely expect the MPC to keep the benchmark repo rate unchanged at 6.25% amid easing inflation.

The decision, due later Friday, will guide policy stance as economic growth shows signs of slowing globally while India grapples with inflationary pressures.

In company-specific action, JSW Steel surged over 3% to emerge as the top Nifty gainer in morning deals. The Nifty Metal and Media indexes climbed over 1% each, while Pharma slipped.

On Thursday, the rupee rose 0.04% against the dollar ahead of the RBI decision. Investors will watch for forward guidance when rates are announced as growth-inflation dynamics remain fluid.

Punjab Gov Decides to Reserve Three Bills for President’s Consideration

By
Dhruv
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Punjab Gov Decides to Reserve Three Bills for President's Consideration
Punjab Gov Decides to Reserve Three Bills for President's Consideration

In a brand-new twist between Punjab Governor Banwarilal Purohit and AAP’s state government, Purohit has reserved three Bills passed by the Vidhan Sabha earlier this year for the President’s consideration.


First passed in the June Assembly session, these Bills were the Sikh Gurdwaras (Amendment) Bill 2023, the Punjab Police (Amendment) Bill 2023, and the Punjab Universities Laws (Amendment) Bill 2023.


According to the word from Goveerner’s House, the bills have been reserved as stated by Article 2000 of the Constitution, which “outlines the process for a Bill passed by the Legislative Assembly of a state to be presented to the Governor for assent, who can either assent, withhold assent or reserve the Bill for consideration by the President.”


The article states, “when a Bill is reserved by a Governor for the consideration of the President, the latter shall declare either that he assents to the Bill or that he withholds assent therefrom.”
The Gurdwaras (Amendment) Bill looks to provide a free-to-air telecast of Gurbani from the Golden Temple, Amritsar. It was passed as an amendment to the Sikh Gurdwaras Act 1925; the Bill wanted to check the monopoly.


The Punjab Police (Amendment) Bill 2023 is a full amendment to the Punjab Police Act, 2007, and aims to provide an independent selection process for the appointment of the DGP. The Bill requires the state government to appoint a DGP from a panel of three senior officials eligible based on the length of service, experience, and work record.


The Punjab Universities Laws (Amendment) Bill, 2023, aims to put the Chief Minister in the role of Chancellor of state universities instead of the current provision of the Governor being the Chancellor. There were multiple differences between CM Bhagwant Mann and the Governor over the appointment of VCs of Baba Farid University of Health Sciences and Punjab Agricultural University, Ludhiana.

ED Files First Chargesheet Against Chinese Smartphone Giant Vivo In Alleged Money Laundering Case

By
Manali Goswami
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ED Files First Chargesheet Against Chinese Smartphone Giant Vivo In Alleged Money Laundering Case

India’s Enforcement Directorate (ED) filed its first chargesheet on Thursday against Chinese smartphone maker Vivo in an alleged money laundering case. The chargesheet was submitted to a special court in New Delhi under the Prevention of Money Laundering Act (PMLA).

The charges come after ED raids last July on Vivo offices that officials claim exposed a major money laundering operation. As part of the investigation, four people were arrested, including the heads of two Indian mobile companies.

In documents presented in court, ED asserts the actions of these executives enabled Vivo-India to earn illegal profits while posing economic threats to India. Officials allege over $8 billion was illegally transferred from Vivo India to China to avoid taxes.

Vivo rejects accusations of unethical practices, maintaining it adheres firmly to legal compliance. However, the chargesheet keeps legal pressure on the Chinese smartphone giant amid strained diplomatic relations between the Asian giants.

An Indian court recently requested an updated medical report on the jailed managing director of domestic manufacturer Lava, one of those detained last year. He claims he cut ties with Vivo years ago, but the chargesheet keeps the spotlight on complex links between Chinese companies and local Indian partners.

As the investigation continues, the ED aims to identify how far-reaching the financial channels between Vivo and associated companies stretch. Officials described an intricate money trail spanning India and China they believe concealed underhanded dealings.

The Archies Twitter Review: Fans Praise Musical But Say Suhana Khan Was Meant For Veronica

By
Manali Goswami
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0
The Archies Twitter Review: Fans Praise Musical But Say Suhana Khan Was Meant For Veronica

The highly anticipated Netflix musical film “The Archies” was released on Wednesday, starring celebrity children Suhana Khan, Khushi Kapoor, and Agastya Nanda. Directed by Zoya Akhtar, the coming-of-age story based on the classic Archie comics has received a mostly positive response on social media.

Archie, Betty, and Veronica are among the people relishing their adolescent days in 1960s India. ( Image Source: IMDb )

The film follows Archie, Betty, Veronica, and their friends enjoying their youthful days in 1960s India. Conflict erupts when Veronica’s father plans to sell a beloved park to build a hotel—this threat to their carefree lifestyle seeds interpersonal tensions.

Fans on Twitter widely praised the young cast’s song-and-dance numbers and musical performances. However, some noted lead actress Suhana Khan seemed miscast as the sweet Betty Cooper, opining that she was better suited for the bold Veronica Lodge role.

Co-written by Zoya Akhtar and Reema Kagti, “The Archies” marks the acting debut of all the young leads except Dot. Despite mixed opinions about some casting and character development, most reviewers applauded the film’s musical spirit and energetic young talent.

Zoya Akhtar, known for slice-of-life stories, partners with producers Tiger Baby and Graphic India to bring the Archie Comics classic to 1960s India through song, angst, and friendship. Time will tell whether this conditions a new generation for more stories from Riverdale.

Ex-Peruvian President Released After 16 Years In Prison For Massacres

By
Manali Goswami
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Ex-Peruvian President Released After 16 Years In Prison For Massacres

Peru’s former authoritarian leader, Alberto Fujimori, was released from prison this week after serving 16 years of a 25-year sentence for enabling military death squads in the 1990s that massacred civilians.

Fujimori waves at the supporters after he left the prison in the outskirts of Lima, Peru. ( Image Source: Getty )

The 85-year-old ex-president exited the prison complex on Wednesday under questionable humanitarian grounds, following the 2017 reinstatement of a disputed pardon. Supporters gathered outside, celebrating Fujimori as the leader who brought economic stability and suppressed leftist rebels.

However, Fujimori remains a polarizing figure in Peru decades later. In 2009, he was convicted for authorizing two horrific mass killings that claimed 25 lives during his 1990-2000 rule.

In 1991, masked soldiers indiscriminately slaughtered 15 people, including an 8-year-old child, at a community gathering in Lima. The following year, a secret squad kidnapped and executed 9 students and a professor from a local university. Forensics showed the victims were tortured and shot execution-style.

Relatives of victims lamented his release, criticizing Peru for failing to defend human rights and seek justice. But loyal supporters saw his contested pardon as righting an injustice against a strongman leader they admired. The case reveals Fujimori’s enduring divisive legacy.

Google Launches AI Model ‘Gemini’ To Rival ChatGPT-Rivaling GPT-4

By
Manali Goswami
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0
Google Launches AI Model 'Gemini' To Rival ChatGPT-Rivaling GPT-4

Google has unveiled its most powerful AI model yet, called Gemini, to take on chatbot sensation ChatGPT and other rivals in the explosively growing generative AI space.

Unveiled at Google’s annual I/O conference in May, Gemini comes in three sizes – Ultra, Pro, and Nano – each suited for specific use cases in Google’s products and cloud services.

Built from scratch to understand and process text, images, video, audio, and code seamlessly, Gemini aims to power futuristic Google Search, ads, Pixel phones, and more with its unprecedented multimodal intelligence.

“Gemini represents the best of Google’s AI research to create the most capable, general, and useful model we have ever made,” said DeepMind CEO Demis Hassabis in the announcement.

While still prone to potential biases and hallucinations like other models, Hassabis notes Gemini’s comprehension and reasoning improve as its real-world knowledge expands over time.

From December 13, developers can access Gemini Pro’s text capabilities via Google’s Generative AI tools and Cloud platform to build their prototypes.

Currently English-only, multi-lingual support is incoming. Wider public testing of Gemini Ultra for feedback starts next year before full-scale release.

Karni Sena Chief’s Widow Calls For Rajasthan Bandh, Says Anyone Can Be Targeted

By
Manali Goswami
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0
Karni Sena Chief's Widow Calls For Rajasthan Bandh, Says Anyone Can Be Targeted

A day after Rashtriya Rajput Karni Sena president Sukhdev Singh Gogamedi was fatally shot inside his Jaipur home, his widow Sheila Shekhawat gave a call for a state-wide bandh on Thursday while warning of more such attacks.

Gogmedi’s last rites will be performed on Thursday morning. ( Image Source: X/ANI )

Addressing protesters, Gogamedi’s widow said if the criminals who targeted her husband are not brought to justice, anyone from the Rajput community can become their next victim.

“The Rajputs of the entire nation must come here in strength. Today it was Sukhdev, tomorrow it can be anyone among us,” she asserted.

Gogamedi’s last rites will be held Thursday morning before a tribute event in Delhi on December 10th. His widow requested all to pay final respects.

Three armed men had barged into Gogamedi’s house on Tuesday and shot him dead in the living room, while one assailant was also gunned down.

The murder led to major protests by Karni Sena members, who ended demonstrations on Wednesday after a consensus to suspend the SHO and beat the constable of the area.

A SIT has been formed to probe the high-profile killing, but the Sena and Gogamedi’s family clearly remain unsatisfied with the investigation so far.

The bandh call signifies their lack of faith despite the administration’s steps taken to deliver justice to the slain Rajput leader.

Markets Snap Record Run As Sensex Slips Below 69,500, Nifty Under 20,900

By
Manali Goswami
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0
Markets Snap Record Run As Sensex Slips Below 69,500, Nifty Under 20,900

Snapping their 4-day record-setting spree, Indian equity benchmarks Sensex and Nifty opened lower on Thursday led by selling in banking, auto, and IT stocks.

The 30-share BSE Sensex declined over 150 points to trade below the 69,500 mark. Similarly, the broader NSE Nifty50 slipped below the 20,900 level after making lifetime peaks this week.

FMCG and banking stocks were the prime laggards, while realty and pharma indices saw modest gains. Broader markets outperformed benchmarks, with Nifty Midcap 50 rising 0.4 percent.

After hitting their all-time highs earlier this week, analysts said investors seem to be booking profits at current levels ahead of the RBI’s key rate decision today.

The central bank is expected to maintain the status quo on policy rates but its outlook on growth and inflation will be closely tracked.

“There will be bouts of profit-booking at higher levels given the policy overhang,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Indian rupee also weakened mildly to 83.36 amid dollar demand from custodian banks ahead of the RBI policy statement.

In the previous session, markets had risen over 350 points to end at record closing highs on sustained foreign fund inflows of over 1 lakh crore this year so far.

Centre Blocks 100 Websites Involved In ‘Work-from-Home’ Scams, Warns Public

By
Manali Goswami
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0
Centre Blocks 100 Websites Involved In 'Work-from-Home' Scams, Warns Public

Crackdown on financial fraud, the central government has banned 100 overseas websites engaged in organized “work-from-home” scams that dupe people into illegal money transfers and cryptocurrency deals.

The Centre has blocked 100 websites involved in organized illegal investment-related economic crimes, operated by ‘overseas actors’. ( Image Source: Getty )

In an advisory, the Home Ministry said such portals use digital ads, chat messengers and mule bank accounts to trap unsuspecting victims with promises of easy commissions against simple online tasks.

But after initial small payouts, people end up investing more money only to find their deposits frozen later by faceless criminals looking to siphon off funds abroad via card networks, wallets, or shady Fintech firms.

Cautioning citizens not to fall for dreams of “Ghar Baithe Kamai”, the ministry said compliant numbers against such frauds are rising alarmingly on its 1930 hotline and cybercrime portal.

It asked people to directly report such numbers and handles to help investigations, even as enforcement agencies step up monitoring of illegal cross-border transactions.

Such crimes often have links to bigger rackets involved in money laundering and terror financing, the advisory warned.

Over 100 websites based out of China, Singapore, Hong Kong, etc. now stand blocked by Indian authorities but more such portals keep mushrooming to cheat vulnerable economic victims.

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