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href="/english/number-of-rs-2000-currency-notes-continue-to-decline-accounted-for-just-16-pc-of-total-notes-in-circulation-at-march-end">Number of Rs 2000 currency notes continue to decline; accounted for just 1.6 pc of total notes in circulation at March-end</a></h3><div class="sc-sl5gio-11 jkpcry"><button aria-label="Open Post" data-testid="expandButton"><svg width="72" height="24" fill="none" xmlns="http://www.w3.org/2000/svg"><rect opacity=".75" width="72" height="24" rx="8" class="rect"></rect><path fill-rule="evenodd" clip-rule="evenodd" d="M18 9.268c0-.61.613-1.03 1.182-.808L36 15l16.818-6.54a.867.867 0 0 1 .635 1.614L36 17l-17.453-6.926A.867.867 0 0 1 18 9.268Z" fill="#42A5F5"></path></svg></button></div></div><div id="NqOS20Hbrurz" data-check="" class="sc-sl5gio-0 gBFYim"><header class="sc-w2b75e-0 jqMnve"><a title="OpoyiBusiness" href="/profile/OpoyiBusiness" class="sc-w2b75e-1 eysuLC"><div style="position:relative;display:block;overflow:hidden"><div class="ar-1-1"></div><img 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dateTime="2022-05-27T10:13:28.513681+00:00" class="">1 month ago</time></p></div><div class="sc-w2b75e-5 THKqz"><button class="dots" title="More Options" aria-label="More Options"><svg width="4" height="15" fill="none" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M1.504 12a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm0-6a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm1.5-4.5a1.5 1.5 0 10-3 0 1.5 1.5 0 003 0z"></path></svg></button></div></header><h3 class="sc-sl5gio-5 fIqEnb"><a href="/english/recovery-getting-entrenched-and-broadening-despite-risks-rbi-annual-report">Recovery getting entrenched and broadening despite risks: RBI annual report</a></h3><div class="sc-sl5gio-11 jkpcry"><button aria-label="Open Post" data-testid="expandButton"><svg width="72" height="24" fill="none" xmlns="http://www.w3.org/2000/svg"><rect opacity=".75" width="72" height="24" rx="8" class="rect"></rect><path fill-rule="evenodd" clip-rule="evenodd" d="M18 9.268c0-.61.613-1.03 1.182-.808L36 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dateTime="2022-05-12T18:00:00.439338+00:00" class="">1 month ago</time><small>. <!-- -->Delhi, India</small></p></div><div class="sc-w2b75e-5 THKqz"><button class="dots" title="More Options" aria-label="More Options"><svg width="4" height="15" fill="none" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M1.504 12a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm0-6a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm1.5-4.5a1.5 1.5 0 10-3 0 1.5 1.5 0 003 0z"></path></svg></button></div></header><h3 class="sc-sl5gio-5 fIqEnb"><a href="/english/retail-inflation-in-india-jumps-to-8-year-high-of-779-in-april">Retail Inflation in India jumps to 8-year high of 7.79% in April</a></h3><div class="sc-sl5gio-11 jkpcry"><button aria-label="Open Post" data-testid="expandButton"><svg width="72" height="24" fill="none" xmlns="http://www.w3.org/2000/svg"><rect opacity=".75" width="72" height="24" rx="8" class="rect"></rect><path fill-rule="evenodd" clip-rule="evenodd" d="M18 9.268c0-.61.613-1.03 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href="/english/lic-public-offer-to-remain-open-for-subscription-on-saturday-and-sunday">LIC public offer to remain open for subscription on Saturday and Sunday</a></h3><div class="sc-sl5gio-11 jkpcry"><button aria-label="Open Post" data-testid="expandButton"><svg width="72" height="24" fill="none" xmlns="http://www.w3.org/2000/svg"><rect opacity=".75" width="72" height="24" rx="8" class="rect"></rect><path fill-rule="evenodd" clip-rule="evenodd" d="M18 9.268c0-.61.613-1.03 1.182-.808L36 15l16.818-6.54a.867.867 0 0 1 .635 1.614L36 17l-17.453-6.926A.867.867 0 0 1 18 9.268Z" fill="#42A5F5"></path></svg></button></div></div><div id="YLjs8sqzTmEI" data-check="" class="sc-sl5gio-0 gBFYim"><header class="sc-w2b75e-0 jqMnve"><a title="presstrustofindia" href="/profile/presstrustofindia" class="sc-w2b75e-1 eysuLC"><div style="position:relative;display:block;overflow:hidden"><div class="ar-1-1"></div><img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" 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4.829 11.4 6 11.885 7.171 10.989 8.066 10.989 9.333 9.818 9.818 9.333 10.989 8.066 10.989 7.171 11.885z"></path><path fill="#FFF" d="M8.207 4.115c.209-.178.518-.145.687.072.165.213.134.524-.07.698l-3.52 3c-.205.175-.508.147-.679-.063L3.114 5.968c-.17-.21-.147-.521.053-.7.205-.183.515-.157.688.056l1.203 1.475 3.149-2.684z" fill-rule="nonzero"></path></svg><span style="margin-left:5px" title="Green: Opoyi Artificial Intelligence has verified the post and based on that the content piece can safely be consumed." class="sc-1vv9qcg-0 beGScU"><svg xmlns="http://www.w3.org/2000/svg" width="14" height="16" viewBox="0 0 11 12"><g fill="#00C953"><path fill-rule="evenodd" clip-rule="evenodd" d="M0.132046 0.706548C0.0505465 0.746052 0 0.82155 0 0.903694V5.76155C0.00298169 8.34439 1.73548 10.681 4.41473 11.7158L5.10449 11.9813C5.16895 12.0061 5.24236 12.0063 5.30696 11.9815L6.08418 11.6851C8.81313 10.6728 10.5885 8.31354 10.5888 5.69922V0.903694C10.5888 0.820672 10.537 0.744296 10.454 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dateTime="2022-05-04T10:00:00.207605+00:00" class="">1 month ago</time><small>. <!-- -->New Delhi, Delhi, India</small></p></div><div class="sc-w2b75e-5 THKqz"><button class="dots" title="More Options" aria-label="More Options"><svg width="4" height="15" fill="none" xmlns="http://www.w3.org/2000/svg"><path fill-rule="evenodd" clip-rule="evenodd" d="M1.504 12a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm0-6a1.5 1.5 0 110 3 1.5 1.5 0 010-3zm1.5-4.5a1.5 1.5 0 10-3 0 1.5 1.5 0 003 0z"></path></svg></button></div></header><h3 class="sc-sl5gio-5 fIqEnb"><a href="/english/interest-rates-inflation-and-economy-key-announcements-from-rbi-governor-shaktikanta-das">Key announcements from RBI Governor Shaktikanta Das</a></h3><div class="sc-sl5gio-11 jkpcry"><button aria-label="Open Post" data-testid="expandButton"><svg width="72" height="24" fill="none" xmlns="http://www.w3.org/2000/svg"><rect opacity=".75" width="72" height="24" rx="8" class="rect"></rect><path fill-rule="evenodd" clip-rule="evenodd" d="M18 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(Photo Credit: Unsplash/Representational)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-07-01T04:05:00.705474+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eCBDT has issued guidelines outlining who is liable for deducting TDS\u003c/li\u003e\n \u003cli\u003eTDS may be deducted by the exchange, if the trade takes place on or via the exchange\u003c/li\u003e\n \u003cli\u003eThe 1% TDS regulation will not result in an increased tax duty for the seller\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1656642189465,\\\"strCount\\\":4563,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/cryptocurrency\\\\\\\"\u003eCryptocurrency\u003c/a\u003e transactions will be subject to an extra 1% tax deducted at source (TDS) beginning July 1, \u003ca href=\\\\\\\"https://opoyi.com/english/india-union-budget-2022-government-imposes-cryptocurrency-tax-reactions-pour-in\\\\\\\"\u003efollowing the 30% tax rate \u003c/a\u003eimposed by the government in the \u003ca href=\\\\\\\"https://opoyi.com/topic/unionbudget2022\\\\\\\"\u003eUnion Budget 2022-23\u003c/a\u003e.\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"ZebPay, a cryptocurrency exchange platform, notified its subscribers through email that “In compliance with the prescribed tax laws from the effective date, we will be implementing changes to our platform.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-how-the-crypto-landscape-has-changed-in-india\\\\\\\"\u003eExplained: How the crypto landscape has changed in India\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It went on to explain that from July 1, 2022, ZebPay will deduct this 1% TDS when executing trades and transferring crypto assets. The TDS will subsequently be paid to the government on the buyer's behalf. This can be offset against tax liability while filing the income tax return.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-crypto-donations-are-skyrocketing-worldwide-explained\\\\\\\"\u003eWhy crypto donations are skyrocketing worldwide: Explained\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eHere is how TDS will affect the transactions, according to ZebPay.\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"If a trader places a sell order for 1 BTC for Rs 20,00,000, the following will happen:\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Value of the order: Rs. 20,00,000\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Transaction fees* (0.25% of 20,00,000) = Rs 5,000TDS applicable (1% of 19,95,000) = Rs 19,950\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Final calculation (actual withdrawal amount) = Rs 20,00,000- (5,000+19,950) = 19,75,050\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"* Transaction fees may differ based on the tier.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/poor-nations-pricey-mess-why-zimbabwe-hiked-interest-rate-by-200\\\\\\\"\u003ePoor nation's pricey mess: Why Zimbabwe hiked interest rate by 200%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Central Board of Direct Taxes (CBDT) has issued guidelines outlining who is liable for deducting TDS in various sorts of transactions.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In the event of peer-to-peer transactions, CBDT's Circular No. 13 of 2022 requires the crypto buyer to deduct the TDS, according to financial express. If the trade takes place on or via the exchange, TDS may be deducted by the exchange.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/who-designed-bitcoin-logo\\\\\\\"\u003eBitcoin logo: Who designed it, know its history\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“In certain cases where the transaction takes place on exchange but the payment to the seller is made through the broker, in that case, both exchange and broker are required to deduct TDS, however, based on the written agreement, broker only may deduct TDS on the seller,” said Gopal Bohra, \u003ca href=\\\\\\\"https://opoyi.com/topic/partner\\\\\\\"\u003ePartner\u003c/a\u003e, N.A. Shah Associates.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/who-is-the-founder-of-bitcoin-and-why-is-his-identity-shrouded-in-mystery\\\\\\\"\u003eWho is the founder of Bitcoin and why is his identity shrouded in mystery?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He further stated that the person who deducted TDS when making payment to the seller of a virtual digital asset (VDA), whether buyer, exchange, or broker, will be required to deposit the tax within 30 days after the end of the month in which the tax was deducted.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“For example, tax deducted under section 194S in the month of July shall be deposited on or before 30th August,” Bohra said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/pallonji-mistry-all-you-need-to-know-about-the-phantom-of-bombay-house\\\\\\\"\u003ePallonji Mistry: All you need to know about the 'phantom of Bombay house'\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The tax must be filed digitally using Form No. 26QE, a challan-cum-statement of tax deducted under Section 194S, as per financial express. The deductor's TAN is not necessary for this purpose. But, if the deductor possesses TAN, he can submit Form 26Q.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-indias-new-crypto-tax-impacts-investors\\\\\\\"\u003eHow India's new crypto tax impacts investors\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Furthermore, the deductor must issue the TDS certificate in Form 16E to the deductee within 15 days after the due date of providing the challan-cum-statement in Form No. 26QE after downloading it from the income-tax portal.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-india-can-fight-ransomware-attacks\\\\\\\"\u003eHow India can fight ransomware attacks\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to experts, the 1% TDS regulation will not result in an increased tax duty for the seller because it will be offset against his usual yearly tax liability. If a buyer purchases crypto VDAs through an exchange, there may be no TDS compliance burden on the buyer.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Cryptocurrency","slug":"cryptocurrency","id":"L7OoyefNLuEh"},{"name":"IncomeTax","slug":"incometax","id":"a4k43w03cK0B"},{"name":"Bitcoin","slug":"bitcoin","id":"b6gsXRHnIQWf"},{"name":"UnionBudget2022","slug":"unionbudget2022","id":"n69K8p1NoheC"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Blockchain","slug":"blockchain","id":"paU0ITqQFnl3"},{"name":"CBDT","slug":"cbdt","id":"NpBWhNB5xwLL"},{"name":"Partner","slug":"partner","id":"NFi2HHLLGThT"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-07-01T04:05:00.601787+00:00","publisher":0,"sourceFeed":null,"cleanText":"Cryptocurrency transactions will be subject to an extra 1% tax deducted at source (TDS) beginning July 1, following the 30% tax rate imposed by the government in the Union Budget 2022-23. ,ZebPay, a cryptocurrency exchange platform, notified its subscribers through email that “In compliance with the prescribed tax laws from the effective date, we will be implementing changes to our platform.”,Also Read| Explained: How the crypto landscape has changed in India,It went on to explain that from July 1, 2022, ZebPay will deduct this 1% TDS when executing trades and transferring crypto assets. The TDS will subsequently be paid to the government on the buyer's behalf. This can be offset against tax liability while filing the income tax return. Also Read| Why crypto donations are skyrocketing worldwide: Explained,Here is how TDS will affect the transactions, according to ZebPay. If a trader places a sell order for 1 BTC for Rs 20,00,000, the following will happen:,Value of the order: Rs. 20,00,000,Transaction fees* (0.25% of 20,00,000) = Rs 5,000TDS applicable (1% of 19,95,000) = Rs 19,950,Final calculation (actual withdrawal amount) = Rs 20,00,000- (5,000+19,950) = 19,75,050,* Transaction fees may differ based on the tier. Also Read| Poor nation's pricey mess: Why Zimbabwe hiked interest rate by 200%,The Central Board of Direct Taxes (CBDT) has issued guidelines outlining who is liable for deducting TDS in various sorts of transactions. In the event of peer-to-peer transactions, CBDT's Circular No. 13 of 2022 requires the crypto buyer to deduct the TDS, according to financial express. If the trade takes place on or via the exchange, TDS may be deducted by the exchange. Also Read| Bitcoin logo: Who designed it, know its history,“In certain cases where the transaction takes place on exchange but the payment to the seller is made through the broker, in that case, both exchange and broker are required to deduct TDS, however, based on the written agreement, broker only may deduct TDS on the seller,” said Gopal Bohra, Partner, N.A. Shah Associates. Also Read| Who is the founder of Bitcoin and why is his identity shrouded in mystery?,He further stated that the person who deducted TDS when making payment to the seller of a virtual digital asset (VDA), whether buyer, exchange, or broker, will be required to deposit the tax within 30 days after the end of the month in which the tax was deducted. “For example, tax deducted under section 194S in the month of July shall be deposited on or before 30th August,” Bohra said. Also Read| Pallonji Mistry: All you need to know about the 'phantom of Bombay house',The tax must be filed digitally using Form No. 26QE, a challan-cum-statement of tax deducted under Section 194S, as per financial express. The deductor's TAN is not necessary for this purpose. But, if the deductor possesses TAN, he can submit Form 26Q. Also Read| How India's new crypto tax impacts investors,Furthermore, the deductor must issue the TDS certificate in Form 16E to the deductee within 15 days after the due date of providing the challan-cum-statement in Form No. 26QE after downloading it from the income-tax portal. Also Read| How India can fight ransomware attacks,According to experts, the 1% TDS regulation will not result in an increased tax duty for the seller because it will be offset against his usual yearly tax liability. If a buyer purchases crypto VDAs through an exchange, there may be no TDS compliance burden on the buyer.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"TDS,ZebPay,The Central Board of Direct Taxes,CBDT,Gopal Bohra,Partner,N.A. Shah Associates,VDA,section 194S,Bohra,Section","originalPublishedOn":"2022-06-30T07:18:16.561053+00:00"}},{"node":{"id":"qh1DT13xWSWY","slug":"english/cryptocurrencies-clear-danger-says-rbi-governor","title":"Cryptocurrencies clear danger, says RBI Governor","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-30T11:33:05.263266+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1656588784.347394, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, Jun 30 (PTI) Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as \\\"clear danger\\\" and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In the foreword to the 25th issue of the Financial Stability Report (FSR) released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"We must be mindful of the emerging risks on the horizon. Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name,\\\" Das said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In recent weeks, cryptocurrencies, which are not back by any underlying value, have witnessed massive volatility amid global uncertainties.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI first come out with a circular regarding cryptocurrencies in 2018 and had barred entities regulated by it from dealing in such instruments. However, in early 2020, Supreme Court struck down the circular.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" While regulatory clarity is yet to emerge with respect to the cryptocurrency space in the country, the government is working to finalise a consultation paper on cryptocurrencies with inputs from various stakeholders and institutions, including the World Bank and the IMF.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In the foreword of the FSR, Das also said that while technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"As the financial system gets increasingly digitalised, cyber risks are growing and need special attention,\\\" he noted.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Regarding the economy, he said it is skewed towards global spillovers and geopolitical tensions.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Indian financial system exhibits underlying robustness and resilience to withstand these shocks. \\\"Our endeavour is to face all challenges, external and internal, with strength and innovative solutions for the Indian financial system,\\\" he added.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" A noteworthy feature of the current situation is the overall resilience of Indian financial institutions, which should stand the economy in good stead as it strengthens its prospects. This reflects a combination of good governance and risk management practices, he said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" According to him, the stress test results presented in the FSR demonstrate that banks are well positioned to withstand even severe stress scenarios without falling below the minimum capital requirement.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" He also said that the corporate sector is deleveraged with stronger bottom lines and the external sector is well-buffered to withstand the ongoing terms of trade shocks and portfolio outflows.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"In a dynamic environment with considerable uncertainty, we have been proactive and nimble footed in our policy responses. We have been calibrating our actions to the need of the hour and striving to preserve macroeconomic and financial stability to ensure sustainable and inclusive growth,\\\" he said. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"PTI","slug":"pti","id":"l3hGGnyT2TNu"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"SupremeCourt","slug":"supremecourt","id":"FnneUVErxtRr"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-30T11:33:05.263271+00:00","publisher":3,"sourceFeed":"3006202230DEL73","cleanText":"Mumbai, Jun 30 (PTI) Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as clear danger and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset. In the foreword to the 25th issue of the Financial Stability Report (FSR) released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention. We must be mindful of the emerging risks on the horizon. Cryptocurrencies are a clear danger. Anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name, Das said. In recent weeks, cryptocurrencies, which are not back by any underlying value, have witnessed massive volatility amid global uncertainties. RBI first come out with a circular regarding cryptocurrencies in 2018 and had barred entities regulated by it from dealing in such instruments. However, in early 2020, Supreme Court struck down the circular. While regulatory clarity is yet to emerge with respect to the cryptocurrency space in the country, the government is working to finalise a consultation paper on cryptocurrencies with inputs from various stakeholders and institutions, including the World Bank and the IMF. In the foreword of the FSR, Das also said that while technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against. As the financial system gets increasingly digitalised, cyber risks are growing and need special attention, he noted. Regarding the economy, he said it is skewed towards global spillovers and geopolitical tensions. The Indian financial system exhibits underlying robustness and resilience to withstand these shocks. Our endeavour is to face all challenges, external and internal, with strength and innovative solutions for the Indian financial system, he added. A noteworthy feature of the current situation is the overall resilience of Indian financial institutions, which should stand the economy in good stead as it strengthens its prospects. This reflects a combination of good governance and risk management practices, he said. According to him, the stress test results presented in the FSR demonstrate that banks are well positioned to withstand even severe stress scenarios without falling below the minimum capital requirement. He also said that the corporate sector is deleveraged with stronger bottom lines and the external sector is well-buffered to withstand the ongoing terms of trade shocks and portfolio outflows. In a dynamic environment with considerable uncertainty, we have been proactive and nimble footed in our policy responses. We have been calibrating our actions to the need of the hour and striving to preserve macroeconomic and financial stability to ensure sustainable and inclusive growth, he said.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Das,Indian,Mumbai,PTI),Reserve Bank,Shaktikanta Das,Reserve Bank of India,the Financial Stability Report,Supreme Court,the World Bank","originalPublishedOn":"2022-06-30T11:33:04.368801+00:00"}},{"node":{"id":"fUh3xi1ZH4JI","slug":"english/trending-stocks-biocon-jsw-steel-infosys-and-others-in-news-today","title":"Trending Stocks: Biocon, JSW Steel, Infosys and others in news today","postType":1,"coverMedia":"/opoyi_SsPBhGsSj.jpg","coverCaption":"Stock prices on a digital screen on the facade of BSE building, as sensex crosses 50000 mark for the first time, in Mumbai, Thursday, Jan. 21, 2021. (Photo Credit: PTI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-30T01:30:00.553966+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eBiocon Limited said it will acquire a 26% stake in AREREPL\u003c/li\u003e\n \u003cli\u003eJSW Steel has reserved Rs 10,000 crore to reduce carbon emissions\u003c/li\u003e\n \u003cli\u003eHDFC raised Rs 4,000 crore through a paper having 21 months’ maturity at 7.28%\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1656551752564,\\\"strCount\\\":4838,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eBiocon Limited\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Biocon Limited said it will acquire a 26% stake in AMPYR\\\\nRenewable Energy Resources Eleven Pvt Ltd (AREREPL) on a fully diluted basis in\\\\none or more tranches for Rs 7.5 crore. AREREPL was incorporated on April 13,\\\\n2021. It is a special purpose vehicle formed for the generation and supply of\\\\nsolar power. It will develop a 30 MWac solar power plant at Benkanhai village\\\\nin \u003ca href=\\\\\\\"https://opoyi.com/topic/karnataka\\\\\\\"\u003eKarnataka\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/mukesh-ambanis-daughter-isha-to-be-named-chair-of-reliance-retail-report\\\\\\\"\u003eMukesh Ambani's daughter Isha to be named chair of Reliance Retail: Report\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eJSW Steel\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The company said it has reserved Rs 10,000 crore to reduce\\\\ncarbon emissions through various initiatives. JSW Steel aims to reduce carbon\\\\nemissions intensity by 42% by 2020, group chairman Sajjan Jindal said in an\\\\nannual report. The company has contracted for about 1 GW of renewable energy,\\\\nof which 225 MW became operational in April 2022, and the balance will come on\\\\nstream in phases, he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/pallonji-mistry-all-you-need-to-know-about-the-phantom-of-bombay-house\\\\\\\"\u003ePallonji Mistry: All you need to know about the 'phantom of Bombay house'\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eHDFC\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"HDFC, which is slated to merge with HDFC Bank, raised Rs\\\\n4,000 crore through a paper having 21 months’ maturity at 7.28%. It received\\\\nbids in excess of Rs 70,000 crore. Usually, HDFC raises funds through long-term\\\\npapers (5-10 years) but issued a short-term paper after a long time.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/who-was-darrell-freeman-nashville-entrepreneur-dead-at-57\\\\\\\"\u003eWho was Darrell Freeman, Nashville entrepreneur dead at 57?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eInfosys\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The tech giant has agreed with The House Fund III, LP, a\\\\nVenture Capital (VC) fund based out of the \u003ca href=\\\\\\\"https://opoyi.com/topic/us\\\\\\\"\u003eUS\u003c/a\u003e, for the investment of $10\\\\nmillion. The investment is expected to be completed by June 30 this year. This\\\\nis a minority holding and is not exceeding 20% of the fund size. The House Fund\\\\nis a pre-seed and early-stage VC fund, investing in startups from the UCB's\\\\necosystem focused on AI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/bed-bath-beyond-ceo-mark-tritton-out-to-be-replaced-by-sue-gove-on-interim-basis\\\\\\\"\u003eBed Bath \u0026amp; Beyond CEO Mark Tritton out, to be replaced by Sue Gove on interim basis\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eMinda Industries\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The flagship company of the UNO MINDA Group said it has\\\\nacquired 4,48,162 equity shares or a 5.24% stake in German-based FRIWO AG, by\\\\ninvesting 14.99 million euros. The investment has been made in the aforesaid\\\\ncompany, after obtaining the requisite approvals including Reserve Bank of\\\\nIndia under Overseas Direct Investment (ODI) guidelines, the company said in an\\\\nexchange filing.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/oil-prices-fall-after-rallying-for-3-days\\\\\\\"\u003eOil prices fall after three-day rally\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eGR Infraprojects\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The company has concluded the development of the Purvanchal\\\\nExpressway (Package-VII) from Mojrapur to Bijaura in \u003ca href=\\\\\\\"https://opoyi.com/topic/uttar\\\\\\\"\u003eUttar\u003c/a\u003e Pradesh on an EPC\\\\nbasis. The Independent Engineer issued the completion certificate on June 28 and\\\\ndeclared the project fit for entry into commercial operation with effect from\\\\nMarch 7, 2022.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/tesla-and-spacex-ceo-elon-musks-most-controversial-and-offbeat-moments\\\\\\\"\u003eTesla and SpaceX CEO Elon Musk's most controversial and offbeat moments\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eWonderla Holidays\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Wonderla Holidays Limited has signed an agreement with the\\\\nGovernment of \u003ca href=\\\\\\\"https://opoyi.com/topic/odisha\\\\\\\"\u003eOdisha\u003c/a\u003e for leasing land of around 50 acres for the development of\\\\nan amusement park project in Kumarbasta Village, Khorda District, Bhubaneswar,\\\\nOdisha.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/strategic-succession-why-akash-ambani-is-named-jio-chairman\\\\\\\"\u003eStrategic succession: Why Akash Ambani is named Jio chairman\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eMTAR Technologies\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Investor Fabmohur Advisors LLP offloaded 61,855 equity\\\\nshares of a 0.2% stake in the company through open market transactions on June\\\\n28. With this, its stake in the company stands reduced at 0.79%, down from\\\\n0.99% earlier.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/what-penalty-ernst-and-young-is-facing-over-cheating-on-ethics-tests\\\\\\\"\u003eWhat penalty Ernst And Young is facing over cheating on ethics tests\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eBharat Road Network\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The company has received Rs 94.11 crore from the purchaser\\\\nfor its equity exposure of Rs 112.16 crore in Shree Jagannath Expressways\\\\nPrivate Limited (SJEPL), an associate of the company, after the closing\\\\ntransaction by selling an entire 40% stake owned in SJEPL. Indian Highway\\\\nConcessions Trust acting through its investment manager is the purchaser.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"TrendingStocks","slug":"trendingstocks","id":"XNl0sRQ1kcCJ"},{"name":"Sensex","slug":"sensex","id":"MhfKMlGWFTBF"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"BSE","slug":"bse","id":"2seBd7Lyb8z6"},{"name":"NSE","slug":"nse","id":"74WQDLQfPQDQ"},{"name":"Nifty","slug":"nifty","id":"2JvkXElbbqnQ"},{"name":"HDFCBank","slug":"hdfcbank","id":"n3a3YDui7INw"},{"name":"Infosys","slug":"infosys","id":"GGpdVFKVfB9t"},{"name":"Odisha","slug":"odisha","id":"gRmaH4uEjBnO"},{"name":"Karnataka","slug":"karnataka","id":"0tRaYRxDzWyj"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-30T01:30:00.553971+00:00","publisher":0,"sourceFeed":null,"cleanText":"Biocon Limited,Biocon Limited said it will acquire a 26% stake in AMPYR Renewable Energy Resources Eleven Pvt Ltd (AREREPL) on a fully diluted basis in one or more tranches for Rs 7.5 crore. AREREPL was incorporated on April 13, 2021. It is a special purpose vehicle formed for the generation and supply of solar power. It will develop a 30 MWac solar power plant at Benkanhai village in Karnataka. Also Read | Mukesh Ambani's daughter Isha to be named chair of Reliance Retail: Report,JSW Steel,The company said it has reserved Rs 10,000 crore to reduce carbon emissions through various initiatives. JSW Steel aims to reduce carbon emissions intensity by 42% by 2020, group chairman Sajjan Jindal said in an annual report. The company has contracted for about 1 GW of renewable energy, of which 225 MW became operational in April 2022, and the balance will come on stream in phases, he added. Also Read | Pallonji Mistry: All you need to know about the 'phantom of Bombay house',HDFC,HDFC, which is slated to merge with HDFC Bank, raised Rs 4,000 crore through a paper having 21 months’ maturity at 7.28%. It received bids in excess of Rs 70,000 crore. Usually, HDFC raises funds through long-term papers (5-10 years) but issued a short-term paper after a long time. Also Read | Who was Darrell Freeman, Nashville entrepreneur dead at 57?,Infosys,The tech giant has agreed with The House Fund III, LP, a Venture Capital (VC) fund based out of the US, for the investment of $10 million. The investment is expected to be completed by June 30 this year. This is a minority holding and is not exceeding 20% of the fund size. The House Fund is a pre-seed and early-stage VC fund, investing in startups from the UCB's ecosystem focused on AI. Also Read | Bed Bath \u0026 Beyond CEO Mark Tritton out, to be replaced by Sue Gove on interim basis,Minda Industries,The flagship company of the UNO MINDA Group said it has acquired 4,48,162 equity shares or a 5.24% stake in German-based FRIWO AG, by investing 14.99 million euros. The investment has been made in the aforesaid company, after obtaining the requisite approvals including Reserve Bank of India under Overseas Direct Investment (ODI) guidelines, the company said in an exchange filing. Also Read | Oil prices fall after three-day rally,GR Infraprojects,The company has concluded the development of the Purvanchal Expressway (Package-VII) from Mojrapur to Bijaura in Uttar Pradesh on an EPC basis. The Independent Engineer issued the completion certificate on June 28 and declared the project fit for entry into commercial operation with effect from March 7, 2022. Also Read | Tesla and SpaceX CEO Elon Musk's most controversial and offbeat moments,Wonderla Holidays,Wonderla Holidays Limited has signed an agreement with the Government of Odisha for leasing land of around 50 acres for the development of an amusement park project in Kumarbasta Village, Khorda District, Bhubaneswar, Odisha. Also Read | Strategic succession: Why Akash Ambani is named Jio chairman,MTAR Technologies,Investor Fabmohur Advisors LLP offloaded 61,855 equity shares of a 0.2% stake in the company through open market transactions on June 28. With this, its stake in the company stands reduced at 0.79%, down from 0.99% earlier. Also Read | What penalty Ernst And Young is facing over cheating on ethics tests,Bharat Road Network,The company has received Rs 94.11 crore from the purchaser for its equity exposure of Rs 112.16 crore in Shree Jagannath Expressways Private Limited (SJEPL), an associate of the company, after the closing transaction by selling an entire 40% stake owned in SJEPL. Indian Highway Concessions Trust acting through its investment manager is the purchaser.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Trending stocks,Trending stocks June 30, Stock market, Sensex, Business News, Nifty,JSW Steel,Biocon Limited,NSE, BSE, Share market,Odisha,AREREPL,Sajjan Jindal,HDFC Bank,HDFC,Bharat Road Network, MTAR Technologies, Wonderla Holidays, GR Infraprojects,Min","originalPublishedOn":"2022-06-30T01:30:00+00:00"}},{"node":{"id":"neXFxu9TUbox","slug":"english/indian-assistance-not-charitable-donations-in-lanka-crisis-wickremesinghe","title":"Indian assistance, not 'charitable donations' in Lanka crisis: Wickremesinghe","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-22T08:54:05.263222+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1655888044.328091, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"Colombo, Jun 22 (PTI) Sri Lanka's Prime Minister Ranil Wickremesinghe on Wednesday told Parliament that financial assistance provided by India are not \\\"charitable donations\\\" and the island nation facing severe economic crisis must have a plan to repay these loans.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Sri Lanka has been facing the worst economic crisis since independence in 1948 which has prompted an acute shortage of essential items like food, medicine, cooking gas and fuel across the island nation.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\u201cWe have taken loans amounting to USD 4 billion under the Indian credit line. We have requested more loan assistance from our Indian counterparts. But even India will not be able to continuously support us in this manner. Even their assistance has its limits. On the other hand, we too must have a plan to repay these loans. These are not charitable donations,\\u201d Wickremesinghe told Parliament in an update on the government\\u2019s mitigation measures taken so far.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" He announced that a team of high ranking officials from Reserve Bank of India (RBI) is due to arrive in Colombo on Thursday to assess the local economic conditions.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Wickremesinghe said Sri Lanka is now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\u201cOur economy has faced a complete collapse. That is the most serious issue before us today. These issues can only be resolved through the reviving of the Sri Lankan economy. In order to do this, we must first resolve the foreign reserves crisis faced by us,\\u201d he said. He said it is no easy task to revive a country with \\u201ca completely collapsed economy, especially one that is dangerously low on foreign reserves\\u201d.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" For Sri Lanka, the only safe option now is to hold discussions with the International Monetary Fund, he said. \\u201cIn fact, this is our only option. We must take this path. Our aim is to hold discussions with the IMF and arrive at an agreement to obtain an additional credit facility.\\\" \\t The nearly-bankrupt country, with an acute foreign currency crisis that resulted in foreign debt default, had announced in April that it is suspending nearly USD 7 billion foreign debt repayment due for this year out of about USD 25 billion due through 2026. Sri Lanka's total foreign debt stands at USD 51 billion.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Indian credit lines since January this year have provided a lifeline to Sri Lanka amidst growing public dissent over the worsening economic conditions.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Wickremesinghe said next Monday, a team of representatives from the US Department of the Treasury will also arrive in Sri Lanka. \\u201cWe intend to enter into an official level agreement with the IMF by the end of July.\\u201d \\t As Wickremesinghe was making his statement, a media report from New York said Hamilton Reserve Bank, a US bank, has filed action against Sri Lanka for defaulting on a billion dollar sovereign bond maturing next month.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" It has alleged that the ruling Rajapaksa clan had orchestrated the default, who have been accused of mass scale corruption.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" It alleged that the Rajapaksa family had amassed a multi billion dollar fortune and hidden it in bank accounts in Dubai, Seychelles and St.Martin. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"SriLanka","slug":"srilanka","id":"mjdE0zWttiL5"},{"name":"Parliament","slug":"parliament","id":"f1AaZo7fTdEO"},{"name":"RanilWickremesinghe","slug":"ranilwickremesinghe","id":"vZj6FLdd7Pxy"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Colombo","slug":"colombo","id":"4bevH8u07YVw"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-22T08:54:05.263228+00:00","publisher":3,"sourceFeed":"2206202222FGN24","cleanText":"Colombo, Jun 22 (PTI) Sri Lanka's Prime Minister Ranil Wickremesinghe on Wednesday told Parliament that financial assistance provided by India are not charitable donations and the island nation facing severe economic crisis must have a plan to repay these loans. Sri Lanka has been facing the worst economic crisis since independence in 1948 which has prompted an acute shortage of essential items like food, medicine, cooking gas and fuel across the island nation. “We have taken loans amounting to USD 4 billion under the Indian credit line. We have requested more loan assistance from our Indian counterparts. But even India will not be able to continuously support us in this manner. Even their assistance has its limits. On the other hand, we too must have a plan to repay these loans. These are not charitable donations,” Wickremesinghe told Parliament in an update on the government’s mitigation measures taken so far. He announced that a team of high ranking officials from Reserve Bank of India (RBI) is due to arrive in Colombo on Thursday to assess the local economic conditions. Wickremesinghe said Sri Lanka is now facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food. “Our economy has faced a complete collapse. That is the most serious issue before us today. These issues can only be resolved through the reviving of the Sri Lankan economy. In order to do this, we must first resolve the foreign reserves crisis faced by us,” he said. He said it is no easy task to revive a country with “a completely collapsed economy, especially one that is dangerously low on foreign reserves”. For Sri Lanka, the only safe option now is to hold discussions with the International Monetary Fund, he said. “In fact, this is our only option. We must take this path. Our aim is to hold discussions with the IMF and arrive at an agreement to obtain an additional credit facility. The nearly-bankrupt country, with an acute foreign currency crisis that resulted in foreign debt default, had announced in April that it is suspending nearly USD 7 billion foreign debt repayment due for this year out of about USD 25 billion due through 2026. Sri Lanka's total foreign debt stands at USD 51 billion. The Indian credit lines since January this year have provided a lifeline to Sri Lanka amidst growing public dissent over the worsening economic conditions. Wickremesinghe said next Monday, a team of representatives from the US Department of the Treasury will also arrive in Sri Lanka. “We intend to enter into an official level agreement with the IMF by the end of July.” As Wickremesinghe was making his statement, a media report from New York said Hamilton Reserve Bank, a US bank, has filed action against Sri Lanka for defaulting on a billion dollar sovereign bond maturing next month. It has alleged that the ruling Rajapaksa clan had orchestrated the default, who have been accused of mass scale corruption. It alleged that the Rajapaksa family had amassed a multi billion dollar fortune and hidden it in bank accounts in Dubai, Seychelles and St.Martin.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Indian,Sri Lanka,Sri Lanka's,Parliament,Wickremesinghe,Ranil Wickremesinghe,Reserve Bank of India,Colombo,the International Monetary Fund,the US Department","originalPublishedOn":"2022-06-22T08:54:04.350030+00:00"}},{"node":{"id":"dG61qC5VmQcS","slug":"english/india-inflation-down-by-075-what-it-means-for-consumers","title":"India inflation down by 0.75%: What it means for consumers","postType":1,"coverMedia":"/opoyi_Oz1RO2OSy.jpg","coverCaption":"Higher inflation reduces the value of one's portfolio and certain debt instruments may provide returns that are lower than inflation. (Photo Credit: Representative Image/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-15T07:54:36.629540+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eInflation in India fell to 7.04% in May from 7.79% in April\u003c/li\u003e\n \u003cli\u003eInflation has stayed over the RBI's 6% upper tolerance limit\u003c/li\u003e\n \u003cli\u003eThe central bank is expected to hike interest rates in August and October\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1655279676897,\\\"strCount\\\":2694,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/english/retail-inflation-falls-to-704-in-may-from-8-year-high-of-779-in-april\\\\\\\"\u003eRetail inflation in India fell to 7.04%\u003c/a\u003e in May, from an eight-year high of 7.79% in April. Despite a 0.75 percentage point decline in the consumer price index, the indices for 'food and beverages,' 'clothes and footwear,' 'housing,' and 'fuel and light' all increased from April.\u0026nbsp;\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/wall-street-enters-bear-market-what-does-it-mean-for-investors\\\\\\\"\u003eWall Street enters bear market: What does it mean for investors\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For the fifth month in a row, inflation has stayed over the RBI's 6% upper tolerance limit. Furthermore, soaring global crude oil prices, along with rupee depreciation, may exacerbate inflation concerns. The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e forecast last week that inflation would stay at 6.7%, above its mandatory band for the rest of the year.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/everything-thats-high-snoop-dogg-his-blunt-rollers-salary-and-inflation\\\\\\\"\u003eEverything that's high: Snoop Dogg, his blunt roller's salary and inflation\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The central bank is expected to hike interest rates at bi-monthly monetary policy review meetings again in August and October, according to economists. In the previous two months, the RBI has raised interest rates by 0.9 percentage points.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-russia-ukraine-war-is-behind-highest-us-inflation-spike-since-1981\\\\\\\"\u003eHow Russia-Ukraine war is behind highest US inflation spike since 1981\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Higher inflation reduces the value of one's portfolio and certain debt instruments may provide returns that are lower than inflation. The cost of products and services soars, putting a strain on household budgets. Loans will also become more expensive and the equity markets may stay volatile owing to interest rate hikes by the central bank to fight inflation.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-us-inflation-is-going-up-and-when-will-it-calm-down\\\\\\\"\u003eWhy US inflation is going up and when will it come down\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For example, after a year, the value of Rs 1 lakh is reduced to Rs 93,423 at an inflation rate of 7.04%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/5-reasons-why-indian-rupee-had-a-great-fall\\\\\\\"\u003e5 reasons why Indian rupee had a great fall\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Investors need to keep inflation in mind while developing a strategy for their portfolios and look for investments that can provide long-term returns that outperform inflation. The key is to have the correct equity and debt allocation based on risk profile and goals. Analysts suggest SIPs to ride out the volatility.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ShareMarket","slug":"sharemarket","id":"PkCsd9oT2rCN"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-15T07:54:35.853973+00:00","publisher":0,"sourceFeed":null,"cleanText":"Retail inflation in India fell to 7.04% in May, from an eight-year high of 7.79% in April. Despite a 0.75 percentage point decline in the consumer price index, the indices for 'food and beverages,' 'clothes and footwear,' 'housing,' and 'fuel and light' all increased from April. ,Also Read| Wall Street enters bear market: What does it mean for investors,For the fifth month in a row, inflation has stayed over the RBI's 6% upper tolerance limit. Furthermore, soaring global crude oil prices, along with rupee depreciation, may exacerbate inflation concerns. The RBI forecast last week that inflation would stay at 6.7%, above its mandatory band for the rest of the year. ,Also Read| Everything that's high: Snoop Dogg, his blunt roller's salary and inflation,The central bank is expected to hike interest rates at bi-monthly monetary policy review meetings again in August and October, according to economists. In the previous two months, the RBI has raised interest rates by 0.9 percentage points. Also Read| How Russia-Ukraine war is behind highest US inflation spike since 1981,Higher inflation reduces the value of one's portfolio and certain debt instruments may provide returns that are lower than inflation. The cost of products and services soars, putting a strain on household budgets. Loans will also become more expensive and the equity markets may stay volatile owing to interest rate hikes by the central bank to fight inflation. Also Read| Why US inflation is going up and when will it come down,For example, after a year, the value of Rs 1 lakh is reduced to Rs 93,423 at an inflation rate of 7.04%. Also Read| 5 reasons why Indian rupee had a great fall,Investors need to keep inflation in mind while developing a strategy for their portfolios and look for investments that can provide long-term returns that outperform inflation. The key is to have the correct equity and debt allocation based on risk profile and goals. Analysts suggest SIPs to ride out the volatility.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"RBI,India","originalPublishedOn":"2022-06-15T07:54:35.853964+00:00"}},{"node":{"id":"hD8O4r6jkpFS","slug":"english/how-inflation-affects-rbis-interest-rate-policy","title":"How inflation affects RBI’s interest rate policy","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_ajGKWZewU.jpg","coverCaption":"Interest rates will be raised later this year if concerns persist and there are no major shocks to the economy. (Photo Credit: Representational Image/ Unsplash)","reactionStats":"{\"sad_count\": 0, \"like_count\": 2.0, \"angry_count\": 0, \"laugh_count\": 0, \"heartbreak_count\": 0}","updatedOn":"2022-06-08T11:29:35.513069+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eMPC is expected to modify its rate stance to 'neutral' in June\u003c/li\u003e\n \u003cli\u003eThe inflation forecast for FY23 was lifted from 4.5% to 5.7% recently\u003c/li\u003e\n \u003cli\u003eInflation that remains consistently high is quite concerning\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":2,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654687774428,\\\"strCount\\\":4145,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Over the last few months, \u003ca href=\\\\\\\"https://opoyi.com/topic/inflation\\\\\\\"\u003einflation\u003c/a\u003e has been a serious concern. The March CPI inflation rate was 6.95%, which was a 17-month high. The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank of India\u003c/a\u003e has been keeping an eye on inflation as well.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance\\\\\\\"\u003eExplained: Difference between RBI’s accommodative, neutral \u0026amp; hawkish stance\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Its surprise statement, released yesterday, indicated a shift in focus away from boosting the economy and toward managing inflation risks.\u0026nbsp;\\\\n\\\\nThe benchmark\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/what-rbis-unchanged-interest-rates-mean-for-indias-covid-hit-economy\\\\\\\"\u003einterest rate\u003c/a\u003e\u0026nbsp;will be hiked by 40 basis points to 4.40% in an unscheduled policy review with a view to\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/explained-how-bitcoin-price-and-inflation-are-co-related\\\\\\\"\u003econtain inflation in the country\u003c/a\u003e.\u0026nbsp;India's cash reserve ratio (CRR) was spiked by 50 basis points and will be at 4.5% starting May 21, 2022. \u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-why-has-rbi-shifted-to-a-less-accommodative-policy\\\\\\\"\u003eExplained: Why has RBI shifted to a ‘less accommodative’ policy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbimonetarypolicy\\\\\\\"\u003eMonetary Policy Committee (MPC)\u003c/a\u003e is expected to modify its rate stance to 'neutral' in June, followed by a hike in the key policy rate (repo), the rate at which the central bank lends short-term loans to banks, according to most economists.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/united-kingdoms-inflation-rate-rises-at-highest-pace-in-three-decades\\\\\\\"\u003eUnited Kingdom's inflation rate rises at highest pace in three decades\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The inflation forecast for FY23 was lifted from 4.5% to 5.7% in the most recent policy review, indicating that inflation worries cannot be ignored by the rate-setting panel in the pursuit of growth.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/chinas-q1-gdp-grows-48-year-on-year-beating-expectations\\\\\\\"\u003eChina's Q1 GDP grows 4.8% year on year, beating expectations\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"At a press conference following the policy announcement last month, \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e Governor Shaktikanta Das agreed that the MPC's top focus right now is inflation.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“We have now put inflation before growth in the sequence of priorities,” he said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-indias-new-crypto-tax-impacts-investors\\\\\\\"\u003eHow India's new crypto tax impacts investors\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The rate of inflation in April and May will be critical. Interest rates will be raised later this year if concerns persist and there are no major shocks to the economy.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Inflation that remains consistently high is quite concerning in an economy since it disproportionately affects low-income individuals.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sugar-stocks-rush-why-indian-investors-are-high-on-ethanol\\\\\\\"\u003eSugar stocks rush: Why Indian investors are high on ethanol\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In other words, rising inflation robs the poor of the benefits of economic recovery. As a result, policymakers can no longer ignore persistently rising prices.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-crypto-donations-are-skyrocketing-worldwide-explained\\\\\\\"\u003eWhy crypto donations are skyrocketing worldwide: Explained\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Accounting for the available high-frequency prices and today’s data, we are now tracking April CPI at around 7.1% on-year, which will continue to keep the inflationary concerns intact in the RBI’s mind, going into the June policy meeting,” according to the Barclays note.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-keeps-lending-rates-unchanged-what-are-repo-and-reverse-repo-rates\\\\\\\"\u003eRBI keeps lending rates unchanged: What are repo and reverse repo rates?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"To summarise, the RBI is currently up against the rising inflation.\u0026nbsp; That indicates the period of ultra-accommodative monetary policy is finished, and more rate hikes are on the way. The only question is when and how it will happen.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"CPI","slug":"cpi","id":"PGyZ0vgnVF4L"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"barclays","slug":"barclays","id":"aFml5jUIYuwc"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T11:29:34.084076+00:00","publisher":0,"sourceFeed":null,"cleanText":"Over the last few months, inflation has been a serious concern. The March CPI inflation rate was 6.95%, which was a 17-month high. The Reserve Bank of India has been keeping an eye on inflation as well. ,Also Read| Explained: Difference between RBI’s accommodative, neutral \u0026 hawkish stance,Its surprise statement, released yesterday, indicated a shift in focus away from boosting the economy and toward managing inflation risks. The benchmark interest rate will be hiked by 40 basis points to 4.40% in an unscheduled policy review with a view to contain inflation in the country. India's cash reserve ratio (CRR) was spiked by 50 basis points and will be at 4.5% starting May 21, 2022. ,Also Read| Explained: Why has RBI shifted to a ‘less accommodative’ policy,The Monetary Policy Committee (MPC) is expected to modify its rate stance to 'neutral' in June, followed by a hike in the key policy rate (repo), the rate at which the central bank lends short-term loans to banks, according to most economists. ,Also Read| United Kingdom's inflation rate rises at highest pace in three decades,The inflation forecast for FY23 was lifted from 4.5% to 5.7% in the most recent policy review, indicating that inflation worries cannot be ignored by the rate-setting panel in the pursuit of growth. ,Also Read| China's Q1 GDP grows 4.8% year on year, beating expectations,At a press conference following the policy announcement last month, RBI Governor Shaktikanta Das agreed that the MPC's top focus right now is inflation. “We have now put inflation before growth in the sequence of priorities,” he said. Also Read| How India's new crypto tax impacts investors,The rate of inflation in April and May will be critical. Interest rates will be raised later this year if concerns persist and there are no major shocks to the economy. ,Inflation that remains consistently high is quite concerning in an economy since it disproportionately affects low-income individuals. ,Also Read| Sugar stocks rush: Why Indian investors are high on ethanol,In other words, rising inflation robs the poor of the benefits of economic recovery. As a result, policymakers can no longer ignore persistently rising prices. Also Read| Why crypto donations are skyrocketing worldwide: Explained,“Accounting for the available high-frequency prices and today’s data, we are now tracking April CPI at around 7.1% on-year, which will continue to keep the inflationary concerns intact in the RBI’s mind, going into the June policy meeting,” according to the Barclays note. Also Read| RBI keeps lending rates unchanged: What are repo and reverse repo rates?,To summarise, the RBI is currently up against the rising inflation. That indicates the period of ultra-accommodative monetary policy is finished, and more rate hikes are on the way. The only question is when and how it will happen.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"RBI,The Reserve Bank of India,MPC,Barclays,Shaktikanta Das","originalPublishedOn":"2022-04-19T08:30:14.621111+00:00"}},{"node":{"id":"vC7qecLs18A3","slug":"english/monetary-fiscal-authorities-taking-steps-to-moderate-inflation-push-growth-dea-secy","title":"Monetary, fiscal authorities taking steps to moderate inflation, push growth: DEA Secy","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T08:24:04.983976+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1654676644.471053, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" New Delhi, Jun 8 (PTI) Monetary and fiscal authorities are taking steps to moderate inflation and push growth, Department of Economic Affairs Secretary Ajay Seth said on Wednesday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" His comments came in the backdrop of Reserve Bank of India (RBI) hiking key interest rate by 50 basis points to tame inflation. The central bank also upped inflation projection to 6.7 per cent while maintaining growth estimate at 7.2 per cent for the current fiscal.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"There are domestic challenges and larger ones are there in the global scenario. Whatever it takes for monetary and fiscal authorities, those actions are being taken. We (are working) to moderate the inflation (and) at the same time keep the growth efforts as earlier,\\\" Seth told reporters.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" He was responding to questions on RBI decision on the interest rate front.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Seth said that apart from growth and inflation, the authorities are also working on management of rupee and keeping fiscal balance. Both monetary and fiscal authorities are working towards that goal, he added.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"There cannot be any copy book solution. As new information emerge, they are analysed and whatever it takes to meet those challenges those measures will be taken,\\\" he added. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T08:24:04.983981+00:00","publisher":3,"sourceFeed":"0806202208DEL55","cleanText":"New Delhi, Jun 8 (PTI) Monetary and fiscal authorities are taking steps to moderate inflation and push growth, Department of Economic Affairs Secretary Ajay Seth said on Wednesday. His comments came in the backdrop of Reserve Bank of India (RBI) hiking key interest rate by 50 basis points to tame inflation. The central bank also upped inflation projection to 6.7 per cent while maintaining growth estimate at 7.2 per cent for the current fiscal. There are domestic challenges and larger ones are there in the global scenario. Whatever it takes for monetary and fiscal authorities, those actions are being taken. We (are working) to moderate the inflation (and) at the same time keep the growth efforts as earlier, Seth told reporters. He was responding to questions on RBI decision on the interest rate front. Seth said that apart from growth and inflation, the authorities are also working on management of rupee and keeping fiscal balance. Both monetary and fiscal authorities are working towards that goal, he added. There cannot be any copy book solution. As new information emerge, they are analysed and whatever it takes to meet those challenges those measures will be taken, he added.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"New Delhi,Department of Economic Affairs,Ajay Seth,Reserve Bank of India,Seth","originalPublishedOn":"2022-06-08T08:24:04.492376+00:00"}},{"node":{"id":"uLXSQzJR2dy7","slug":"english/indias-central-bank-raises-interest-rate-to-fight-inflation","title":"India's central bank raises interest rate to fight inflation","postType":1,"coverMedia":"/India_Economy_90842_mGvzTy8Qx.jpg","coverCaption":"FILE- A security guard stands at the entrance of the Reserve Bank of India in Mumbai, India, Oct. 4, 2019.India’s central bank on Wednesday raised its key interest rate to 4.9% from 4.4%, a second such hike in the last three weeks aimed at containing fast","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T08:09:19.309102+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1654675754.826807, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"NEW DELHI (AP) — India’s central bank on Wednesday raised its key interest rate to 4.9% from 4.4%, the second such hike in the last three weeks to contain inflation. \"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Reserve Bank of India Governor Shaktikanta Das said the decision was aimed at curbing price increases and mitigating the impact of geopolitical tensions, like the war in Ukraine.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"“Upside risks to inflation … materialized earlier than expected,\\\" Das said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Wednesday’s increase follows a 40 basis points rise in May.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The central bank raised its inflation projection for 2022-23 to 6.7% from 5.7% and kept its forecast for growth this year at 7.2%.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The war in Ukraine is giving rise to \\\"newer challenges each passing day which is accentuating the existing supply chain disruptions. As a result, food, energy and commodity prices remain elevated,” Das said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The price spikes have impacted consumer spending, which accelerated to an eight-year high of nearly 7.8% in April, according to official data.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"India’s economy expanded at a 4.1% annual pace in the January-March quarter, following 5.4% growth in the previous quarter. Overall, the economy grew 8.7% in the 2021-22 financial year, slower than the 8.9% estimated by the government.\"}}]}","relatedPosts":null,"location":{"name":"New Delhi,India"},"createdBy":{"name":"AP","photo":"https://ik.imagekit.io/o8plo3y5if/AP-200x200_TbSS3S6KN.jpeg","username":"associatedpress","id":"8dFR8PhLJl4s","role":null},"topics":[{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T08:09:19.309107+00:00","publisher":3,"sourceFeed":"1da98a9a4c5510","cleanText":"NEW DELHI (AP) — India’s central bank on Wednesday raised its key interest rate to 4.9% from 4.4%, the second such hike in the last three weeks to contain inflation. Reserve Bank of India Governor Shaktikanta Das said the decision was aimed at curbing price increases and mitigating the impact of geopolitical tensions, like the war in Ukraine.“Upside risks to inflation … materialized earlier than expected, Das said.Wednesday’s increase follows a 40 basis points rise in May.The central bank raised its inflation projection for 2022-23 to 6.7% from 5.7% and kept its forecast for growth this year at 7.2%.The war in Ukraine is giving rise to newer challenges each passing day which is accentuating the existing supply chain disruptions. As a result, food, energy and commodity prices remain elevated,” Das said.The price spikes have impacted consumer spending, which accelerated to an eight-year high of nearly 7.8% in April, according to official data.India’s economy expanded at a 4.1% annual pace in the January-March quarter, following 5.4% growth in the previous quarter. Overall, the economy grew 8.7% in the 2021-22 financial year, slower than the 8.9% estimated by the government.","portalUser":{"id":"8dFR8PhLJl4s","name":"AP","username":"associatedpress","photo":"https://ik.imagekit.io/o8plo3y5if/AP-200x200_TbSS3S6KN.jpeg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6519","longitude":"77.2315","name":"New Delhi,India","city":"Delhi"},"keywords":"India,Ukraine,Das,NEW DELHI,Reserve Bank of India,Shaktikanta Das","originalPublishedOn":"2022-06-08T08:09:18.583993+00:00"}},{"node":{"id":"8r0VWvkq0O0r","slug":"english/stock-market-midday-report-sensex-down-155-points-nifty-around-16380","title":"Stock market midday report: Sensex down 155 points, Nifty around 16,380","postType":1,"coverMedia":"/opoyi_tMpGmCQM8aS.jpg","coverCaption":"Sensex is down 155 points while Nifty is down 31.55 points on Wednesday. (Photo credit: Representational/Unsplash)","reactionStats":"{\"sad_count\": 0, \"like_count\": 1.0, \"angry_count\": 0, \"laugh_count\": 0, \"heartbreak_count\": 0}","updatedOn":"2022-06-08T08:03:54.887374+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eSensex is currently trading at 54,951.80, down by 155 points or 0.28%\u003c/li\u003e\n \u003cli\u003eNifty is currently trading at 16,384.80, down 31.55 points or 0.19%\u003c/li\u003e\n \u003cli\u003eAsian markets were trading mostly in green on Wednesday\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":1,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654675434371,\\\"strCount\\\":3870,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The stock market was trading flat in the midday session, after the RBI's 50 basis point rate rise. The action is anticipated to combat inflation that has risen over the acceptable threshold.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-raises-inflation-projections-above-6\\\\\\\"\u003eRBI MPC meet: Central bank raises inflation projections above 6%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e maintained its real GDP growth forecast for the current fiscal year at 7.2%, citing improved urban demand and a steady recovery in rural \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e. This was the second consecutive increase this year, and it was in line with market forecasts.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-real-gdp-growth-projections-for-fy-2022-2023-retained-at-72\\\\\\\"\u003eRBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/asian\\\\\\\"\u003eAsian\u003c/a\u003e markets were trading mostly in green with Hang Seng increasing 418.71 points or 1.94% to 21,950.38, Taiwan Weighted strengthened 157.63 points or 0.95% to 16,670.51, Jakarta Composite soared 30.84 points or 0.43% to 7,171.89, Nikkei 225 surged 290.34 points or 1.04% to 28,234.29 and Shanghai Composite was up by 7.22 points or 0.22% to 3,248.98.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-10-highlights-from-shaktikanta-das-speech\\\\\\\"\u003eRBI MPC meet: 10 highlights from Shaktikanta Das' speech\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Sensex is currently trading at 54,951.80, down by 155 points or 0.28% after trading in a range of 54,683.30 and 55,423.97. There were 15 stocks advancing against 15 stocks declining on the index.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-proposes-linking-credit-cards-to-upi-payments\\\\\\\"\u003eRBI MPC meet: Central bank proposes linking credit cards to UPI payments\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The broader indices were trading in green with the BSE Mid cap index rising 0.39%, while the Small cap index was up by 0.30%. The top gaining sectoral indices on the BSE were Realty up by 2.16%, Metal up by 1.02%, PSU up by 0.96%, Bankex up by 0.90% and Basic Materials was up by 0.69%, while FMCG was down by 0.43%, Telecom down by 0.10%, \u003ca href=\\\\\\\"https://opoyi.com/topic/healthcare\\\\\\\"\u003eHealthcare\u003c/a\u003e down by 0.03% and Energy was down by 0.02% were the top losing indices on BSE.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-hikes-policy-repo-rate-by-50-basis-points-to-490\\\\\\\"\u003eRBI MPC meet: Central bank hikes policy repo rate by 50 basis points to 4.90%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The top gainers on the Sensex were SBI up by 2.13%, Bajaj Finance up by 1.79%, Bajaj Finserv up by 1.57%, Tata Steel up by 1.49% and TCS was up by 1.28%. On the flip side, Bharti Airtel was down by 1.25%, Reliance Industries down by 0.88%, ITC down by 0.69%, Hindustan Unilever down by 0.46% and \u003ca href=\\\\\\\"https://opoyi.com/topic/nestle\\\\\\\"\u003eNestle\u003c/a\u003e was down by 0.38% were the top losers.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100\\\\\\\"\u003eRBI MPC meet: Co-operative banks' housing loan limits hiked by 100%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Nifty is currently trading at 16,384.80, down 31.55 points or 0.19% after trading in a range of 16,293.35 and 16,514.30. There were 27 stocks advancing against 23 stocks declining on the index.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate\\\\\\\"\u003eRBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The top gainers on Nifty were SBI up by 2.14%, Bajaj Finance up by 1.74%, Grasim Industries up by 1.65%, Hero MotoCorp up by 1.56% and JSW Steel was up by 1.53%. On the flip side, Bharti Airtel was down by 1.19%, Cipla down by 1.17%, UPL down by 0.96%, Reliance Industries down by 0.93% and ITC was down by 0.73% were the top losers.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"MidDayReport","slug":"middayreport","id":"ewxf68ujqEy0"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"BSE","slug":"bse","id":"2seBd7Lyb8z6"},{"name":"NSE","slug":"nse","id":"74WQDLQfPQDQ"},{"name":"Nifty","slug":"nifty","id":"2JvkXElbbqnQ"},{"name":"Sensex","slug":"sensex","id":"MhfKMlGWFTBF"},{"name":"ShareMarket","slug":"sharemarket","id":"PkCsd9oT2rCN"},{"name":"Asian","slug":"asian","id":"nmNTdCK1480o"},{"name":"HeroMotoCorp","slug":"heromotocorp","id":"NCS1zGP2uR7a"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Nestle","slug":"nestle","id":"XdSP1y035Mw0"},{"name":"TataSteel","slug":"tatasteel","id":"fwaz5zdvBeK4"},{"name":"HealthCare","slug":"healthcare","id":"OHM8LeWpwll6"},{"name":"Bhartiairtel","slug":"bhartiairtel","id":"YOuNxy4DtOwC"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"Health","slug":"health","id":"2pSwu97y4loa"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T08:03:53.922283+00:00","publisher":0,"sourceFeed":null,"cleanText":"The stock market was trading flat in the midday session, after the RBI's 50 basis point rate rise. The action is anticipated to combat inflation that has risen over the acceptable threshold. Also Read| RBI MPC meet: Central bank raises inflation projections above 6%,The RBI maintained its real GDP growth forecast for the current fiscal year at 7.2%, citing improved urban demand and a steady recovery in rural India. This was the second consecutive increase this year, and it was in line with market forecasts. Also Read| RBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%,Asian markets were trading mostly in green with Hang Seng increasing 418.71 points or 1.94% to 21,950.38, Taiwan Weighted strengthened 157.63 points or 0.95% to 16,670.51, Jakarta Composite soared 30.84 points or 0.43% to 7,171.89, Nikkei 225 surged 290.34 points or 1.04% to 28,234.29 and Shanghai Composite was up by 7.22 points or 0.22% to 3,248.98. Also Read| RBI MPC meet: 10 highlights from Shaktikanta Das' speech,Sensex is currently trading at 54,951.80, down by 155 points or 0.28% after trading in a range of 54,683.30 and 55,423.97. There were 15 stocks advancing against 15 stocks declining on the index. Also Read| RBI MPC meet: Central bank proposes linking credit cards to UPI payments,The broader indices were trading in green with the BSE Mid cap index rising 0.39%, while the Small cap index was up by 0.30%. The top gaining sectoral indices on the BSE were Realty up by 2.16%, Metal up by 1.02%, PSU up by 0.96%, Bankex up by 0.90% and Basic Materials was up by 0.69%, while FMCG was down by 0.43%, Telecom down by 0.10%, Healthcare down by 0.03% and Energy was down by 0.02% were the top losing indices on BSE. Also Read| RBI MPC meet: Central bank hikes policy repo rate by 50 basis points to 4.90%,The top gainers on the Sensex were SBI up by 2.13%, Bajaj Finance up by 1.79%, Bajaj Finserv up by 1.57%, Tata Steel up by 1.49% and TCS was up by 1.28%. On the flip side, Bharti Airtel was down by 1.25%, Reliance Industries down by 0.88%, ITC down by 0.69%, Hindustan Unilever down by 0.46% and Nestle was down by 0.38% were the top losers. Also Read| RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%,Nifty is currently trading at 16,384.80, down 31.55 points or 0.19% after trading in a range of 16,293.35 and 16,514.30. There were 27 stocks advancing against 23 stocks declining on the index. Also Read| RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate,The top gainers on Nifty were SBI up by 2.14%, Bajaj Finance up by 1.74%, Grasim Industries up by 1.65%, Hero MotoCorp up by 1.56% and JSW Steel was up by 1.53%. On the flip side, Bharti Airtel was down by 1.19%, Cipla down by 1.17%, UPL down by 0.96%, Reliance Industries down by 0.93% and ITC was down by 0.73% were the top losers.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"RBI,Bajaj Finance,Bharti Airtel,Reliance Industries,India,Asian,Hang Seng,Taiwan Weighted,Jakarta Composite,Nikkei 225,Bankex,Healthcare,Bajaj Finserv,Tata Steel,Hindustan Unilever","originalPublishedOn":"2022-06-08T08:03:53.922268+00:00"}},{"node":{"id":"UAlAWX3InQF0","slug":"english/emis-to-rise-as-reserve-bank-hikes-repo-rate-by-50-bps-2nd-increase-in-5-weeks","title":"EMIs to rise as Reserve Bank hikes repo rate by 50 bps; 2nd increase in 5 weeks","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T07:27:06.845207+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1654673226.035454, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, Jun 8 (PTI) Home, auto and other loan EMIs will rise after Reserve Bank of India on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in rise in prices that it saw continuing to hurt consumers in the near term.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" With inflation persistently hovering above the upper tolerance limit of 6 per cent, the RBI's six-member rate-setting panel voted unanimously to raise the lending rate of the repurchase (repo) rate by 50 basis points to 4.90 per cent, Governor Shaktikanta Das said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Standing Deposit Facility rate and the Marginal Standing Facility Rate were accordingly adjusted higher by the same quantum to 4.65 per cent and 5.15 per cent, respectively.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The increase follows a 40 bps rise in early May at an unscheduled meeting that kicked off the central bank's tightening cycle.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" To balance the inflation-growth dynamics, Das said RBI will remain focused on the withdrawal of accommodation as system liquidity continues to be high. Withdrawal of accommodation will be done in a way that growth will continue to get adequate support.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Monetary Policy Committee (MPC) raised its inflation forecast for the current fiscal (April 2022 to March 2023) to 6.7 per cent from April prediction of 5.7 per cent but retained its economic growth projection at 7.2 per cent.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"Inflation has steeply increased beyond the upper tolerance level,\\\" Das said announcing the policy decisions. \\\"Upside risks to inflation as highlighted in last policy meetings have materialised earlier than expected.\\\" \\t Food, energy and commodity prices remain elevated.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" It also suggests that most of the excess inflation is due to global/supply-side factors.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Inflation will likely remain above RBI's upper tolerance band until December, he said, adding that 75 per cent of the increase in inflation forecast is on account of a spike in food prices which are due to war in Ukraine.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The rate hike on May 4 and on Wednesday comes after 11 consecutive times of the RBI holding interest rate at a record low of 4 per cent.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Das mentioned that even after the hikes, the policy rate is below the pre-pandemic level of 5.15 per cent.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI cut the repo rate by 250 basis points since February 2019 to help revive the growth momentum. This included a 115 bps cut between March 2020 and May 2020 to soften the blow from the COVID crisis.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Inflation has been above RBI's target range of 2-6 per cent since the beginning of the year. With the ongoing Ukraine war and the COVID issues in China, the supply chain disruptions continue to affect global inflation. Retail inflation in April accelerated to 7.79 per cent from a year earlier.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"We believe that more rate hikes are likely in the next 2-3 policy meetings given that RBI has revised its headline inflation forecast sharply upwards,\\\" said Suman Chowdhury, Chief Analytical Officer, Acuit\\u00e9 Ratings \u0026 Research.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"However, the extent of the subsequent hikes will depend on the inflation print over the next few months, the performance of the monsoon and its impact on the food prices as also on the effectiveness of the price control measures taken by the government.\\\" \\t The war in Europe is accentuating the existing supply chain disruptions, resulting in elevated food, energy and commodity prices. \\\"The war has led to globalisation of inflation,\\\" he said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI will continue to be proactive and decisive in mitigating the fallout of the ongoing geopolitical crisis on the Indian economy.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Das said the excise duty cuts on petrol and diesel on May 21 had shown a significant moderation in their inflation expectations and a further reduction of state VATs across the country can contribute to softening of the inflationary pressures as well as expectations.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"Our actions today will impart further credibility to our medium-term inflation target, which is the central tenet of a flexible inflation targeting framework,\\\" Das said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Other measures announced by RBI on Wednesday include raising of limit for individual housing loans by Urban Cooperative Banks (UCBs) and Rural Cooperative Banks (RCBs) by over 100 per cent.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RCBs have also been allowed to extend loans to residential housing projects.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Besides, UCBs have been permitted to extend doorstep banking services to their customers.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The limit for e-mandate on cards for recurring payments like subscriptions, insurance premia and education fees has been enhanced from Rs 5,000 to Rs 15,000 per transaction.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Rupay credit cards will be linked to Unified Payments Interface (UPI) just like debit cards. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Covid","slug":"covid","id":"jtkufHpdTfkm"},{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T07:27:06.845212+00:00","publisher":3,"sourceFeed":"0806202208DEL47","cleanText":"Mumbai, Jun 8 (PTI) Home, auto and other loan EMIs will rise after Reserve Bank of India on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in rise in prices that it saw continuing to hurt consumers in the near term. With inflation persistently hovering above the upper tolerance limit of 6 per cent, the RBI's six-member rate-setting panel voted unanimously to raise the lending rate of the repurchase (repo) rate by 50 basis points to 4.90 per cent, Governor Shaktikanta Das said. The Standing Deposit Facility rate and the Marginal Standing Facility Rate were accordingly adjusted higher by the same quantum to 4.65 per cent and 5.15 per cent, respectively. The increase follows a 40 bps rise in early May at an unscheduled meeting that kicked off the central bank's tightening cycle. To balance the inflation-growth dynamics, Das said RBI will remain focused on the withdrawal of accommodation as system liquidity continues to be high. Withdrawal of accommodation will be done in a way that growth will continue to get adequate support. The Monetary Policy Committee (MPC) raised its inflation forecast for the current fiscal (April 2022 to March 2023) to 6.7 per cent from April prediction of 5.7 per cent but retained its economic growth projection at 7.2 per cent. Inflation has steeply increased beyond the upper tolerance level, Das said announcing the policy decisions. Upside risks to inflation as highlighted in last policy meetings have materialised earlier than expected. Food, energy and commodity prices remain elevated. It also suggests that most of the excess inflation is due to global/supply-side factors. Inflation will likely remain above RBI's upper tolerance band until December, he said, adding that 75 per cent of the increase in inflation forecast is on account of a spike in food prices which are due to war in Ukraine. The rate hike on May 4 and on Wednesday comes after 11 consecutive times of the RBI holding interest rate at a record low of 4 per cent. Das mentioned that even after the hikes, the policy rate is below the pre-pandemic level of 5.15 per cent. RBI cut the repo rate by 250 basis points since February 2019 to help revive the growth momentum. This included a 115 bps cut between March 2020 and May 2020 to soften the blow from the COVID crisis. Inflation has been above RBI's target range of 2-6 per cent since the beginning of the year. With the ongoing Ukraine war and the COVID issues in China, the supply chain disruptions continue to affect global inflation. Retail inflation in April accelerated to 7.79 per cent from a year earlier. We believe that more rate hikes are likely in the next 2-3 policy meetings given that RBI has revised its headline inflation forecast sharply upwards, said Suman Chowdhury, Chief Analytical Officer, Acuité Ratings \u0026 Research. However, the extent of the subsequent hikes will depend on the inflation print over the next few months, the performance of the monsoon and its impact on the food prices as also on the effectiveness of the price control measures taken by the government. The war in Europe is accentuating the existing supply chain disruptions, resulting in elevated food, energy and commodity prices. The war has led to globalisation of inflation, he said. RBI will continue to be proactive and decisive in mitigating the fallout of the ongoing geopolitical crisis on the Indian economy. Das said the excise duty cuts on petrol and diesel on May 21 had shown a significant moderation in their inflation expectations and a further reduction of state VATs across the country can contribute to softening of the inflationary pressures as well as expectations. Our actions today will impart further credibility to our medium-term inflation target, which is the central tenet of a flexible inflation targeting framework, Das said. Other measures announced by RBI on Wednesday include raising of limit for individual housing loans by Urban Cooperative Banks (UCBs) and Rural Cooperative Banks (RCBs) by over 100 per cent. RCBs have also been allowed to extend loans to residential housing projects. Besides, UCBs have been permitted to extend doorstep banking services to their customers. The limit for e-mandate on cards for recurring payments like subscriptions, insurance premia and education fees has been enhanced from Rs 5,000 to Rs 15,000 per transaction. Rupay credit cards will be linked to Unified Payments Interface (UPI) just like debit cards.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Reserve Bank,Das,RBI,COVID,Mumbai,Reserve Bank of India,Shaktikanta Das,The Standing Deposit Facility,the Marginal Standing Facility Rate,The Monetary Policy Committee","originalPublishedOn":"2022-06-08T07:27:06.050601+00:00"}},{"node":{"id":"1UITGsxvTctc","slug":"english/rbi-mpc-meet-central-bank-raises-inflation-projections-above-6","title":"RBI MPC meet: Central bank raises inflation projections above 6%","postType":1,"coverMedia":"/opoyi_pJUtx7l6z.jpg","coverCaption":"The surge in headline inflation is seen across categories. (Photo credit : twitter.com/RBI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T07:23:18.495728+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eInflation is projected at 6.7% for the current fiscal year\u003c/li\u003e\n \u003cli\u003eIn Q1 inflation is expected to be at 7.5% while 7.4% in Q2\u003c/li\u003e\n \u003cli\u003eIn Q3 inflation is seen at 6.2% before falling to 5.8% in Q4\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654672998194,\\\"strCount\\\":2835,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/english/how-inflation-affects-rbis-interest-rate-policy\\\\\\\"\u003eInflation\u003c/a\u003e is projected at 6.7% for the current fiscal year. RBI Governor \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-10-highlights-from-shaktikanta-das-speech\\\\\\\"\u003eShaktikanta Das\u003c/a\u003e said\u0026nbsp;that inflation is expected to be at 7.5% in Q1, 7.4% in Q2, 6.2% in Q3 and 5.8% in Q4. Three-fourths of the increase in inflation is attributed to the food group.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The surge in headline inflation is seen across categories. The global geopolitical situation remains fluid and commodity markets are on edge, rendering heightened uncertainties to domestic conditions.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-real-gdp-growth-projections-for-fy-2022-2023-retained-at-72\\\\\\\"\u003eRBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Upside risks to inflation remain due to commodity price hikes globally, elevated crude prices, and poultry feed and tomato prices.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the \u003ca href=\\\\\\\"https://opoyi.com/topic/indian\\\\\\\"\u003eIndian\u003c/a\u003e economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. RBI will continue to be proactive and decisive in mitigating the fallout of the \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-central-board-discusses-impact-of-geopolitical-crises-on-indian-economy\\\\\\\"\u003egeopolitical crises\u003c/a\u003e on our economy. Our steps will be measured and calibrated,\\\\\\\" said Das.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate\\\\\\\"\u003eRBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"'The ongoing war is turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-highlights\\\\\\\"\u003eRepo rate\u003c/a\u003e remains below its pre-pandemic level. Inflation is likely to remain above the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations\\\\\\\", he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100\\\\\\\"\u003eRBI MPC meet: Co-operative banks' housing loan limits hiked by 100%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Information for April-May suggests \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-governor-exhorts-banks-to-continue-process-of-capital-argumentation\\\\\\\"\u003edomestic economic recovery\u003c/a\u003e is firm.\u0026nbsp;Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March,\\\\\\\" Das said. \\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T06:53:28.442260+00:00","publisher":0,"sourceFeed":null,"cleanText":"Inflation is projected at 6.7% for the current fiscal year. RBI Governor Shaktikanta Das said that inflation is expected to be at 7.5% in Q1, 7.4% in Q2, 6.2% in Q3 and 5.8% in Q4. Three-fourths of the increase in inflation is attributed to the food group. The surge in headline inflation is seen across categories. The global geopolitical situation remains fluid and commodity markets are on edge, rendering heightened uncertainties to domestic conditions. Also read | RBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%,Upside risks to inflation remain due to commodity price hikes globally, elevated crude prices, and poultry feed and tomato prices. Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the Indian economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. RBI will continue to be proactive and decisive in mitigating the fallout of the geopolitical crises on our economy. Our steps will be measured and calibrated, said Das. Also Read | RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate,'The ongoing war is turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The Repo rate remains below its pre-pandemic level. Inflation is likely to remain above the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations, he added. Also Read | RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%,Information for April-May suggests domestic economic recovery is firm. Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March, Das said.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Indian,Das,rbi inflation","originalPublishedOn":"2022-06-08T05:02:03.021061+00:00"}},{"node":{"id":"epyTPnxqsLOs","slug":"english/rbi-mpc-meet-real-gdp-growth-projections-for-fy-2022-2023-retained-at-72","title":"RBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%","postType":1,"coverMedia":"/opoyi_BgyLSxefC.jpg","coverCaption":"RBI Governor Das said that the MPC believes inflation is likely to remain above the 6% tolerance band for at least the first three quarters of this fiscal year. (Photo Credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T07:36:13.852827+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eGDP growth for Q1 is expected at 16.2%, for Q2 at 6.2%, Q3 at 4.1% and Q4 at 4%\u003c/li\u003e\n \u003cli\u003eRBI decided to hike the Policy Repo Rate by 50 basis points to 4.9%\u003c/li\u003e\n \u003cli\u003eRBI will remain focused on bringing down inflation within the target\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654673773522,\\\"strCount\\\":3342,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Announcing the bi-monthly review of monetary policy, RBI governor Shaktikanta Das said the projection for GDP growth in 2022-2023 is retained at 7.2%. GDP growth in Q1 is expected at 16.2%, in Q2 at 6.2%, in Q3 at 4.1% and in Q4 at 4%, he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Reserve Bank of India’s \u003ca href=\\\\\\\"https://opoyi.com/english/indian-origin-academic-appointed-to-bank-of-englands-monetary-panel\\\\\\\"\u003eMonetary Policy Committee (MPC)\u003c/a\u003e decided to hike the policy \u003ca href=\\\\\\\"https://opoyi.com/english/what-is-repo-rate\\\\\\\"\u003eRepo Rate\u003c/a\u003e by 50 basis points to 4.9% in its June meeting. RBI Governor Das said MPC members voted unanimously to hike rates and to continue the withdrawal of \u003ca href=\\\\\\\"https://opoyi.com/english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance\\\\\\\"\u003eaccommodative stance\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/interest-rates-inflation-and-economy-key-announcements-from-rbi-governor-shaktikanta-das\\\\\\\"\u003eKey announcements from RBI Governor Shaktikanta Das\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The rebound in contact-intensive activities in urban areas rebounded, Das said. Business sentiments have remained high, according to early estimates, however, the global supply chain crisis remains a risk, he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"He said the MPC believes inflation is likely to remain above the 6% tolerance band for at least the first three quarters of the fiscal year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate\\\\\\\"\u003eRBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"RBI Governor Shaktikanta Das said RBI will remain focused on bringing down inflation within the target.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/topic/indian\\\\\\\"\u003eIndian\u003c/a\u003e\u0026nbsp;economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. The RBI will continue to be proactive and decisive in mitigating the fallout of the geopolitical crises on our economy. Our steps will be measured and calibrated,\\\\\\\" said Das.\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100\\\\\\\"\u003eRBI MPC meet: Co-operative banks' housing loan limits hiked by 100%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"The ongoing war turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/what-is-repo-rate\\\\\\\"\u003eRepo rate\u003c/a\u003e\u0026nbsp;remains below its pre-pandemic level. Inflation is likely to remain near the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations\\\\\\\", he added.\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-changes-in-repo-rates-and-their-impact-on-stock-market\\\\\\\"\u003eExplained: Changes in repo rates and their impact on stock market\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Information for April-May suggests domestic economic recovery is firm. Urban demand is recovering, rural demand is also improving. Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March,\\\\\\\" Das said.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"GDP","slug":"gdp","id":"sdLvX0aD0qHh"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T06:31:41.989396+00:00","publisher":0,"sourceFeed":null,"cleanText":"Announcing the bi-monthly review of monetary policy, RBI governor Shaktikanta Das said the projection for GDP growth in 2022-2023 is retained at 7.2%. GDP growth in Q1 is expected at 16.2%, in Q2 at 6.2%, in Q3 at 4.1% and in Q4 at 4%, he added. Reserve Bank of India’s Monetary Policy Committee (MPC) decided to hike the policy Repo Rate by 50 basis points to 4.9% in its June meeting. RBI Governor Das said MPC members voted unanimously to hike rates and to continue the withdrawal of accommodative stance. Also Read: Key announcements from RBI Governor Shaktikanta Das,The rebound in contact-intensive activities in urban areas rebounded, Das said. Business sentiments have remained high, according to early estimates, however, the global supply chain crisis remains a risk, he added. He said the MPC believes inflation is likely to remain above the 6% tolerance band for at least the first three quarters of the fiscal year. Also Read | RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate,RBI Governor Shaktikanta Das said RBI will remain focused on bringing down inflation within the target. Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the Indian economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. The RBI will continue to be proactive and decisive in mitigating the fallout of the geopolitical crises on our economy. Our steps will be measured and calibrated, said Das. ,Also Read | RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%,The ongoing war turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The Repo rate remains below its pre-pandemic level. Inflation is likely to remain near the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations, he added. ,Also Read | Explained: Changes in repo rates and their impact on stock market,Information for April-May suggests domestic economic recovery is firm. Urban demand is recovering, rural demand is also improving. Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March, Das said.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Das,RBI,Shaktikanta Das,Reserve Bank of India,Monetary Policy Committee,the Policy Repo Rate,Indian","originalPublishedOn":"2022-06-08T05:11:44.308349+00:00"}},{"node":{"id":"9eCvsmb6P3JB","slug":"english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate","title":"RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate","postType":1,"coverMedia":"/opoyi_BgyLSxefC.jpg","coverCaption":"The only approach to reduce home loan EMI or interest load is to keep repaying the outstanding loan amount. (Photo Credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T07:44:00.538409+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI raised the policy repo rate by 50 basis points\u003c/li\u003e\n \u003cli\u003eThe cost of financing for banks rises, when the repo rate rises\u003c/li\u003e\n \u003cli\u003eThe RBI repo rate rise has an immediate impact on retail loans like home loans\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654674240175,\\\"strCount\\\":2724,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank of India (RBI)\u003c/a\u003e raised the policy repo rate by 50 basis points, during its June MPC meeting. Previously, the Monetary Policy Committee (MPC) convened its first meeting for the fiscal year 2022-23 in April 2022 and kept the policy repo rate at 4%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate\\\\\\\"\u003eRBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"However, in May 2022, the RBI surprised market participants by raising the policy rate from 4% to 4.4% after announcing a 0.4% hike. The policy rate is 4.90% as of June 2022.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"When the repo rate rises, the cost of financing for banks rises. This is due to the repo rate, which is the interest rate at which banks borrow money from the RBI. As a result, once the RBI raises the repo rate, the borrowing costs for retail and other borrowers rise.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-real-gdp-growth-projections-for-fy-2022-2023-retained-at-72\\\\\\\"\u003eRBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Many banks have already raised their lending rates, both for new and current customers, since the previous hike in May. Many NBFCs and housing financing providers have also raised their lending rates.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-10-highlights-from-shaktikanta-das-speech\\\\\\\"\u003eRBI MPC meet: 10 highlights from Shaktikanta Das' speech\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI repo rate rise has an immediate impact on retail loans like home loans, which are tied to the bank's external benchmark. Because most banks have tied their lending rates to the RBI repo rate, the impact on borrowers is immediate.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"When the repo rate rises, so do the bank's repo rate linked lending rate (RLLR). This indicates that the borrower's home loan interest rate will rise. In fact, banks usually raise the loan duration rather than increase the EMI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-proposes-linking-credit-cards-to-upi-payments\\\\\\\"\u003eRBI MPC meet: Central bank proposes linking credit cards to UPI payments\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In contrast, MCLR loan customers may not notice the immediate impact of a repo rate increase. Even if the increase in the RBI repo rate raises the cost of funds for banks, they may only adjust the EMI or Tenure when the re-set date occurs. The re-set date of MCLR linked loans is typically 12 months, while some banks may set it at 6-month intervals.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In general, the interest rate on a flexible home loan will fluctuate. The only approach to reduce home loan EMI or interest load is to keep repaying the outstanding loan amount. \\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"Loans","slug":"loans","id":"zfEaEycqSE1k"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T06:29:41.592095+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Reserve Bank of India (RBI) raised the policy repo rate by 50 basis points, during its June MPC meeting. Previously, the Monetary Policy Committee (MPC) convened its first meeting for the fiscal year 2022-23 in April 2022 and kept the policy repo rate at 4%. Also Read| RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate,However, in May 2022, the RBI surprised market participants by raising the policy rate from 4% to 4.4% after announcing a 0.4% hike. The policy rate is 4.90% as of June 2022. When the repo rate rises, the cost of financing for banks rises. This is due to the repo rate, which is the interest rate at which banks borrow money from the RBI. As a result, once the RBI raises the repo rate, the borrowing costs for retail and other borrowers rise. Also Read| RBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%,Many banks have already raised their lending rates, both for new and current customers, since the previous hike in May. Many NBFCs and housing financing providers have also raised their lending rates. Also Read| RBI MPC meet: 10 highlights from Shaktikanta Das' speech,The RBI repo rate rise has an immediate impact on retail loans like home loans, which are tied to the bank's external benchmark. Because most banks have tied their lending rates to the RBI repo rate, the impact on borrowers is immediate. When the repo rate rises, so do the bank's repo rate linked lending rate (RLLR). This indicates that the borrower's home loan interest rate will rise. In fact, banks usually raise the loan duration rather than increase the EMI. Also Read| RBI MPC meet: Central bank proposes linking credit cards to UPI payments,In contrast, MCLR loan customers may not notice the immediate impact of a repo rate increase. Even if the increase in the RBI repo rate raises the cost of funds for banks, they may only adjust the EMI or Tenure when the re-set date occurs. The re-set date of MCLR linked loans is typically 12 months, while some banks may set it at 6-month intervals. In general, the interest rate on a flexible home loan will fluctuate. The only approach to reduce home loan EMI or interest load is to keep repaying the outstanding loan amount.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"MCLR,The Reserve Bank of India,the Monetary Policy Committee,EMI","originalPublishedOn":"2022-06-08T06:29:41.592087+00:00"}},{"node":{"id":"jTk4egaFkly8","slug":"english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100","title":"RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%","postType":1,"coverMedia":"/opoyi_AAqPbpW-s.jpg","coverCaption":"The rate-setting panel of the Central Bank opted to raise the benchmark interest rate for the second month in a row in order to contain prices. (Photo credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T06:21:49.223504+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eCap on individual home loans extended by cooperative banks has been increased by over 100%\u003c/li\u003e\n \u003cli\u003eThe limit has been raised to promote greater credit flow to the housing industry\u003c/li\u003e\n \u003cli\u003eThe yield on the benchmark 10-year bond fell by two basis points to 7.49%\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654669308725,\\\"strCount\\\":2459,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Shaktikanta Das, governor of the Reserve Bank of India (RBI), said that the cap on individual \u003ca href=\\\\\\\"https://opoyi.com/english/low-interest-home-loans\\\\\\\"\u003ehome loans\u003c/a\u003e extended by cooperative banks has been increased by over 100%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Das has proposed three initiatives for the cooperative banking industry, recognising the role of cooperative banks in achieving equitable growth.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to Das, the limitations for individual home loans given by cooperative banks have been raised upwards by more than 100% to promote greater credit flow to the housing industry.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/birla-niyaara-clocks-record-sales-booking-of-rs-1000-cr\\\\\\\"\u003eBirla Niyaara Clocks Record Sales Booking of Rs 1000 Cr\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In keeping with the dispensation granted to scheduled commercial banks (SCBs) and UCBs, the RBI has recommended allowing rural cooperative banks to offer financing to 'commercial real estate – residential housing' (i.e. loans for residential housing projects) within the existing aggregate housing finance ceiling of 5% of their total assets.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The rate-setting panel of the Central Bank opted to raise the benchmark interest rate for the second month in a row in order to contain prices that have been over its target band since the beginning of the year.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-proposes-linking-credit-cards-to-upi-payments\\\\\\\"\u003eCentral bank proposes linking credit cards to UPI payments\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Inflation has steeply increased much beyond the upper tolerance level,\\\\\\\" said Shaktikanta Das in an online briefing. “A large part of the \u003ca href=\\\\\\\"https://opoyi.com/english/cong-slams-centre-over-price-rise-of-food-articles-fuel\\\\\\\"\u003erise in inflation\u003c/a\u003e is primarily attributed to a series of supply shocks which can be linked to the war,\\\\\\\" he said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In addition, the central bank boosted its inflation prediction for the fiscal year ending March to 6.7% from 5.7% earlier. The RBI's inflation target range is 2% to 6%. With inflation expected to remain over the tolerance threshold for three quarters, the RBI announced its determination to \\\\\\\"stay accommodative.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The yield on the benchmark 10-year bond fell by two basis points to 7.49%, while the rupee remained barely changed. Stocks fell slightly.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Read More on:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/emami-inox-leisure-and-other-stocks-that-moved-most-on-march-28\\\\\\\"\u003eEmami, Inox Leisure and other stocks that moved most on March 28\u003c/a\u003e\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Loans","slug":"loans","id":"zfEaEycqSE1k"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T06:21:47.931442+00:00","publisher":0,"sourceFeed":null,"cleanText":"Shaktikanta Das, governor of the Reserve Bank of India (RBI), said that the cap on individual home loans extended by cooperative banks has been increased by over 100%. Das has proposed three initiatives for the cooperative banking industry, recognising the role of cooperative banks in achieving equitable growth. According to Das, the limitations for individual home loans given by cooperative banks have been raised upwards by more than 100% to promote greater credit flow to the housing industry. Also Read: Birla Niyaara Clocks Record Sales Booking of Rs 1000 Cr,In keeping with the dispensation granted to scheduled commercial banks (SCBs) and UCBs, the RBI has recommended allowing rural cooperative banks to offer financing to 'commercial real estate – residential housing' (i.e. loans for residential housing projects) within the existing aggregate housing finance ceiling of 5% of their total assets. The rate-setting panel of the Central Bank opted to raise the benchmark interest rate for the second month in a row in order to contain prices that have been over its target band since the beginning of the year. Also Read: Central bank proposes linking credit cards to UPI payments,“Inflation has steeply increased much beyond the upper tolerance level, said Shaktikanta Das in an online briefing. “A large part of the rise in inflation is primarily attributed to a series of supply shocks which can be linked to the war, he said. In addition, the central bank boosted its inflation prediction for the fiscal year ending March to 6.7% from 5.7% earlier. The RBI's inflation target range is 2% to 6%. With inflation expected to remain over the tolerance threshold for three quarters, the RBI announced its determination to stay accommodative. The yield on the benchmark 10-year bond fell by two basis points to 7.49%, while the rupee remained barely changed. Stocks fell slightly. Read More on: Emami, Inox Leisure and other stocks that moved most on March 28","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Shaktikanta Das,Das,the Reserve Bank of India,the Central Bank","originalPublishedOn":"2022-06-08T05:56:38.675768+00:00"}},{"node":{"id":"huMvXKQt1WzQ","slug":"english/explained-changes-in-repo-rates-and-their-impact-on-stock-market","title":"Explained: Changes in repo rates and their impact on stock market","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_ajGKWZewU.jpg","coverCaption":"The link between the stock market and interest rates is inverse. (Photo Credit: Representational Image/ Unsplash)","reactionStats":"{\"sad_count\": 0, \"like_count\": 1.0, \"angry_count\": 0, \"laugh_count\": 0, \"heartbreak_count\": 0}","updatedOn":"2022-06-08T06:03:12.128878+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI hiked the key interest rate by 50 bps to 4.90% to contain inflation\u003c/li\u003e\n \u003cli\u003eRBI has decided to keep stance withdrawal from accommodative\u003c/li\u003e\n \u003cli\u003eInvestors' wealth on the BSE plunged by more than 6.27 lakh crore in a single day in May\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":1,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654668191918,\\\"strCount\\\":3821,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"RBI Governor Shaktikanta Das on June 8 announced that the central bank has raised key rates by 50 bps to 4.90%. MPC vote was unanimous and has decided to keep stance withdrawal from accommodative.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank of India (RBI)\u003c/a\u003e unexpectedly \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-raises-repo-rate-by-40-bps-to-440-says-governor-shaktikanta-das\\\\\\\"\u003ehiked the key interest rate by 40 basis points\u003c/a\u003e\u0026nbsp;in May to contain inflation, which has stayed persistently over goal in recent months. The announcement caused market indexes to fall substantially, with the BSE \u003ca href=\\\\\\\"https://opoyi.com/english/sensex-nifty-crash-over-2-after-rbis-surprise-rate-hike\\\\\\\"\u003eSensex falling more than 1,400 points\u003c/a\u003e in intraday trade to settle at 55,669.03. While the NSE Nifty finished below 16,700 following a 391-point loss.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/interest-rates-inflation-and-economy-key-announcements-from-rbi-governor-shaktikanta-das\\\\\\\"\u003eKey announcements from RBI Governor Shaktikanta Das\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Investors' wealth on the BSE plunged by more than 6.27 lakh crore in a single day, showing that investors were caught off guard by the RBI's unexpected move in May. However, the potential of the same was in the cards, but not so soon. Another unexpected issue was the continuation of the accommodative stance.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-raises-crr-by-50-bps-to-45-from-may-21-to-tighten-liquidity\\\\\\\"\u003eRBI raises CRR by 50 bps to 4.5% from May 21 to tighten liquidity\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The hike in the repo rate, which is the rate at which the RBI lends to commercial banks, from a record low of 4% to 4.40% is the first since August 2018, as well as the first time the RBI governor-led monetary policy committee (MPC) has held an unscheduled meeting to raise interest rates.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/lic-ipo-live-updates-largest-public-issue-opens-for-subscription\\\\\\\"\u003eLIC IPO live updates: Largest public issue opens for subscription\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The link between the stock market and interest rates is inverse. When the central bank raises the repo rate, the stock market reacts immediately. This implies that a rise in the repo rate causes companies to scale back on expansion investment, resulting in a drop in growth and an impact on earnings and future cash flows, culminating in a drop in equity prices.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/gold-silver-and-other-metal-prices-on-thursday-may-5-2022\\\\\\\"\u003eGold, silver and other metal prices on Thursday, May 5, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Markets will eventually crash if more companies follow suit. In simple terms, an increase in interest rates leads to an increase in savings and a decrease in the flow of money into the economy, resulting in a stock market downturn.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/fresh-repo-rate-hikes-on-cards-say-experts-ahead-of-rbis-mpc-meeting-outcome\\\\\\\"\u003eFresh repo rate hikes on cards, say experts ahead of RBI's MPC meeting outcome\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Furthermore, the impact of a lower repo rate does not affect all sectors in the same way. Capital-intensive sectors such as capital goods, infrastructure, and so on, for example, are more exposed to these changes due to large capital or debt on these companies' books. While equities in sectors such as information technology (IT) and fast-moving consumer goods (FMCG) tend to be less affected.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meeting-heres-an-overview-of-the-last-8-meetings\\\\\\\"\u003eRBI MPC meeting: Here's an overview of the last 8 meetings\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"By altering the repo rate, the RBI balances inflation risk and economic growth. The repo rate is one of the tools at the central bank's disposal for controlling the money supply. Stock markets respond strongly to any indication of such changes.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"BSE","slug":"bse","id":"2seBd7Lyb8z6"},{"name":"NSE","slug":"nse","id":"74WQDLQfPQDQ"},{"name":"ShareMarket","slug":"sharemarket","id":"PkCsd9oT2rCN"},{"name":"Nifty","slug":"nifty","id":"2JvkXElbbqnQ"},{"name":"Sensex","slug":"sensex","id":"MhfKMlGWFTBF"},{"name":"NASDAQ","slug":"nasdaq","id":"kXDItAdh3a8f"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T06:03:10.266657+00:00","publisher":0,"sourceFeed":null,"cleanText":"RBI Governor Shaktikanta Das on June 8 announced that the central bank has raised key rates by 50 bps to 4.90%. MPC vote was unanimous and has decided to keep stance withdrawal from accommodative. ,The Reserve Bank of India (RBI) unexpectedly hiked the key interest rate by 40 basis points in May to contain inflation, which has stayed persistently over goal in recent months. The announcement caused market indexes to fall substantially, with the BSE Sensex falling more than 1,400 points in intraday trade to settle at 55,669.03. While the NSE Nifty finished below 16,700 following a 391-point loss. Also Read| Key announcements from RBI Governor Shaktikanta Das,Investors' wealth on the BSE plunged by more than 6.27 lakh crore in a single day, showing that investors were caught off guard by the RBI's unexpected move in May. However, the potential of the same was in the cards, but not so soon. Another unexpected issue was the continuation of the accommodative stance. Also Read| RBI raises CRR by 50 bps to 4.5% from May 21 to tighten liquidity,The hike in the repo rate, which is the rate at which the RBI lends to commercial banks, from a record low of 4% to 4.40% is the first since August 2018, as well as the first time the RBI governor-led monetary policy committee (MPC) has held an unscheduled meeting to raise interest rates. Also Read| LIC IPO live updates: Largest public issue opens for subscription,The link between the stock market and interest rates is inverse. When the central bank raises the repo rate, the stock market reacts immediately. This implies that a rise in the repo rate causes companies to scale back on expansion investment, resulting in a drop in growth and an impact on earnings and future cash flows, culminating in a drop in equity prices. Also Read| Gold, silver and other metal prices on Thursday, May 5, 2022,Markets will eventually crash if more companies follow suit. In simple terms, an increase in interest rates leads to an increase in savings and a decrease in the flow of money into the economy, resulting in a stock market downturn. Also Read| Fresh repo rate hikes on cards, say experts ahead of RBI's MPC meeting outcome,Furthermore, the impact of a lower repo rate does not affect all sectors in the same way. Capital-intensive sectors such as capital goods, infrastructure, and so on, for example, are more exposed to these changes due to large capital or debt on these companies' books. While equities in sectors such as information technology (IT) and fast-moving consumer goods (FMCG) tend to be less affected. Also Read| RBI MPC meeting: Here's an overview of the last 8 meetings,By altering the repo rate, the RBI balances inflation risk and economic growth. The repo rate is one of the tools at the central bank's disposal for controlling the money supply. Stock markets respond strongly to any indication of such changes.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"RBI,The Reserve Bank of India,CRR,Nasdaq,Russell,Havells,ATGL","originalPublishedOn":"2022-05-05T08:15:00+00:00"}},{"node":{"id":"HbisWHRTZ6fB","slug":"english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance","title":"Explained: Difference between RBI’s accommodative, neutral \u0026 hawkish stance","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_BgyLSxefC.jpg","coverCaption":"Reserve Bank of India (RBI) has maintained an accommodative approach in order to sustain the economy through the COVID-19 crisis. (Photo Credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T05:59:51.540727+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI's accommodative stance indicates that it is willing to cut interest rates\u003c/li\u003e\n \u003cli\u003eA neutral stance implies that it can either cut or hike interest rates\u003c/li\u003e\n \u003cli\u003eA hawkish stance indicates that central bank is willing to hike interest rates\u0026nbsp;\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654667991239,\\\"strCount\\\":2839,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank of India's\u003c/a\u003e policy language is difficult to decipher and has a significant impact on financial markets. It gives vital hints about the central bank's policy thinking.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-inflation-affects-rbis-interest-rate-policy\\\\\\\"\u003eHow inflation affects RBI’s interest rate policy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbimonetarypolicy\\\\\\\"\u003eMonetary Policy Committee (MPC)\u003c/a\u003e has finally moved past its extreme accommodative stance, per the latest policy announcement and following remarks by Governor Shaktikanta Das. Let's go through the fundamentals of the RBI's stances.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-why-has-rbi-shifted-to-a-less-accommodative-policy\\\\\\\"\u003eExplained: Why has RBI shifted to a ‘less accommodative’ policy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAccommodative Stance\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The central bank's accommodative stance indicates that it is willing to increase the money supply in order to stimulate economic growth. During an accommodative policy phase, the central bank is willing to lower interest rates. The possibility of a rate hike has been ruled out. For the past two years, the Reserve Bank of India (RBI) has maintained an accommodative approach in order to sustain the economy through the COVID-19 crisis. When growth requires policy support but inflation is not an immediate worry, the central bank normally adopts an accommodative policy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-keeps-repo-rate-unchanged-at-4\\\\\\\"\u003eRBI Monetary Policy Committee keeps repo rate unchanged at 4%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eNeutral Stance\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The central bank's 'neutral stance' implies that it can either cut or raise interest rates. When the policy priority is equal to both inflation and growth, this approach is often taken. During a neutral policy, the central bank does not commit to raising or lowering interest rates. Depending on the incoming data, the interest rate can fluctuate on either side. The market can expect rate action in any direction at any time, as per the guidance.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-10-year-bond-yield-surpasses-7-for-the-first-time-since-2019\\\\\\\"\u003eRBI monetary policy: 10-year bond yield surpasses 7% for the first time since 2019\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eHawkish Stance\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A hawkish stance indicates that keeping inflation low is the central bank's top priority. During this time, the central bank is willing to raise interest rates in order to limit demand by curbing the money supply. A tight monetary policy is also associated with a hawkish stance. During this time, a rate cut is almost inevitable. When the central bank raises interest rates or tightens monetary policy, banks raise interest rates on loans to end borrowers, reducing demand in the financial sector.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"COVID-19","slug":"covid-19","id":"n7LbS0cOrV8P"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T05:59:47.482257+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Reserve Bank of India's policy language is difficult to decipher and has a significant impact on financial markets. It gives vital hints about the central bank's policy thinking. Also Read| How inflation affects RBI’s interest rate policy,The Monetary Policy Committee (MPC) has finally moved past its extreme accommodative stance, per the latest policy announcement and following remarks by Governor Shaktikanta Das. Let's go through the fundamentals of the RBI's stances. Also Read| Explained: Why has RBI shifted to a ‘less accommodative’ policy,Accommodative Stance,The central bank's accommodative stance indicates that it is willing to increase the money supply in order to stimulate economic growth. During an accommodative policy phase, the central bank is willing to lower interest rates. The possibility of a rate hike has been ruled out. For the past two years, the Reserve Bank of India (RBI) has maintained an accommodative approach in order to sustain the economy through the COVID-19 crisis. When growth requires policy support but inflation is not an immediate worry, the central bank normally adopts an accommodative policy. Also Read| RBI Monetary Policy Committee keeps repo rate unchanged at 4%,Neutral Stance,The central bank's 'neutral stance' implies that it can either cut or raise interest rates. When the policy priority is equal to both inflation and growth, this approach is often taken. During a neutral policy, the central bank does not commit to raising or lowering interest rates. Depending on the incoming data, the interest rate can fluctuate on either side. The market can expect rate action in any direction at any time, as per the guidance. Also Read| RBI monetary policy: 10-year bond yield surpasses 7% for the first time since 2019,Hawkish Stance,A hawkish stance indicates that keeping inflation low is the central bank's top priority. During this time, the central bank is willing to raise interest rates in order to limit demand by curbing the money supply. A tight monetary policy is also associated with a hawkish stance. During this time, a rate cut is almost inevitable. When the central bank raises interest rates or tightens monetary policy, banks raise interest rates on loans to end borrowers, reducing demand in the financial sector.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"The Reserve Bank of India,The Monetary Policy Committee,Shaktikanta Das,the Reserve Bank of India","originalPublishedOn":"2022-04-19T10:15:00+00:00"}},{"node":{"id":"wbP0nsjzdyKa","slug":"english/explained-impact-of-mpc-meeting-on-stock-market","title":"Explained: Impact of MPC meeting on stock market","postType":1,"coverMedia":"/opoyi_Oz1RO2OSy.jpg","coverCaption":"Corporate earnings are still under strain, as sluggish demand makes it harder for manufacturers to carry the entire cost of increased inputs. (Photo Credit: Representative Image/Unsplash)","reactionStats":"{\"sad_count\": 0, \"like_count\": 1.0, \"angry_count\": 0, \"laugh_count\": 0, \"heartbreak_count\": 0}","updatedOn":"2022-06-08T05:57:34.941102+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eGDP growth rate for the fourth quarter of FY22 was 4.1%, higher than analyst expectations of 3.9%\u003c/li\u003e\n \u003cli\u003eEconomists anticipate a 50 basis point rate increase, raising the repo rate to 4.9%\u003c/li\u003e\n \u003cli\u003eGlobal interest rates are being hiked indicating that another rate hike is likely in June\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":1,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654667854693,\\\"strCount\\\":3867,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The GDP growth rate for the fourth quarter of FY22 was 4.1%, indicating that the economy has slowed. On the plus side, it was higher than analyst expectations of 3.9%, leading to a full-year growth of 8.7%, making \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e the world's fastest-growing major economy. However, the financial year's growth rate has dropped below the government's second advance estimate of 8.9%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-us-fed-rate-hike-impacts-the-indian-rupee\\\\\\\"\u003eHow US Fed rate hike impacts the Indian rupee\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As a result, the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e will have its job cut out at the forthcoming MPC meeting. Global interest rates are being hiked, adding to the plethora of variables indicating that another rate hike is likely in June. Economists anticipate a 50 basis point rate increase, raising the repo rate to 4.9%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/who-designed-bitcoin-logo\\\\\\\"\u003eBitcoin logo: Who designed it, know its history\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"However, rising interest rates would increase the government's interest cost as it spends to sustain economic recovery. This bolsters the case for Operation Twist, which involves hiking short-term interest rates to combat inflation while reducing long-term interest rates to promote growth.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-india-can-fight-ransomware-attacks\\\\\\\"\u003eHow India can fight ransomware attacks\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Corporate earnings are still under strain, as sluggish demand makes it harder for manufacturers to carry the entire cost of increased inputs. As geopolitical tensions between \u003ca href=\\\\\\\"https://opoyi.com/topic/russia\\\\\\\"\u003eRussia\u003c/a\u003e and \u003ca href=\\\\\\\"https://opoyi.com/topic/ukraine\\\\\\\"\u003eUkraine\u003c/a\u003e persist and Covid cases in \u003ca href=\\\\\\\"https://opoyi.com/topic/china\\\\\\\"\u003eChina\u003c/a\u003e continue, the view for input prices remains gloomy. Rising interest rates are projected to exacerbate the problem by increasing financing costs on the supply side while disincentivizing consumption on the demand side.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance\\\\\\\"\u003eExplained: Difference between RBI’s accommodative, neutral \u0026amp; hawkish stance\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Export-driven sectors with high exposure to the United States and Europe may suffer if these nations boost interest rates while struggling with sluggish growth and record inflation. The \u003ca href=\\\\\\\"https://opoyi.com/topic/us\\\\\\\"\u003eUS\u003c/a\u003e economy is seeing significant job creation and consumption – the unemployment rate is at a 50-year low, and consumer spending increased by more than 3% year on year in the quarter ending March 2022 – even as the wider economy was driven down mostly by increased net imports.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-changes-in-repo-rates-and-their-impact-on-stock-market\\\\\\\"\u003eExplained: Changes in repo rates and their impact on stock market\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"As countries recover from the pandemic, there is the optimism of a\u0026nbsp; resurgence in demand coupled with the normalisation of contact-intensive sectors. Subsidies and tariff cuts from the government are intended to ease the effect of inflation while increasing rural demand. The \u003ca href=\\\\\\\"https://opoyi.com/topic/imd\\\\\\\"\u003eIMD\u003c/a\u003e predicts that timely and appropriate rainfall would help to stimulate rural demand.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-how-the-crypto-landscape-has-changed-in-india\\\\\\\"\u003eExplained: How the crypto landscape has changed in India\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The government's policies, such as its PLI initiatives, are anticipated to stimulate private capital spending, which will have a multiplier effect on economic recovery. While China's sluggish consumption is a barrier to demand, the China plus one strategy provides an opportunity for sectors such as chemicals, commodities, pharmaceuticals, and textiles.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"GDP","slug":"gdp","id":"sdLvX0aD0qHh"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"ShareMarket","slug":"sharemarket","id":"PkCsd9oT2rCN"},{"name":"IMD","slug":"imd","id":"BEl8i6mqVTIW"},{"name":"China","slug":"china","id":"gtTvlJMpH5eQ"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"US","slug":"us","id":"0JelBm6rMusZ"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Europe","slug":"europe","id":"v2KXw3fOql0S"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T05:57:33.748352+00:00","publisher":0,"sourceFeed":null,"cleanText":"The GDP growth rate for the fourth quarter of FY22 was 4.1%, indicating that the economy has slowed. On the plus side, it was higher than analyst expectations of 3.9%, leading to a full-year growth of 8.7%, making India the world's fastest-growing major economy. However, the financial year's growth rate has dropped below the government's second advance estimate of 8.9%. Also Read| How US Fed rate hike impacts the Indian rupee,As a result, the RBI will have its job cut out at the forthcoming MPC meeting. Global interest rates are being hiked, adding to the plethora of variables indicating that another rate hike is likely in June. Economists anticipate a 50 basis point rate increase, raising the repo rate to 4.9%. Also Read| Bitcoin logo: Who designed it, know its history,However, rising interest rates would increase the government's interest cost as it spends to sustain economic recovery. This bolsters the case for Operation Twist, which involves hiking short-term interest rates to combat inflation while reducing long-term interest rates to promote growth. Also Read| How India can fight ransomware attacks,Corporate earnings are still under strain, as sluggish demand makes it harder for manufacturers to carry the entire cost of increased inputs. As geopolitical tensions between Russia and Ukraine persist and Covid cases in China continue, the view for input prices remains gloomy. Rising interest rates are projected to exacerbate the problem by increasing financing costs on the supply side while disincentivizing consumption on the demand side. Also Read| Explained: Difference between RBI’s accommodative, neutral \u0026 hawkish stance,Export-driven sectors with high exposure to the United States and Europe may suffer if these nations boost interest rates while struggling with sluggish growth and record inflation. The US economy is seeing significant job creation and consumption – the unemployment rate is at a 50-year low, and consumer spending increased by more than 3% year on year in the quarter ending March 2022 – even as the wider economy was driven down mostly by increased net imports. Also Read| Explained: Changes in repo rates and their impact on stock market,As countries recover from the pandemic, there is the optimism of a resurgence in demand coupled with the normalisation of contact-intensive sectors. Subsidies and tariff cuts from the government are intended to ease the effect of inflation while increasing rural demand. The IMD predicts that timely and appropriate rainfall would help to stimulate rural demand. Also Read| Explained: How the crypto landscape has changed in India,The government's policies, such as its PLI initiatives, are anticipated to stimulate private capital spending, which will have a multiplier effect on economic recovery. While China's sluggish consumption is a barrier to demand, the China plus one strategy provides an opportunity for sectors such as chemicals, commodities, pharmaceuticals, and textiles.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"China,FY22,India,RBI,Russia,Ukraine,the United States,US,IMD","originalPublishedOn":"2022-06-03T05:36:03.368030+00:00"}},{"node":{"id":"DdoLk06a9mIR","slug":"english/rbi-mpc-meet-10-highlights-from-shaktikanta-das-speech","title":"RBI MPC meet: 10 highlights from Shaktikanta Das' speech","postType":1,"coverMedia":"/opoyi_FWhV8xnkq.jpg","coverCaption":"The rates on the Standing Deposit Facility and the Marginal Standing Facility have been hiked by 50 basis points. (Photo Credit: Twitter/@RBI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T07:13:52.903705+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI unanimously hiked the repo rate by 50 basis points to 4.90%\u003c/li\u003e\n \u003cli\u003eIndia's foreign exchange reserves were $601.1 billion as of June 3\u003c/li\u003e\n \u003cli\u003eCredit cards may now be connected to UPI, beginning with RuPay credit cards\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654672432599,\\\"strCount\\\":3025,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Reserve Bank of India's \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-raises-inflation-projections-above-6\\\\\\\"\u003eMonetary Policy\u003c/a\u003e Committee, led by RBI Governor \u003ca href=\\\\\\\"https://opoyi.com/who-is-shaktikanta-das\\\\\\\"\u003eShaktikanta Das\u003c/a\u003e, unanimously hiked the repo rate by 50 basis points to 4.90%. The latest policy rate rise follows the central bank's announcement of a 40 basis point increase in the \u003ca href=\\\\\\\"https://opoyi.com/english/what-is-repo-rate\\\\\\\"\u003erepo rate\u003c/a\u003e in off-cycle policy action in May.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100\\\\\\\"\u003eRBI MPC meet: Co-operative banks' housing loan limits hiked by 100%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eThe following are the top ten highlights of RBI Governor Shaktikanta Das' speech:\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"1. The rates on the Standing Deposit Facility and the Marginal Standing Facility have been hiked by 50 basis points. The rate on the Standing Deposit Facility is now 4.65%, while the rate on the Marginal Standing Facility is now 5.15%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"2. The MPC agreed unanimously to keep the focus on the withdrawal of accommodation in order to keep \u003ca href=\\\\\\\"https://opoyi.com/english/how-inflation-affects-rbis-interest-rate-policy\\\\\\\"\u003einflation\u003c/a\u003e within target in the future.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate\\\\\\\"\u003eRBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"3.\u0026nbsp;GDP growth is expected to remain at 7.2% in FY23. For April-June, GDP growth is expected to be 16.2%, 6.2% from July to September, 4.1% from October to December and 4.0% from January to March.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"4. CPI inflation projection for FY23 increased to 6.7% from 5.7%, according to RBI Governor Shaktikanta Das. The RBI's inflation projection is based on a regular monsoon and a crude basket price of $105 per barrel.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-real-gdp-growth-projections-for-fy-2022-2023-retained-at-72\\\\\\\"\u003eRBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"5. The RBI will provide enough liquidity in the banking system while normalising pandemic-related steps.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"6. The RBI is keeping a tight watch on the government securities market. The central bank will take the appropriate measures as needed.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"7. India's foreign exchange reserves were $601.1 billion as of June 3, 2022.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"8. Individual house loan limits set by urban and rural cooperative banks are being revised more than 100% higher to reflect the surge in housing values over the previous decade.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-changes-in-repo-rates-and-their-impact-on-stock-market\\\\\\\"\u003eExplained: Changes in repo rates and their impact on stock market\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"9. To simplify transactions such as subscriptions, the cap on recurring e-payments has been increased from Rs 5,000 to Rs 15,000.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"10. Credit cards may now be connected to \u003ca href=\\\\\\\"https://opoyi.com/topic/upi\\\\\\\"\u003eUPI\u003c/a\u003e, beginning with RuPay credit cards.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"GDP","slug":"gdp","id":"sdLvX0aD0qHh"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"UPI","slug":"upi","id":"MB0nNdjuys5U"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T05:38:42.455141+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Reserve Bank of India's Monetary Policy Committee, led by RBI Governor Shaktikanta Das, unanimously hiked the repo rate by 50 basis points to 4.90%. The latest policy rate rise follows the central bank's announcement of a 40 basis point increase in the repo rate in off-cycle policy action in May. Also Read | RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%,The following are the top ten highlights of RBI Governor Shaktikanta Das' speech:,1. The rates on the Standing Deposit Facility and the Marginal Standing Facility have been hiked by 50 basis points. The rate on the Standing Deposit Facility is now 4.65%, while the rate on the Marginal Standing Facility is now 5.15%. 2. The MPC agreed unanimously to keep the focus on the withdrawal of accommodation in order to keep inflation within target in the future. Also Read | RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate,3. GDP growth is expected to remain at 7.2% in FY23. For April-June, GDP growth is expected to be 16.2%, 6.2% from July to September, 4.1% from October to December and 4.0% from January to March. 4. CPI inflation projection for FY23 increased to 6.7% from 5.7%, according to RBI Governor Shaktikanta Das. The RBI's inflation projection is based on a regular monsoon and a crude basket price of $105 per barrel. Also Read | RBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%,5. The RBI will provide enough liquidity in the banking system while normalising pandemic-related steps. 6. The RBI is keeping a tight watch on the government securities market. The central bank will take the appropriate measures as needed. 7. India's foreign exchange reserves were $601.1 billion as of June 3, 2022. 8. Individual house loan limits set by urban and rural cooperative banks are being revised more than 100% higher to reflect the surge in housing values over the previous decade. Also Read | Explained: Changes in repo rates and their impact on stock market,9. To simplify transactions such as subscriptions, the cap on recurring e-payments has been increased from Rs 5,000 to Rs 15,000. 10. Credit cards may now be connected to UPI, beginning with RuPay credit cards.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"RBI,Shaktikanta Das,the Standing Deposit Facility,the Marginal Standing Facility,The Reserve Bank of India,Monetary Policy Committee,Shaktikanta Das',India,UPI","originalPublishedOn":"2022-06-08T05:38:42.455133+00:00"}},{"node":{"id":"iYuICeGOlTdD","slug":"english/rbi-raises-inflation-projection-to-67-for-current-fiscal","title":"RBI raises inflation projection to 6.7% for current fiscal","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T05:27:04.938019+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1654666024.004848, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" New Delhi, Jun 8 (PTI) Reserve Bank of India (RBI) on Wednesday upped inflation projection for the current fiscal to 6.7 per cent from 5.7 per cent forecast in April.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI Governor Shaktikanta Das said the upside risk to inflation persists and the recent spike in tomato prices would fuel food inflation. Also, high global crude oil prices would add to the upside pressure on inflation.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The upward revision in inflation projection comes as domestic retail inflation has remained above RBI's comfort level of 6 per cent for four months in a row, mainly due to the Russia-Ukraine war which has impacted the prices of commodities across the globe.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In the bi-monthly monetary policy, Das upped the inflation projection for the ongoing fiscal to 6.7 per cent.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" It projected inflation to be 7.5 in June quarter (Q1) and 7.4 per cent in September quarter (Q2).\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Inflation is expected to come down to 6.2 per cent in December quarter (Q3) and further reduce to 5.8 per cent in March quarter (Q4) of this fiscal.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Das said normal south-west monsoon would boost kharif sowing and agri output. However, global geo-political situation remains fluid and commodity market remains on the edge.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI, in its monetary policy in April, had projected inflation to be 5.7 per cent in the current fiscal, with 6.3 per cent in Q1; 5.8 per cent in Q2; 5.4 per cent in Q3 and 5.1 per cent in Q4.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" A rise in price across all items from fuel to vegetables and cooking oil pushed WPI or Wholesale Price Inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI has the mandate to keep inflation at 4 per cent with a bias of 2 per cent on either side. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"PTI","slug":"pti","id":"l3hGGnyT2TNu"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T05:27:04.938024+00:00","publisher":3,"sourceFeed":"0806202208DEL31","cleanText":"New Delhi, Jun 8 (PTI) Reserve Bank of India (RBI) on Wednesday upped inflation projection for the current fiscal to 6.7 per cent from 5.7 per cent forecast in April. RBI Governor Shaktikanta Das said the upside risk to inflation persists and the recent spike in tomato prices would fuel food inflation. Also, high global crude oil prices would add to the upside pressure on inflation. The upward revision in inflation projection comes as domestic retail inflation has remained above RBI's comfort level of 6 per cent for four months in a row, mainly due to the Russia-Ukraine war which has impacted the prices of commodities across the globe. In the bi-monthly monetary policy, Das upped the inflation projection for the ongoing fiscal to 6.7 per cent. It projected inflation to be 7.5 in June quarter (Q1) and 7.4 per cent in September quarter (Q2). Inflation is expected to come down to 6.2 per cent in December quarter (Q3) and further reduce to 5.8 per cent in March quarter (Q4) of this fiscal. Das said normal south-west monsoon would boost kharif sowing and agri output. However, global geo-political situation remains fluid and commodity market remains on the edge. RBI, in its monetary policy in April, had projected inflation to be 5.7 per cent in the current fiscal, with 6.3 per cent in Q1; 5.8 per cent in Q2; 5.4 per cent in Q3 and 5.1 per cent in Q4. A rise in price across all items from fuel to vegetables and cooking oil pushed WPI or Wholesale Price Inflation to a record high of 15.08 per cent in April and retail inflation to a near eight-year high of 7.79 per cent. RBI has the mandate to keep inflation at 4 per cent with a bias of 2 per cent on either side.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"New Delhi,Jun 8,PTI),Reserve Bank of India,Shaktikanta Das,RBI,Russia,Das,Q4.\u003c/p\u003e\u003cp,WPI","originalPublishedOn":"2022-06-08T05:27:04.028857+00:00"}},{"node":{"id":"c6A9Klj50p7D","slug":"english/rbi-mpc-meet-central-bank-proposes-linking-credit-cards-to-upi-payments","title":"RBI MPC meet: Central bank proposes linking credit cards to UPI payments","postType":1,"coverMedia":"/opoyi_1ilrSptOqK77.jpg","coverCaption":"Unified Payments Interface (UPI) is a technology that integrates several bank accounts into a single phone app. (Photo credit: Representational/ Unsplash.com)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T07:40:04.940511+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI recommended allowing credit cards to be linked to the UPI network\u003c/li\u003e\n \u003cli\u003eIt will give consumers extra ease and expand the scope of digital payments\u003c/li\u003e\n \u003cli\u003eUPI supports transactions by connecting users' debit cards to savings or current accounts\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654674004559,\\\"strCount\\\":3763,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-hikes-policy-repo-rate-by-50-basis-points-to-490\\\\\\\"\u003eReserve Bank of India\u003c/a\u003e (RBI) has recommended allowing credit cards to be linked to the \u003ca href=\\\\\\\"https://opoyi.com/english/upi-transactions-cross-rs-10-lakh-crore-milestone-in-may\\\\\\\"\u003eUPI network\u003c/a\u003e, Governor \u003ca href=\\\\\\\"https://opoyi.com/who-is-shaktikanta-das\\\\\\\"\u003eShaktikanta Das\u003c/a\u003e stated on Wednesday as he announced a rate rise. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Rupay credit cards will be linked to the UPI platform, which will give consumers extra ease and expand the scope of digital payments, according to Das. Currently, UPI supports transactions by connecting users' debit cards to savings or current accounts.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-10-highlights-from-shaktikanta-das-speech\\\\\\\"\u003eRBI MPC meet: 10 highlights from Shaktikanta Das' speech\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"UPI has become the most inclusive mode of payment in India with over 26 crore unique users and five crore merchants on the platform.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"The progress of UPI in recent years has been unparalleled. Many other countries are engaged with us in adopting similar methods in their countries,\\\\\\\" RBI Governor Das said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100\\\\\\\"\u003eRBI MPC meet: Co-operative banks' housing loan limits hiked by 100%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to Das, about Rs 10.4 lakh crore was processed through UPI in May of this year alone. Unified Payments Interface (UPI) is a technology that integrates several bank accounts into a single phone app (of any participating bank), combining many banking services, smooth fund routing, and merchant payments under one umbrella. It also handles \\\\\\\"Peer to Peer\\\\\\\" collect requests, which may be planned and paid according to need and convenience.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate\\\\\\\"\u003eRBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/topic/indian\\\\\\\"\u003eIndian\u003c/a\u003e\u0026nbsp;economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. The RBI will continue to be proactive and decisive in mitigating the fallout of the geopolitical crises on our economy. Our steps will be measured and calibrated,\\\\\\\" said Das.\u0026nbsp; \u0026nbsp;\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-real-gdp-growth-projections-for-fy-2022-2023-retained-at-72\\\\\\\"\u003eRBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"The ongoing war turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/what-is-repo-rate\\\\\\\"\u003eRepo rate\u003c/a\u003e\u0026nbsp;remains below its pre-pandemic level. Inflation is likely to remain near the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations\\\\\\\", he added.\u0026nbsp; \u0026nbsp;\u0026nbsp;\u0026nbsp;\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100\\\\\\\"\u003eRBI MPC meet: Co-operative banks' housing loan limits hiked by 100%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Information for April-May suggests domestic economic recovery is firm. Urban demand is recovering, rural demand is also improving. Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March,\\\\\\\" Das said.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"UPI","slug":"upi","id":"MB0nNdjuys5U"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T05:22:02.070759+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Reserve Bank of India (RBI) has recommended allowing credit cards to be linked to the UPI network, Governor Shaktikanta Das stated on Wednesday as he announced a rate rise. ,The Rupay credit cards will be linked to the UPI platform, which will give consumers extra ease and expand the scope of digital payments, according to Das. Currently, UPI supports transactions by connecting users' debit cards to savings or current accounts. Also Read | RBI MPC meet: 10 highlights from Shaktikanta Das' speech,UPI has become the most inclusive mode of payment in India with over 26 crore unique users and five crore merchants on the platform. The progress of UPI in recent years has been unparalleled. Many other countries are engaged with us in adopting similar methods in their countries, RBI Governor Das said. Also Read | RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%,According to Das, about Rs 10.4 lakh crore was processed through UPI in May of this year alone. Unified Payments Interface (UPI) is a technology that integrates several bank accounts into a single phone app (of any participating bank), combining many banking services, smooth fund routing, and merchant payments under one umbrella. It also handles Peer to Peer collect requests, which may be planned and paid according to need and convenience. Also Read | RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate,Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the Indian economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. The RBI will continue to be proactive and decisive in mitigating the fallout of the geopolitical crises on our economy. Our steps will be measured and calibrated, said Das. ,Also Read | RBI MPC meet: Real GDP growth projections for FY 2022-2023 retained at 7.2%,The ongoing war turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The Repo rate remains below its pre-pandemic level. Inflation is likely to remain near the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations, he added. ,Also Read | RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%,Information for April-May suggests domestic economic recovery is firm. Urban demand is recovering, rural demand is also improving. Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March, Das said.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"UPI,Das,The Reserve Bank of India,India,Peer to Peer","originalPublishedOn":"2022-06-08T05:22:02.070749+00:00"}},{"node":{"id":"JZyMg3l6Mr8y","slug":"english/rbi-mpc-meet-central-bank-hikes-policy-repo-rate-by-50-basis-points-to-490","title":"RBI MPC meet: Central bank hikes policy repo rate by 50 basis points to 4.90%","postType":1,"coverMedia":"/opoyi_mtL93NIfY.jpg","coverCaption":"Information for April-May suggests domestic economic recovery is firm. (Photo Credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T07:29:29.633076+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI Monetary Policy Committee raised key rates by 50 bps to 4.90%\u003c/li\u003e\n \u003cli\u003eMPC vote was unanimous and has decided to keep stance withdrawal from accommodative\u003c/li\u003e\n \u003cli\u003eThe ongoing war turning out to be a dampener on global trade and growth said RBI Governor\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654673369064,\\\"strCount\\\":2868,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-10-highlights-from-shaktikanta-das-speech\\\\\\\"\u003eRBI\u003c/a\u003e Governor \u003ca href=\\\\\\\"https://opoyi.com/who-is-shaktikanta-das\\\\\\\"\u003eShaktikanta Das\u003c/a\u003e on June 8 announced that the central bank has raised the repo rate, at which banks borrow from the central bank, by 50 bps to 4.90%. The monetary policy committee's decision was unanimous and it has decided to keep the stance \\\\\\\"withdrawal from \u003ca href=\\\\\\\"https://opoyi.com/english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance\\\\\\\"\u003eaccommodative\u003c/a\u003e\\\\\\\".\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Consequently, the standing deposit facility (SDF) rate is adjusted to 4.65%\u0026nbsp;and the marginal standing facility (MSF) rate and the Bank Rate to 5.15%. These decisions are in accordance with the objective of achieving the medium-term target for consumer price index (CPI) \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-central-bank-raises-inflation-projections-above-6\\\\\\\"\u003einflation\u003c/a\u003e of 4%\u0026nbsp;with a margin of 2% on either side, while supporting growth.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-home-loan-emis-to-get-costly-as-central-bank-hikes-repo-rate\\\\\\\"\u003eRBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the \u003ca href=\\\\\\\"https://opoyi.com/topic/indian\\\\\\\"\u003eIndian\u003c/a\u003e economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. The RBI will continue to be proactive and decisive in mitigating the fallout of the geopolitical crises on our economy. Our steps will be measured and calibrated,\\\\\\\" said Das.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meet-co-operative-banks-housing-loan-limits-hiked-by-100\\\\\\\"\u003eRBI MPC meet: Co-operative banks' housing loan limits hiked by 100%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"'The ongoing war turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The \u003ca href=\\\\\\\"https://opoyi.com/english/what-is-repo-rate\\\\\\\"\u003eRepo rate\u003c/a\u003e remains below its pre-pandemic level. Inflation is likely to remain near the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations\\\\\\\", he added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-changes-in-repo-rates-and-their-impact-on-stock-market\\\\\\\"\u003eExplained: Changes in repo rates and their impact on stock market\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Information for April-May suggests domestic economic recovery is firm. Urban demand is recovering, rural demand is also improving. Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March,\\\\\\\" Das said.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T04:51:51.497126+00:00","publisher":0,"sourceFeed":null,"cleanText":"RBI Governor Shaktikanta Das on June 8 announced that the central bank has raised the repo rate, at which banks borrow from the central bank, by 50 bps to 4.90%. The monetary policy committee's decision was unanimous and it has decided to keep the stance withdrawal from accommodative. ,Consequently, the standing deposit facility (SDF) rate is adjusted to 4.65% and the marginal standing facility (MSF) rate and the Bank Rate to 5.15%. These decisions are in accordance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% with a margin of 2% on either side, while supporting growth. Also Read | RBI MPC meet: Home loan EMIs to get costly as central bank hikes repo rate,Inflation has steeply increased much beyond the tolerance level. The process of recovery in emerging market economies is also getting affected. But the Indian economy has remained resilient. We have started a gradual withdrawal of the extraordinary accommodation. The RBI will continue to be proactive and decisive in mitigating the fallout of the geopolitical crises on our economy. Our steps will be measured and calibrated, said Das. Also Read | RBI MPC meet: Co-operative banks' housing loan limits hiked by 100%,'The ongoing war turning out to be a dampener on global trade and growth. Domestic economic activity is gaining traction while inflation pressures have intensified. Inflationary pressures have become broad-based and remain largely driven by supply shocks. The Repo rate remains below its pre-pandemic level. Inflation is likely to remain near the upper tolerance of 6% for the first three quarters of this year. Sustained high inflation could unhinge inflation expectations, he added. Also Read | Explained: Changes in repo rates and their impact on stock market,Information for April-May suggests domestic economic recovery is firm. Urban demand is recovering, rural demand is also improving. Surveys show capacity utilisation in the manufacturing sector increased to 74.5% in January-March, Das said.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Shaktikanta Das,Indian,Das","originalPublishedOn":"2022-06-08T04:51:51.497115+00:00"}},{"node":{"id":"JOnzlVfp6VvV","slug":"english/rbi-hikes-interest-rate-by-50-bps-to-tame-inflation","title":"RBI hikes interest rate by 50 bps to tame inflation","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T04:51:04.646529+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1654663863.895889, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, Jun 8 (PTI) Reserve Bank of India (RBI) on Wednesday raised the interest rate by 50 basis points to a two-year high of 4.9 per cent as it doubled down to tame inflation that has surged in the last couple of months.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The rate hike comes on the back of a 40 bps increase effected by RBI at an unscheduled meeting on May 4.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" All the six members of the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted for the latest rate hike.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Consumer Price Index (CPI) based inflation, which RBI factors in while arriving at its monetary policy, galloped for the seventh straight month to touch an 8-year high of 7.79 per cent in April. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"PTI","slug":"pti","id":"l3hGGnyT2TNu"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T04:51:04.646534+00:00","publisher":3,"sourceFeed":"0806202208DEL18","cleanText":"Mumbai, Jun 8 (PTI) Reserve Bank of India (RBI) on Wednesday raised the interest rate by 50 basis points to a two-year high of 4.9 per cent as it doubled down to tame inflation that has surged in the last couple of months. The rate hike comes on the back of a 40 bps increase effected by RBI at an unscheduled meeting on May 4. All the six members of the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted for the latest rate hike. Consumer Price Index (CPI) based inflation, which RBI factors in while arriving at its monetary policy, galloped for the seventh straight month to touch an 8-year high of 7.79 per cent in April.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Mumbai,PTI),Reserve Bank of India,the Monetary Policy Committee,RBI,Shaktikanta Das","originalPublishedOn":"2022-06-08T04:51:03.916471+00:00"}},{"node":{"id":"qLQzpLrksqqz","slug":"english/rbi-mpc-meet-what-to-expect-from-the-central-bank-today","title":"RBI MPC meet: What to expect from the central bank today","postType":1,"coverMedia":"/opoyi_FWhV8xnkq.jpg","coverCaption":"The RBI's MPC meeting takes place amid a backdrop of rising inflation and a complicated geopolitical situation, including the Russia-Ukraine war. (Photo Credit: Representational/ Twitter/@RBI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-06-08T03:10:00.310732+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI began its three-day talks on Monday and the policy outcome will be released today\u003c/li\u003e\n \u003cli\u003eThe central bank is likely to hike key rates, concentrating more on inflation than on growth\u003c/li\u003e\n \u003cli\u003eEconomists predict a small increase in the cash reserve ratio (CRR) in monetary policy\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1654657760442,\\\"strCount\\\":4118,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank of India (RBI)\u003c/a\u003e is likely to hike key rates, concentrating more on inflation than on growth, according to some economists. They stated that more restrictive steps will be implemented. The RBI's rate-setting panel began its three-day talks on Monday to finalise the next monetary policy statement, and the policy outcome will be released today.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-mpc-meeting-heres-an-overview-of-the-last-8-meetings\\\\\\\"\u003eRBI MPC meet: Here's an overview of the last 8 meetings\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Many economists predicted that the key interest rate will be raised at the forthcoming policy meeting. While some expect a range of 35 to 50 basis points (bps), others foresee a range of 40 to 50 bps.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/fresh-repo-rate-hikes-on-cards-say-experts-ahead-of-rbis-mpc-meeting-outcome\\\\\\\"\u003eFresh repo rate hikes on cards, say experts ahead of RBI's MPC meeting outcome\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“We expect CPI inflation (to) average around 7.2%-7.3% in H1 FY23\u0026nbsp; on account of elevated commodity prices, high food and core inflation,” said Swati Arora, Economist, HDFC Bank.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-impact-of-mpc-meeting-on-stock-market\\\\\\\"\u003eExplained: Impact of MPC meeting on stock market\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"While analysts agree that managing inflation is a top priority right now, the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e is also wary about finding a balance between demand recovery and inflation management, according to economists.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“There will definitely be a rate repo hike. It could either be 40 bps or 50 bps,” added Sarbartho Mukherjee, Economist, Mahindra Group.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/recovery-getting-entrenched-and-broadening-despite-risks-rbi-annual-report\\\\\\\"\u003eRecovery getting entrenched and broadening despite risks: RBI annual report\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the RBI's Inflationary Expectations Survey, 89.9% of respondents in March 2022 felt that prices will rise in the future, higher than the January 2022 forecast (85.6%).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to economists, with the CPI and WPI both reaching record highs last month, the RBI is anticipated to raise its inflation target to a reasonable number, such as exceeding 6% for CPI, since the current Ukraine-Russia crisis has an influence on input costs.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/theres-a-buffer-why-imfs-gita-gopinath-thinks-risk-of-a-recession-is-low-1\\\\\\\"\u003e'There's a buffer': Why IMF's Gita Gopinath thinks risk of a recession is low\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Economists predict a small increase in the cash reserve ratio (CRR) in monetary policy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“A gradual increase of CRR by 25 bps in the next policy meet can’t be ruled out, depending on the situation, going forward. The liquidity adjustment facility (LAF) corridor has been normalised. So, we don’t expect much change in this context,” stated Sankhanath Bandyopadhyay, Economist, Infomerics Ratings.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/economists-expect-more-aggressive-rate-hikes-from-rbi-after-hawkish-minutes\\\\\\\"\u003eEconomists expect more aggressive rate hikes from RBI after hawkish minutes\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"For the time being, economists believe that growth will not be a priority for monetary policy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Both RBI and the government are now prioritising inflation control and seem willing to sacrifice some growth, for example, in base metals and wheat exports, to achieve modest inflation,” said Prithviraj Srinivas, Chief Economist at Axis Capital.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-interest-rates-are-being-hiked-globally\\\\\\\"\u003eWhy interest rates are being hiked globally?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI's MPC meeting takes place amid a backdrop of rising inflation and a complicated geopolitical situation, including the Russia-Ukraine war. The RBI raised the repo rate by 40 basis points at a previously unscheduled meeting held from May 2 to May 4. The cash reserve ratio has also been raised by 50 basis points to 4.50%. The last time the RBI adjusted the repo rate before May 2022 was on March 27, 2020, during the first wave of the COVID-19 pandemic.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"HDFCBank","slug":"hdfcbank","id":"n3a3YDui7INw"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Europe","slug":"europe","id":"v2KXw3fOql0S"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-06-08T03:10:00.310738+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Reserve Bank of India (RBI) is likely to hike key rates, concentrating more on inflation than on growth, according to some economists. They stated that more restrictive steps will be implemented. The RBI's rate-setting panel began its three-day talks on Monday to finalise the next monetary policy statement, and the policy outcome will be released today. Also Read| RBI MPC meet: Here's an overview of the last 8 meetings,Many economists predicted that the key interest rate will be raised at the forthcoming policy meeting. While some expect a range of 35 to 50 basis points (bps), others foresee a range of 40 to 50 bps. Also Read| Fresh repo rate hikes on cards, say experts ahead of RBI's MPC meeting outcome,“We expect CPI inflation (to) average around 7.2%-7.3% in H1 FY23 on account of elevated commodity prices, high food and core inflation,” said Swati Arora, Economist, HDFC Bank. ,Also Read| Explained: Impact of MPC meeting on stock market,While analysts agree that managing inflation is a top priority right now, the RBI is also wary about finding a balance between demand recovery and inflation management, according to economists. “There will definitely be a rate repo hike. It could either be 40 bps or 50 bps,” added Sarbartho Mukherjee, Economist, Mahindra Group. Also Read| Recovery getting entrenched and broadening despite risks: RBI annual report,According to the RBI's Inflationary Expectations Survey, 89.9% of respondents in March 2022 felt that prices will rise in the future, higher than the January 2022 forecast (85.6%). According to economists, with the CPI and WPI both reaching record highs last month, the RBI is anticipated to raise its inflation target to a reasonable number, such as exceeding 6% for CPI, since the current Ukraine-Russia crisis has an influence on input costs. Also Read| 'There's a buffer': Why IMF's Gita Gopinath thinks risk of a recession is low,Economists predict a small increase in the cash reserve ratio (CRR) in monetary policy. “A gradual increase of CRR by 25 bps in the next policy meet can’t be ruled out, depending on the situation, going forward. The liquidity adjustment facility (LAF) corridor has been normalised. So, we don’t expect much change in this context,” stated Sankhanath Bandyopadhyay, Economist, Infomerics Ratings. Also Read| Economists expect more aggressive rate hikes from RBI after hawkish minutes,For the time being, economists believe that growth will not be a priority for monetary policy. “Both RBI and the government are now prioritising inflation control and seem willing to sacrifice some growth, for example, in base metals and wheat exports, to achieve modest inflation,” said Prithviraj Srinivas, Chief Economist at Axis Capital. ,Also Read| Why interest rates are being hiked globally?,The RBI's MPC meeting takes place amid a backdrop of rising inflation and a complicated geopolitical situation, including the Russia-Ukraine war. The RBI raised the repo rate by 40 basis points at a previously unscheduled meeting held from May 2 to May 4. The cash reserve ratio has also been raised by 50 basis points to 4.50%. The last time the RBI adjusted the repo rate before May 2022 was on March 27, 2020, during the first wave of the COVID-19 pandemic.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":null,"originalPublishedOn":"2022-06-08T03:10:00+00:00"}},{"node":{"id":"71yEscPVobHO","slug":"english/forex-reserves-rise-usd-423-bln-to-usd-59751-bln-rbi","title":"Forex reserves rise USD 4.23 bln to USD 597.51 bln: RBI","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-27T13:21:04.755926+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1653657663.958343, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, May 27 (PTI) India's forex reserves increased by USD 4.23 billion to USD 597.509 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The country's foreign exchange reserves had declined by USD 2.676 billion to USD 593.279 billion in the previous reporting week ended May 13.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" During the reporting week, the rise in the reserves was mainly on account of a drop in Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per weekly data released by Reserve Bank of India (RBI) on Friday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" FCAs increased by USD 3.825 billion to USD 533.378 billion in the week.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Gold reserves increased by USD 253 million to USD 40.823 billion.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) climbed USD 102 million to USD 18.306 billion, RBI said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The country's reserve position with the IMF increased by USD 51 million to USD 5.002 billion in the reporting week, the data showed. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Pound","slug":"pound","id":"s0KALnWVkCHB"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-27T13:21:04.755931+00:00","publisher":3,"sourceFeed":"2705202227DEL61","cleanText":"Mumbai, May 27 (PTI) India's forex reserves increased by USD 4.23 billion to USD 597.509 billion for the week ended May 20 on the back of a high accretion of core currency assets, according to RBI data. The country's foreign exchange reserves had declined by USD 2.676 billion to USD 593.279 billion in the previous reporting week ended May 13. During the reporting week, the rise in the reserves was mainly on account of a drop in Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per weekly data released by Reserve Bank of India (RBI) on Friday. FCAs increased by USD 3.825 billion to USD 533.378 billion in the week. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 253 million to USD 40.823 billion. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) climbed USD 102 million to USD 18.306 billion, RBI said. The country's reserve position with the IMF increased by USD 51 million to USD 5.002 billion in the reporting week, the data showed.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Forex,Mumbai,India,Reserve Bank of India,non-US,the euro, pound,the International Monetary Fund,RBI","originalPublishedOn":"2022-05-27T13:21:03.980739+00:00"}},{"node":{"id":"cmenLxB4skXs","slug":"english/number-of-rs-2000-currency-notes-continue-to-decline-accounted-for-just-16-pc-of-total-notes-in-circulation-at-march-end","title":"Number of Rs 2000 currency notes continue to decline; accounted for just 1.6 pc of total notes in circulation at March-end","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-27T10:33:05.068504+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1653647584.618157, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, May 27 (PTI) The number of bank notes of Rs 2000 denomination has steadily declined over the years to touch 214 crore or 1.6 per cent of the total currency notes in circulation at the end of March this year, according to RBI annual report.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The total number of currency notes of all denominations in circulation stood at 13,053 crore as of March this year, up from 12,437 crore from the year-ago period.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" At the end of March 2020, the number of Rs 2000 denomination notes in circulation stood at 274 crore, accounting for 2.4 per cent of the total number of currency notes in circulation. The count declined to 245 crore or 2 per cent of the total bank notes in circulation as of March 2021 and further fell to 214 crore or 1.6 per cent at the end of last fiscal year.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In value terms also, the Rs 2000 denomination notes dipped from 22.6 per cent of the total value of currency notes in circulation to 17.3 per cent at the end of March 2021 and further to 13.8 per cent at the end of March 2022.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" According to the report, the number of Rs 500 denomination notes in circulation rose to 4,554.68 crore at the end of March this year as against 3,867.90 crore in the year-ago period.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"In volume terms, Rs 500 denomination constituted the highest share at 34.9 per cent, followed by Rs 10 denomination bank notes, which constituted 21.3 per cent of the total bank notes in circulation as on March 31, 2022,\\\" the annual report for 2021-22 released on Friday said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Rs 500 denomination notes accounted for 31.1 per cent share at the end of March 2021 and 25.4 per cent as of March 2020. In value terms, these notes rose from 60.8 per cent to 73.3 per cent from March 2020 to March 2022.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The total value of currency notes in circulation of all denominations rose to Rs 31.05 lakh crore at the end of March this year from Rs 28.27 lakh crore at the end of March 2021.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"In value terms, the share of Rs 500 and Rs 2000 notes together accounted for 87.1 per cent of the total value of bank notes in circulation as on March 31, 2022, as against 85.7 per cent at end-March, 2021,\\\" the report said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The value and volume of bank notes in circulation increased by 9.9 per cent and 5 per cent, respectively, during 2021-22 as compared to 16.8 per cent and 7.2 per cent, respectively, during 2020-21,\\\" the report said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Currency in Circulation (CiC) includes banknotes and coins. Presently, Reserve Bank of India (RBI) issues banknotes in denominations of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000. Coins in circulation comprise 50 paise and Re 1, Rs 2, Rs 5, Rs 10 and Rs 20 denominations. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-27T10:33:05.068510+00:00","publisher":3,"sourceFeed":"2705202227DEL37","cleanText":"Mumbai, May 27 (PTI) The number of bank notes of Rs 2000 denomination has steadily declined over the years to touch 214 crore or 1.6 per cent of the total currency notes in circulation at the end of March this year, according to RBI annual report. The total number of currency notes of all denominations in circulation stood at 13,053 crore as of March this year, up from 12,437 crore from the year-ago period. At the end of March 2020, the number of Rs 2000 denomination notes in circulation stood at 274 crore, accounting for 2.4 per cent of the total number of currency notes in circulation. The count declined to 245 crore or 2 per cent of the total bank notes in circulation as of March 2021 and further fell to 214 crore or 1.6 per cent at the end of last fiscal year. In value terms also, the Rs 2000 denomination notes dipped from 22.6 per cent of the total value of currency notes in circulation to 17.3 per cent at the end of March 2021 and further to 13.8 per cent at the end of March 2022. According to the report, the number of Rs 500 denomination notes in circulation rose to 4,554.68 crore at the end of March this year as against 3,867.90 crore in the year-ago period. In volume terms, Rs 500 denomination constituted the highest share at 34.9 per cent, followed by Rs 10 denomination bank notes, which constituted 21.3 per cent of the total bank notes in circulation as on March 31, 2022, the annual report for 2021-22 released on Friday said. The Rs 500 denomination notes accounted for 31.1 per cent share at the end of March 2021 and 25.4 per cent as of March 2020. In value terms, these notes rose from 60.8 per cent to 73.3 per cent from March 2020 to March 2022. The total value of currency notes in circulation of all denominations rose to Rs 31.05 lakh crore at the end of March this year from Rs 28.27 lakh crore at the end of March 2021. In value terms, the share of Rs 500 and Rs 2000 notes together accounted for 87.1 per cent of the total value of bank notes in circulation as on March 31, 2022, as against 85.7 per cent at end-March, 2021, the report said. The value and volume of bank notes in circulation increased by 9.9 per cent and 5 per cent, respectively, during 2021-22 as compared to 16.8 per cent and 7.2 per cent, respectively, during 2020-21, the report said. The Currency in Circulation (CiC) includes banknotes and coins. Presently, Reserve Bank of India (RBI) issues banknotes in denominations of Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000. Coins in circulation comprise 50 paise and Re 1, Rs 2, Rs 5, Rs 10 and Rs 20 denominations.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Mumbai,Reserve Bank of India","originalPublishedOn":"2022-05-27T10:33:04.639127+00:00"}},{"node":{"id":"NqOS20Hbrurz","slug":"english/recovery-getting-entrenched-and-broadening-despite-risks-rbi-annual-report","title":"Recovery getting entrenched and broadening despite risks: RBI annual report","postType":1,"coverMedia":"/opoyi_BgyLSxefC.jpg","coverCaption":"The RBI expects inflation to average 5.7% this fiscal year and economic growth to average 7.2%. (Photo Credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-27T10:13:29.247039+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI raised its repo rate by 40 basis points to 4.40% in anticipation of increased inflation\u003c/li\u003e\n \u003cli\u003eIt also increased banks' cash reserve ratios by 50 basis points in an effort to drain surplus liquidity\u003c/li\u003e\n \u003cli\u003eIndia's CPI based inflation rate increased to an eight-year high of 7.79%\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1653646408892,\\\"strCount\\\":5119,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/indian\\\\\\\"\u003eIndian\u003c/a\u003e economy is projected to recover despite global threats according to the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank of India's (RBI)\u003c/a\u003e annual report released on May 27.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“Despite these risks, the recovery is getting entrenched and is broadening,” the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/theres-a-buffer-why-imfs-gita-gopinath-thinks-risk-of-a-recession-is-low-1\\\\\\\"\u003e'There's a buffer': Why IMF's Gita Gopinath thinks risk of a recession is low\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the report, the significant rise in government capital expenditure might crowd in private investment and create a virtuous cycle, enhancing aggregate demand. The National Infrastructure Plan and the National Monetisation Pipeline are both projected to boost infrastructure investment significantly.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-worlds-dependence-on-russia-oil-may-trigger-a-global-recession\\\\\\\"\u003eWhy world’s dependence on Russia oil may trigger a global recession\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On the strength of increased immunisation and stronger economic prospects, consumer and business confidence \\\\\\\"remains resilient\\\\\\\" despite the third COVID wave, according to the report. It said that a complete rebound in aggregate demand is dependent on a reversal in private investment.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rishi-sunak-throws-the-dice-inside-uks-15-bn-cost-of-living-package\\\\\\\"\u003eRishi Sunak throws the dice: Inside UK's £15 bn Cost of Living Package\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/what-is-indo-pacific-economic-framework\\\\\\\"\u003eWhat is Indo-Pacific Economic Framework?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI stated that tackling supply-side constraints and aligning monetary and fiscal policy support to aggregate demand and structural reforms will determine the future path of development.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Monetary Policy Committee (MPC) of the Reserve Bank of \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e (RBI) has long prioritised growth above inflation by holding the repo rate at a historic low of 4% from May 2020. But, at a surprise meeting, it raised its repo rate by 40 basis points to 4.40% in anticipation of increased inflation. It also increased banks' cash reserve ratios by 50 basis points in an effort to drain surplus liquidity from the banking sector.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-wealth-inequality-feeds-into-a-poverty-loop\\\\\\\"\u003eWhy wealth inequality feeds into a poverty loop\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the meeting minutes, the MPC will have to front-load rate rises in order to react quickly to the inflation risk exacerbated by commodity shortfalls and supply restrictions. Jayanth Varma, a panel member, stated that the MPC may need to hike rates by 100 basis points \\\\\\\"very soon.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/economists-expect-more-aggressive-rate-hikes-from-rbi-after-hawkish-minutes\\\\\\\"\u003eEconomists expect more aggressive rate hikes from RBI after hawkish minutes\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI stated that cost-push pressures from high industrial raw material prices, transportation expenses, and global logistics and supply chain constraints continue to have an impact on core inflation.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/what-are-the-effects-of-the-fed-raising-interest-rates-to-fight-inflation\\\\\\\"\u003eWhat are the effects of the Fed raising interest rates to fight inflation?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“The substantial wedge between wholesale and retail price inflation amidst a sharp rise in manufactured products’ inflation poses a risk of a possible passthrough of input cost pressures to retail inflation with a lag, although slack in the economy is muting the passthrough,” the central bank said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-us-inflation-is-going-up-and-when-will-it-calm-down\\\\\\\"\u003eWhy US inflation is going up and when will it come down\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to the RBI, the Russia-Ukraine war and subsequent surge in commodity prices have \\\\\\\"overcast the outlook for inflation\\\\\\\" in India and the rest of the globe.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-inflation-affects-rbis-interest-rate-policy\\\\\\\"\u003eHow inflation affects RBI’s interest rate policy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In April, India's headline consumer price index (CPI)-based inflation rate increased to an eight-year high of 7.79%, remaining beyond the Reserve Bank of India's upper tolerance level of 6% for the fourth consecutive month. The RBI is tasked to aim inflation at 4%, with a two-percentage-point tolerance range on each side.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance\\\\\\\"\u003eExplained: Difference between RBI’s accommodative, neutral \u0026amp; hawkish stance\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In its April policy statement, the RBI updated its inflation forecast upward while substantially lowering its economic output forecast for the current fiscal year. The RBI expects inflation to average 5.7% this fiscal year and economic growth to average 7.2%. Economists anticipate that the RBI will improve its inflation prediction at its upcoming monetary policy meeting on June 8.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"MonetaryPolicy","slug":"monetarypolicy","id":"mzgUA7dig5kk"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Europe","slug":"europe","id":"v2KXw3fOql0S"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-27T10:13:28.513681+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Indian economy is projected to recover despite global threats according to the Reserve Bank of India's (RBI) annual report released on May 27. “Despite these risks, the recovery is getting entrenched and is broadening,” the RBI said. Also Read| 'There's a buffer': Why IMF's Gita Gopinath thinks risk of a recession is low,According to the report, the significant rise in government capital expenditure might crowd in private investment and create a virtuous cycle, enhancing aggregate demand. The National Infrastructure Plan and the National Monetisation Pipeline are both projected to boost infrastructure investment significantly. Also Read| Why world’s dependence on Russia oil may trigger a global recession,On the strength of increased immunisation and stronger economic prospects, consumer and business confidence remains resilient despite the third COVID wave, according to the report. It said that a complete rebound in aggregate demand is dependent on a reversal in private investment. Also Read| Rishi Sunak throws the dice: Inside UK's £15 bn Cost of Living Package,Also Read| What is Indo-Pacific Economic Framework?,The RBI stated that tackling supply-side constraints and aligning monetary and fiscal policy support to aggregate demand and structural reforms will determine the future path of development. The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has long prioritised growth above inflation by holding the repo rate at a historic low of 4% from May 2020. But, at a surprise meeting, it raised its repo rate by 40 basis points to 4.40% in anticipation of increased inflation. It also increased banks' cash reserve ratios by 50 basis points in an effort to drain surplus liquidity from the banking sector. Also Read| Why wealth inequality feeds into a poverty loop,According to the meeting minutes, the MPC will have to front-load rate rises in order to react quickly to the inflation risk exacerbated by commodity shortfalls and supply restrictions. Jayanth Varma, a panel member, stated that the MPC may need to hike rates by 100 basis points very soon. Also Read| Economists expect more aggressive rate hikes from RBI after hawkish minutes,The RBI stated that cost-push pressures from high industrial raw material prices, transportation expenses, and global logistics and supply chain constraints continue to have an impact on core inflation. Also Read| What are the effects of the Fed raising interest rates to fight inflation?,“The substantial wedge between wholesale and retail price inflation amidst a sharp rise in manufactured products’ inflation poses a risk of a possible passthrough of input cost pressures to retail inflation with a lag, although slack in the economy is muting the passthrough,” the central bank said. Also Read| Why US inflation is going up and when will it come down,According to the RBI, the Russia-Ukraine war and subsequent surge in commodity prices have overcast the outlook for inflation in India and the rest of the globe. Also Read| How inflation affects RBI’s interest rate policy,In April, India's headline consumer price index (CPI)-based inflation rate increased to an eight-year high of 7.79%, remaining beyond the Reserve Bank of India's upper tolerance level of 6% for the fourth consecutive month. The RBI is tasked to aim inflation at 4%, with a two-percentage-point tolerance range on each side. Also Read| Explained: Difference between RBI’s accommodative, neutral \u0026 hawkish stance,In its April policy statement, the RBI updated its inflation forecast upward while substantially lowering its economic output forecast for the current fiscal year. The RBI expects inflation to average 5.7% this fiscal year and economic growth to average 7.2%. Economists anticipate that the RBI will improve its inflation prediction at its upcoming monetary policy meeting on June 8.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"the Reserve Bank of India,RBI,India,Indian,The National Infrastructure Plan,the National Monetisation Pipeline,The Monetary Policy Committee,MPC,Russia","originalPublishedOn":"2022-05-27T10:13:28.513675+00:00"}},{"node":{"id":"biXFLPkylZnD","slug":"english/cong-slams-centre-over-price-rise-of-food-articles-fuel","title":"Cong slams Centre over price rise of food articles, fuel","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-18T14:57:05.401153+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1652885824.838604, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"New Delhi, May 18 (PTI) The Congress hit out at the BJP government on Wednesday over the unbridled price rise of food articles and petroleum products, which has fuelled the wholesale price index to a 30-year high of 15.08 per cent, and asked it to reduce excise duties to help increase consumption.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Congress spokesperson Supriya Shrinate said the government is bringing all kinds of issues to divert the attention of people, but not giving any reaction on the issues of price rise, inflation and unemployment.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"She also called upon the government to increase consumption and reduce excise duties to help stop inflation.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"\\\"We want to tell the government, instead of resorting to weapons of mass distraction, you might as well focus on the one issue that matters and that is to rein in the high prices, because this impacts every individual,\\\" Shrinate told reporters here.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"\\\"The high inflation shows the government's indifference and incompetence in tackling price rise,\\\" she said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The Congress leader said due to the unbridled price rise of food and fuel, wholesale price inflation has touched a 30-year high of 15.08 per cent and retail inflation is at an eight-year high, adding that this is going to spiral into retail inflation as well for the month of May.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Shrinate said vegetables have seen a price rise of nearly 23 per cent and food prices are up by nearly 8.5 per cent and as a direct consequence of low wages and unemployment, reports suggest that the consumption of vegetables has nearly halved in big markets.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"She said this impacts the poor, the middle class, the homemaker, professionals and everyone else and \\\"your constant attempts to distract those issues are only making matters worse because the reality is, Indians are having to bear the brunt of high prices at a time when 83 per cent have seen income erosion and of course, unemployment is at record levels\\\".\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The Congress leader also highlighted the government's \\\"indifference\\\" towards the issue of price rise and said it is not a global problem as being claimed by those in power.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Highlighting the profits of Rs 6,000 crore by Indian Oil Corporation in the last quarter, she said this shows that there is elbow space with the government to reduce oil prices.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Shrinate also highlighted a recent Reserve Bank of India (RBI) report that says food prices will continue to rise in the next few months, which is a cause of worry for everyone. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"Congress","slug":"congress","id":"KGrnteP5qPtc"},{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-18T14:57:05.401158+00:00","publisher":3,"sourceFeed":"1805202218DEL67","cleanText":"New Delhi, May 18 (PTI) The Congress hit out at the BJP government on Wednesday over the unbridled price rise of food articles and petroleum products, which has fuelled the wholesale price index to a 30-year high of 15.08 per cent, and asked it to reduce excise duties to help increase consumption.Congress spokesperson Supriya Shrinate said the government is bringing all kinds of issues to divert the attention of people, but not giving any reaction on the issues of price rise, inflation and unemployment.She also called upon the government to increase consumption and reduce excise duties to help stop inflation.We want to tell the government, instead of resorting to weapons of mass distraction, you might as well focus on the one issue that matters and that is to rein in the high prices, because this impacts every individual, Shrinate told reporters here.The high inflation shows the government's indifference and incompetence in tackling price rise, she said.The Congress leader said due to the unbridled price rise of food and fuel, wholesale price inflation has touched a 30-year high of 15.08 per cent and retail inflation is at an eight-year high, adding that this is going to spiral into retail inflation as well for the month of May.Shrinate said vegetables have seen a price rise of nearly 23 per cent and food prices are up by nearly 8.5 per cent and as a direct consequence of low wages and unemployment, reports suggest that the consumption of vegetables has nearly halved in big markets.She said this impacts the poor, the middle class, the homemaker, professionals and everyone else and your constant attempts to distract those issues are only making matters worse because the reality is, Indians are having to bear the brunt of high prices at a time when 83 per cent have seen income erosion and of course, unemployment is at record levels.The Congress leader also highlighted the government's indifference towards the issue of price rise and said it is not a global problem as being claimed by those in power.Highlighting the profits of Rs 6,000 crore by Indian Oil Corporation in the last quarter, she said this shows that there is elbow space with the government to reduce oil prices.Shrinate also highlighted a recent Reserve Bank of India (RBI) report that says food prices will continue to rise in the next few months, which is a cause of worry for everyone.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Congress,New Delhi,Indian Oil Corporation,Reserve Bank of India","originalPublishedOn":"2022-05-18T14:57:04.851664+00:00"}},{"node":{"id":"tvlKwrfhqjQ6","slug":"english/indias-forex-reserves-fall-usd-1774-bln-to-usd-595954-bln","title":"India's forex reserves fall USD 1.774 bln to USD 595.954 bln","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-13T14:09:05.986916+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1652450945.349864, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, May 13 (PTI) India's forex reserves declined by USD 1.774 billion to USD 595.954 billion for the week ended May 6 on the back of a fall in the core currency assets, according to Reserve Bank of India (RBI) data released on Friday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In the previous reporting week, the overall reserves had declined by USD 2.695 billion to USD 597.728 billion, falling below the USD 600 billion mark.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" At a time when the currency is under pressure due to heavy outflow by foreign investors, RBI is reportedly intervening across all markets to defend the currency. The foreign exchange reserves declined by USD 28.05 billion in the six months to March 2022.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" During the reporting week, the fall in the reserves was on account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per RBI's weekly data.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" FCA dropped by USD 1.968 billion to USD 530.855 billion in the week ended May 6.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Gold reserves increased by USD 135 million to USD 41.739 billion in the reporting week, the data showed.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) jumped by USD 70 million to USD 18.370 billion.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The country's reserve position with the IMF decreased by USD 11 million to USD 4.99 billion in the reporting week, the data showed. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-13T14:09:05.986921+00:00","publisher":3,"sourceFeed":"1305202213DEL84","cleanText":"Mumbai, May 13 (PTI) India's forex reserves declined by USD 1.774 billion to USD 595.954 billion for the week ended May 6 on the back of a fall in the core currency assets, according to Reserve Bank of India (RBI) data released on Friday. In the previous reporting week, the overall reserves had declined by USD 2.695 billion to USD 597.728 billion, falling below the USD 600 billion mark. At a time when the currency is under pressure due to heavy outflow by foreign investors, RBI is reportedly intervening across all markets to defend the currency. The foreign exchange reserves declined by USD 28.05 billion in the six months to March 2022. During the reporting week, the fall in the reserves was on account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, as per RBI's weekly data. FCA dropped by USD 1.968 billion to USD 530.855 billion in the week ended May 6. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 135 million to USD 41.739 billion in the reporting week, the data showed. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) jumped by USD 70 million to USD 18.370 billion. The country's reserve position with the IMF decreased by USD 11 million to USD 4.99 billion in the reporting week, the data showed.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"India,RBI,Mumbai,Reserve Bank of India,non-US,the International Monetary Fund","originalPublishedOn":"2022-05-13T14:09:05.363110+00:00"}},{"node":{"id":"iRH25gw7B06f","slug":"english/retail-inflation-in-india-jumps-to-8-year-high-of-779-in-april","title":"Retail Inflation in India jumps to 8-year high of 7.79% in April","postType":1,"coverMedia":"/opoyi_FLZL2oXKy.jpg","coverCaption":"Rural inflation surged to 8.83% in April as compared to 7.66% in March (Photo Credit: Representational/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-12T18:00:00.826712+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRetail inflation in India increased to 7.79% in April\u003c/li\u003e\n \u003cli\u003eThe figure stayed well above the RBI’s upper tolerance limit for a fourth straight month\u003c/li\u003e\n \u003cli\u003eIn March 2022, retail inflation stood at 6.95%.\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1652374642365,\\\"strCount\\\":3216,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Retail \u003ca href=\\\\\\\"https://opoyi.com/english/how-inflation-affects-rbis-interest-rate-policy\\\\\\\"\u003einflation\u003c/a\u003e in \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e increased to 7.79% in April, largely because of rising fuel and food prices, government data showed. The consumer price-based inflation figure stayed well above the \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-raises-crr-by-50-bps-to-45-from-may-21-to-tighten-liquidity\\\\\\\"\u003eReserve Bank\u003c/a\u003e of India’s (RBI’s) upper tolerance limit for a fourth straight month. RBI has been directed by the Centre government to keep the inflation between 2% to 6% for a five-year period ending March 2026.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India’s factory output, measured in terms of Index Industrial Production (IIP), witnessed a growth of 1.9% in March, according to separate data released by the Ministry of Statistics \u0026amp; Programme Implementation (MoSPI).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-apple-fell-behind-saudi-aramco-in-the-most-valuable-company-race\\\\\\\"\u003eWhy Apple fell behind Saudi Aramco in the most valuable company race\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Retail \u003ca href=\\\\\\\"https://opoyi.com/english/cpi-inflation-soars-sharply-to-17-month-high-of-695-in-march\\\\\\\"\u003einflation in March\u003c/a\u003e stood at 6.95%. Retail inflation is now at the highest level since the 8.83% hit in May 2014. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Rural inflation surged to 8.83% in April as compared to 7.66% in March and 3.75% in April 2021. Urban inflation in April stood at 7.09% as compared to 6.12% in March and 4.71% in April 2021.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Food inflation, which accounts for nearly half the consumer price index (CPI) reached a multi-month high in April and is likely to remain elevated due to higher vegetable and edible oil prices globally. The CPI data is mainly considered by RBI while making its bi-monthly monetary policy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/phillip-jefferson-becomes-fourth-black-person-to-serve-on-fed-reserve-board\\\\\\\"\u003ePhillip Jefferson becomes fourth Black person to serve on Fed Reserve board\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The overall food inflation in April stood at 8.38%, against 7.68% in March and 1.96% in April 2021.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The higher price outlook triggered the \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-raises-repo-rate-by-40-bps-to-440-says-governor-shaktikanta-das\\\\\\\"\u003eRBI to hike its repo rate\u003c/a\u003e for the first time in four years, increasing it by 40 basis points (bps) to 4.40% in an off-cycle meeting earlier this month. This was the first-rate move in two years and its first hike in nearly four years. The \u003ca href=\\\\\\\"https://opoyi.com/english/what-is-repo-rate\\\\\\\"\u003eRepo rate\u003c/a\u003e is the rate at which RBI lends money to commercial banks.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-us-inflation-is-going-up-and-when-will-it-calm-down\\\\\\\"\u003eWhy US inflation is going up and when will it come down\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“The MPC expects inflation to rule at elevated levels, warranting resolute and calibrated steps to anchor inflation expectations and contain second-round effects,” RBI Governor Shaktikanta Das said as he announced that the MPC had unanimously voted to increase the policy repo rate.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The US Federal Reserve also increased its interest rate by 50 bps, the highest in 22 years. Globally, the central banks have indicated future rate hikes to bring down soaring inflation.\\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"IndianEconomy","slug":"indianeconomy","id":"kzdkEBmiyLAT"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"Food","slug":"food","id":"jAGOKN2koXNT"},{"name":"Industry","slug":"industry","id":"3Hcxjv2r3g4X"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-12T18:00:00.439338+00:00","publisher":0,"sourceFeed":null,"cleanText":"Retail inflation in India increased to 7.79% in April, largely because of rising fuel and food prices, government data showed. The consumer price-based inflation figure stayed well above the Reserve Bank of India’s (RBI’s) upper tolerance limit for a fourth straight month. RBI has been directed by the Centre government to keep the inflation between 2% to 6% for a five-year period ending March 2026. India’s factory output, measured in terms of Index Industrial Production (IIP), witnessed a growth of 1.9% in March, according to separate data released by the Ministry of Statistics \u0026 Programme Implementation (MoSPI). Also Read | Why Apple fell behind Saudi Aramco in the most valuable company race,Retail inflation in March stood at 6.95%. Retail inflation is now at the highest level since the 8.83% hit in May 2014. ,Rural inflation surged to 8.83% in April as compared to 7.66% in March and 3.75% in April 2021. Urban inflation in April stood at 7.09% as compared to 6.12% in March and 4.71% in April 2021. Food inflation, which accounts for nearly half the consumer price index (CPI) reached a multi-month high in April and is likely to remain elevated due to higher vegetable and edible oil prices globally. The CPI data is mainly considered by RBI while making its bi-monthly monetary policy. Also Read | Phillip Jefferson becomes fourth Black person to serve on Fed Reserve board,The overall food inflation in April stood at 8.38%, against 7.68% in March and 1.96% in April 2021. The higher price outlook triggered the RBI to hike its repo rate for the first time in four years, increasing it by 40 basis points (bps) to 4.40% in an off-cycle meeting earlier this month. This was the first-rate move in two years and its first hike in nearly four years. The Repo rate is the rate at which RBI lends money to commercial banks. Also Read | Why US inflation is going up and when will it come down,“The MPC expects inflation to rule at elevated levels, warranting resolute and calibrated steps to anchor inflation expectations and contain second-round effects,” RBI Governor Shaktikanta Das said as he announced that the MPC had unanimously voted to increase the policy repo rate. The US Federal Reserve also increased its interest rate by 50 bps, the highest in 22 years. Globally, the central banks have indicated future rate hikes to bring down soaring inflation.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"India,the Reserve Bank of India,the Ministry of Statistics Programme Implementation,Shaktikanta Das,The US Federal Reserve,Retail inflation, Retail inflation india, retail inflation april, retail infltation data,CPI india, Consumer price index april, Rur","originalPublishedOn":"2022-05-12T15:00:00+00:00"}},{"node":{"id":"1BmoOYK2Tgf9","slug":"english/rate-hikes-by-central-banks-to-dampen-demand-prolong-recovery-sources","title":"Rate hikes by central banks to dampen demand, prolong recovery: Sources","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-11T14:42:05.781211+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1652280124.924955, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" New Delhi, May 11 (PTI) Tightening of policy rates by major central banks, including the RBI, would adversely impact demand in the next 6-8 months and slow down the recovery process, sources said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Besides Reserve Bank of India (RBI), several central banks including the US Federal Reserve and Bank of England have hiked their benchmark lending rates to rein in inflation, which has been exacerbated by the Russia-Ukraine conflict.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The ongoing Russia-Ukraine war, which has entered the 77th day, has disrupted global supply chains and further pushed commodity prices, especially for fuel and foodgrains, across the world.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" According to sources, decision of various central banks will have a bearing on the demand, thus hurting the global economy which has yet to reach pre-pandemic level.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Even in the past, sources said, inflation was mainly on account of supply constraints which have worsened due to the war.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" All the major central banks are now forced to act, the sources said, adding the focus the world over for the next 6-8 months would be to bring down inflation by killing whatever demand there is.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" All the central banks are now going to drive their economies towards decline in demand through rate hikes, the sources said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Federal Reserve has been the most aggressive as it raised lending rate by 0.50 per cent. It was followed the RBI, which in an off-cycle action hiked the repo rate by 40 basis points (0.40 per cent). Among other major central banks, Bank of England and Reserve Bank of Australia increased interest rates by up to 25 basis points.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Most of these central banks have also indicated future rate hikes to bring down elevated inflation.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" With the current and prospective rate hikes, whatever little pent-up demand is there will be killed and whatever little support inflation was getting will be wiped out, sources said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The RBI, according to sources, has also been intervening in the forex market for the last few days to check rupee volatility. The rupee plunged to its lifetime low of 77.44 against the US dollar earlier this week, before staging a modest recovery.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Sources said the RBI action was not targeted at finding any particular level for the rupee but to avoid sharp movements.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" On the declining forex reserves, sources said it is due to valuation losses because the dollar is gaining strength.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Next reading of the forex reserve would be positive unlike the past week when it witnessed a decline, they added.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" India's forex reserves have slipped below the USD 600 billion mark, as per latest data published by RBI. It had touched a high of USD 642.54 billion in September 2021. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"US","slug":"us","id":"0JelBm6rMusZ"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-11T14:42:05.781216+00:00","publisher":3,"sourceFeed":"1105202211DEL70","cleanText":"New Delhi, May 11 (PTI) Tightening of policy rates by major central banks, including the RBI, would adversely impact demand in the next 6-8 months and slow down the recovery process, sources said. Besides Reserve Bank of India (RBI), several central banks including the US Federal Reserve and Bank of England have hiked their benchmark lending rates to rein in inflation, which has been exacerbated by the Russia-Ukraine conflict. The ongoing Russia-Ukraine war, which has entered the 77th day, has disrupted global supply chains and further pushed commodity prices, especially for fuel and foodgrains, across the world. According to sources, decision of various central banks will have a bearing on the demand, thus hurting the global economy which has yet to reach pre-pandemic level. Even in the past, sources said, inflation was mainly on account of supply constraints which have worsened due to the war. All the major central banks are now forced to act, the sources said, adding the focus the world over for the next 6-8 months would be to bring down inflation by killing whatever demand there is. All the central banks are now going to drive their economies towards decline in demand through rate hikes, the sources said. The Federal Reserve has been the most aggressive as it raised lending rate by 0.50 per cent. It was followed the RBI, which in an off-cycle action hiked the repo rate by 40 basis points (0.40 per cent). Among other major central banks, Bank of England and Reserve Bank of Australia increased interest rates by up to 25 basis points. Most of these central banks have also indicated future rate hikes to bring down elevated inflation. With the current and prospective rate hikes, whatever little pent-up demand is there will be killed and whatever little support inflation was getting will be wiped out, sources said. The RBI, according to sources, has also been intervening in the forex market for the last few days to check rupee volatility. The rupee plunged to its lifetime low of 77.44 against the US dollar earlier this week, before staging a modest recovery. Sources said the RBI action was not targeted at finding any particular level for the rupee but to avoid sharp movements. On the declining forex reserves, sources said it is due to valuation losses because the dollar is gaining strength. Next reading of the forex reserve would be positive unlike the past week when it witnessed a decline, they added. India's forex reserves have slipped below the USD 600 billion mark, as per latest data published by RBI. It had touched a high of USD 642.54 billion in September 2021.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Russia,New Delhi,Reserve Bank of India,the US Federal Reserve,Bank of England,The Federal Reserve,RBI,Bank of England and Reserve Bank of Australia,US,the forex reserve","originalPublishedOn":"2022-05-11T14:42:04.940096+00:00"}},{"node":{"id":"Kst8I6MPBo9N","slug":"english/lic-public-offer-to-remain-open-for-subscription-on-saturday-and-sunday","title":"LIC public offer to remain open for subscription on Saturday and Sunday","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-05T10:45:07.845967+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1651747507.090855, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" New Delhi, May 5 (PTI) LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" This is perhaps for the first time the special dispensation is granted to any public offer.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Earlier bidding was allowed on May 7 (Saturday) only.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" To facilitate this, Reserve Bank of India (RBI) directed all ASBA-designated bank branches to remain open for public on Sunday to facilitate processing of applications for LIC's initial public offering.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" State-owned LIC's Initial Public Offering (IPO), the country's biggest ever offer, opened for subscription by retail and institutional investors on Wednesday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The offer will close on May 9 (Monday).\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The government, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI had said in a statement on Wednesday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose,\\\" it had said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Generally, ASBA is the mechanism through which investors apply for shares in a public issue.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The share sale is through an Offer-For-Sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Its product portfolio comprises 32 individual plans (16 participating and 16 non-participating) and seven individual optional rider benefits. The insurer's group product portfolio comprises 11 group products.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or gross written premium, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued and 88.8 per cent in terms of the number of group policies issued. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"LIC","slug":"lic","id":"DW8dhye7EZXw"},{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-05T10:45:07.845973+00:00","publisher":3,"sourceFeed":"0505202205DEL30","cleanText":"New Delhi, May 5 (PTI) LIC public offer will remain open for subscription even on weekend to enable people to participate in the mega IPO of the state-owned insurer. This is perhaps for the first time the special dispensation is granted to any public offer. The issue period also includes bidding on Saturday, May 7, 2022 and Sunday, May 8, 2022, LIC informed exchanges. Earlier bidding was allowed on May 7 (Saturday) only. To facilitate this, Reserve Bank of India (RBI) directed all ASBA-designated bank branches to remain open for public on Sunday to facilitate processing of applications for LIC's initial public offering. State-owned LIC's Initial Public Offering (IPO), the country's biggest ever offer, opened for subscription by retail and institutional investors on Wednesday. The offer will close on May 9 (Monday). The government, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI had said in a statement on Wednesday. The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose, it had said. Generally, ASBA is the mechanism through which investors apply for shares in a public issue. LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60. The share sale is through an Offer-For-Sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17. LIC reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions. Even after the reduced size of about Rs 20,557 crore, LIC IPO is going to be the biggest initial public offering ever in the country. So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 18,300 crore, followed by Coal India (2010) at nearly Rs 15,500 crore and Reliance Power (2008) at Rs 11,700 crore. LIC was formed by merging and nationalising 245 private life insurance companies on September 1, 1956, with an initial capital of Rs 5 crore. Its product portfolio comprises 32 individual plans (16 participating and 16 non-participating) and seven individual optional rider benefits. The insurer's group product portfolio comprises 11 group products. As of December 2021, LIC had a market share of 61.6 per cent in terms of premiums or gross written premium, 61.4 per cent in terms of new business premium, 71.8 per cent in terms of the number of individual policies issued and 88.8 per cent in terms of the number of group policies issued.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"LIC,ASBA,New Delhi,Reserve Bank of India,Initial Public Offering,Blocked Amount,RBI,OFS,Reliance Power,PTI DP CS","originalPublishedOn":"2022-05-05T10:45:07.105793+00:00"}},{"node":{"id":"YLjs8sqzTmEI","slug":"english/asba-designated-bank-branches-to-remain-open-on-sunday-for-lic-ipo-reserve-bank","title":"ASBA-designated bank branches to remain open on Sunday for LIC IPO: Reserve Bank","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-04T13:21:04.667495+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1651670463.775026, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, May 4 (PTI) Reserve Bank of India (RBI) has said that all ASBA-designated bank branches will remain open for public on Sunday to facilitate processing of applications for LIC's initial public offering.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" State-owned LIC's Initial Public Offering (IPO), the country's biggest ever offer, opened for subscription by retail and institutional investors on Wednesday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The offer will close on May 9 and there wil be bidding on May 7 (Saturday) also.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI said in a statement on Wednesday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose,\\\" it said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Generally, ASBA is the mechanism through which investors apply for shares in a public issue.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" On Wednesday, the first day of the IPO, the retail portion has been oversubscribed while the overall subscription stood at 0.64 per cent.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The share sale is through the Offer For Sale (OFS) of up to 22.13 crore equity shares and the listing is likely on May 17. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"PTI","slug":"pti","id":"l3hGGnyT2TNu"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"LIC","slug":"lic","id":"DW8dhye7EZXw"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-04T13:21:04.667500+00:00","publisher":3,"sourceFeed":"0405202204DEL69","cleanText":"Mumbai, May 4 (PTI) Reserve Bank of India (RBI) has said that all ASBA-designated bank branches will remain open for public on Sunday to facilitate processing of applications for LIC's initial public offering. State-owned LIC's Initial Public Offering (IPO), the country's biggest ever offer, opened for subscription by retail and institutional investors on Wednesday. The offer will close on May 9 and there wil be bidding on May 7 (Saturday) also. The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI said in a statement on Wednesday. The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose, it said. Generally, ASBA is the mechanism through which investors apply for shares in a public issue. On Wednesday, the first day of the IPO, the retail portion has been oversubscribed while the overall subscription stood at 0.64 per cent. The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth. LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share. The share sale is through the Offer For Sale (OFS) of up to 22.13 crore equity shares and the listing is likely on May 17.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Reserve Bank,ASBA,Mumbai,PTI),Reserve Bank of India,LIC,Initial Public Offering,India,Blocked Amount,RBI","originalPublishedOn":"2022-05-04T13:21:03.796607+00:00"}},{"node":{"id":"GQEONjIh4hXb","slug":"english/indias-central-bank-raises-interest-rate-to-tame-inflation","title":"India's central bank raises interest rate to tame inflation","postType":1,"coverMedia":"/India_Economy_06641_35tgctyJ22.jpg","coverCaption":"FILE - A man watches a screen showing Russian President Vladimir Putin on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, Thursday, Feb. 24, 2022. India’s central bank on Wednesday, May 4, raised its key interest rate to 4.4% from","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-04T10:48:14.199761+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1651661287.307914, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"NEW DELHI (AP) — India’s central bank on Wednesday raised its key interest rate to 4.4% from 4% to try to contain fast-rising inflation. \"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Reserve Bank of India Governor Shaktikanta Das said after an unscheduled meeting of the bank's monetary policy committee that the central bank would maintain an “accommodative\\\" stance to help support the economy while keeping inflation in check. \"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"India's consumer price index surged to 7% in March from 6.1% in February, largely reflecting higher costs for imports of coal, oil and food. Das mentioned global shortages of wheat and edible oil as factors. \"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The RBI has set a medium-term target for CPI inflation of 4% within a band of plus or minus 2%, Das said. \"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"He expressed concern that the deteriorating global situation amid the war in Ukraine was causing a ``tectonic shift'' in commodity markets, trade and financial linkages. \"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"“Looking ahead, further rate hikes look nailed on. After all, the rise in headline inflation has further to run,\\\" Shilan Shah of Capital Economics said in a report. \"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"In 2020, the RBI cut its benchmark rate — the interest the central bank charges on lending to commercial banks — from 5.1% to 4%, the lowest level since March 2010, to ease financing woes during the pandemic. \"}}]}","relatedPosts":null,"location":{"name":"New Delhi,India"},"createdBy":{"name":"AP","photo":"https://ik.imagekit.io/o8plo3y5if/AP-200x200_TbSS3S6KN.jpeg","username":"associatedpress","id":"8dFR8PhLJl4s","role":null},"topics":[{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"AP","id":"8dFR8PhLJl4s","username":"associatedpress"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-05-04T10:48:14.199767+00:00","publisher":3,"sourceFeed":"7c82c3ccd4d082","cleanText":"NEW DELHI (AP) — India’s central bank on Wednesday raised its key interest rate to 4.4% from 4% to try to contain fast-rising inflation. Reserve Bank of India Governor Shaktikanta Das said after an unscheduled meeting of the bank's monetary policy committee that the central bank would maintain an “accommodative stance to help support the economy while keeping inflation in check. India's consumer price index surged to 7% in March from 6.1% in February, largely reflecting higher costs for imports of coal, oil and food. Das mentioned global shortages of wheat and edible oil as factors. The RBI has set a medium-term target for CPI inflation of 4% within a band of plus or minus 2%, Das said. He expressed concern that the deteriorating global situation amid the war in Ukraine was causing a ``tectonic shift'' in commodity markets, trade and financial linkages. “Looking ahead, further rate hikes look nailed on. After all, the rise in headline inflation has further to run, Shilan Shah of Capital Economics said in a report. In 2020, the RBI cut its benchmark rate — the interest the central bank charges on lending to commercial banks — from 5.1% to 4%, the lowest level since March 2010, to ease financing woes during the pandemic.","portalUser":{"id":"8dFR8PhLJl4s","name":"AP","username":"associatedpress","photo":"https://ik.imagekit.io/o8plo3y5if/AP-200x200_TbSS3S6KN.jpeg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6519","longitude":"77.2315","name":"New Delhi,India","city":"Delhi"},"keywords":"India,NEW DELHI,Reserve Bank of India,Shaktikanta Das,Das,Ukraine,Capital Economics,RBI","originalPublishedOn":"2022-05-04T10:48:13.329875+00:00"}},{"node":{"id":"5jIScoWkI31V","slug":"english/interest-rates-inflation-and-economy-key-announcements-from-rbi-governor-shaktikanta-das","title":"Key announcements from RBI Governor Shaktikanta Das","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_VAljPvGyJ.jpg","coverCaption":"RBI Governor Shaktikanta Das delivers a live address on Wednesday. (Photo Credit: PTI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-05-04T10:34:41.226576+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eBenchmark interest rates were hiked by 40 basis points\u003c/li\u003e\n \u003cli\u003eIndia's debt-to-GDP ratio remains low, RBI Governor said\u003c/li\u003e\n \u003cli\u003eIndia's cash reserve ratio was increased by 50 basis points\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1651660481243,\\\"strCount\\\":2691,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/centre-reappoints-shaktikanta-das-as-rbi-governor-for-three-more-years\\\\\\\"\u003eShaktikanta Das\u003c/a\u003e, the Governor of the Reserve Bank of India, made key announcements about \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-cap-on-e-rupee-to-be-increased-from-rs-10000-to-rs-1-lakh\\\\\\\"\u003eIndia's monetary policies\u003c/a\u003e. He addressed areas like inflation, \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-raises-repo-rate-by-40-bps-to-440-says-governor-shaktikanta-das\\\\\\\"\u003erepo rates\u003c/a\u003e,\u0026nbsp;Cash Reserve Ratio, and foreign exchange reserves among others.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Here are the key announcements made by the RBI Governor on Wednesday:\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"-Shortages, volatility in commodities and financial markets are becoming more acute.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"- The benchmark \u003ca href=\\\\\\\"https://opoyi.com/what-rbis-unchanged-interest-rates-mean-for-indias-covid-hit-economy\\\\\\\"\u003einterest rate\u003c/a\u003e will be hiked by 40 basis points to 4.40% in an unscheduled policy review with a view to \u003ca href=\\\\\\\"https://opoyi.com/explained-how-bitcoin-price-and-inflation-are-co-related\\\\\\\"\u003econtain inflation in the country\u003c/a\u003e. The spike in interest rates will aim to \\\\\\\"strengthen and consolidate\\\\\\\" medium-term economic growth prospects.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"-RBI Governor Das said that current geopolitical tensions are pushing India's inflation. He added that global economic recovery is losing momentum.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"-India's foreign exchange reserves currently remain high and are valued at nearly $600 billion. The RBI Governor also said that India's debt-to-GDP ratio remains low.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"-India's cash reserve ratio (CRR) was spiked by 50 basis points and will be at 4.5% starting May 21, 2022.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The decision to increase interest rates was taken by the Monetary Policy Committee (MPC), the RBI Governor announced. This was the first \u003ca href=\\\\\\\"https://opoyi.com/what-rbis-unchanged-interest-rates-mean-for-indias-covid-hit-economy\\\\\\\"\u003erate hike in India since August 2018.\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The unscheduled meeting saw all six members voting unanimously for a rate hike while maintaining an accommodative stance.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"While the inflation has remained above the targetted 6% since January, RBI Governor Shaktikanta Das said the inflation print in April is also likely to be high, according to reports from PTI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The retail inflation print for March stood at 6.9%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Governor said the decision of MPC reversed the May 2020 interest rate cut by an equal amount.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Shaktikanta Das said the last time India revised its\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-raises-repo-rate-by-40-bps-to-440-says-governor-shaktikanta-das\\\\\\\"\u003e repo rate\u003c/a\u003e policy was at the onset of the COVID-19 pandemic, on May 22, 2020. It was revised in an off-policy cycle to spike demand. This was achieved by slashing interest rates to a historic low of 4%.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Aman Butani","photo":"","username":"amanbutani1975","id":"wo3kJpOpSZW2","role":null},"topics":[{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Aman Butani","id":"wo3kJpOpSZW2","username":"amanbutani1975"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[{"id":"3","name":"PTI"}],"originalPost":null,"publishedOn":"2022-05-04T10:00:00.207605+00:00","publisher":0,"sourceFeed":null,"cleanText":"Shaktikanta Das, the Governor of the Reserve Bank of India, made key announcements about India's monetary policies. He addressed areas like inflation, repo rates, Cash Reserve Ratio, and foreign exchange reserves among others. Here are the key announcements made by the RBI Governor on Wednesday:,-Shortages, volatility in commodities and financial markets are becoming more acute. - The benchmark interest rate will be hiked by 40 basis points to 4.40% in an unscheduled policy review with a view to contain inflation in the country. The spike in interest rates will aim to strengthen and consolidate medium-term economic growth prospects. -RBI Governor Das said that current geopolitical tensions are pushing India's inflation. He added that global economic recovery is losing momentum. -India's foreign exchange reserves currently remain high and are valued at nearly $600 billion. The RBI Governor also said that India's debt-to-GDP ratio remains low. -India's cash reserve ratio (CRR) was spiked by 50 basis points and will be at 4.5% starting May 21, 2022. The decision to increase interest rates was taken by the Monetary Policy Committee (MPC), the RBI Governor announced. This was the first rate hike in India since August 2018. The unscheduled meeting saw all six members voting unanimously for a rate hike while maintaining an accommodative stance. While the inflation has remained above the targetted 6% since January, RBI Governor Shaktikanta Das said the inflation print in April is also likely to be high, according to reports from PTI. The retail inflation print for March stood at 6.9%. The Governor said the decision of MPC reversed the May 2020 interest rate cut by an equal amount. Shaktikanta Das said the last time India revised its repo rate policy was at the onset of the COVID-19 pandemic, on May 22, 2020. It was revised in an off-policy cycle to spike demand. This was achieved by slashing interest rates to a historic low of 4%.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"RBI governor address, interest rates, economy, inflation, repo rates, foreign exchanges reservesh","originalPublishedOn":"2022-05-04T10:00:00+00:00"}},{"node":{"id":"lU4S9XE2Wknm","slug":"english/forex-reserves-down-usd-3271-bn-to-usd-600423-bn","title":"Forex reserves down USD 3.271 bn to USD 600.423 bn","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-29T13:48:04.546411+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1651240083.945773, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"Mumbai, Apr 29 (PTI) The country's foreign exchange reserves decreased by USD 3.271 billion to USD 600.423 billion in the week ended April 22, RBI data showed.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In the previous week, the reserves had declined by USD 311 million to USD 603.694 billion.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" During the reporting week, the fall in the reserves was on the account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" FCA dropped by USD 2.835 billion to USD 533.933 billion in the week ended April 22.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Gold reserves declined by USD 377 million to USD 42.768 billion in the reporting week, according to the data.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 33 million to USD 18.662 billion, RBI said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The country's reserve position with the IMF decreased by USD 26 million to USD 5.060 billion in the reporting week, as per the data. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-29T13:48:04.546416+00:00","publisher":3,"sourceFeed":"2904202229DEL52","cleanText":"Mumbai, Apr 29 (PTI) The country's foreign exchange reserves decreased by USD 3.271 billion to USD 600.423 billion in the week ended April 22, RBI data showed. In the previous week, the reserves had declined by USD 311 million to USD 603.694 billion. During the reporting week, the fall in the reserves was on the account of a decline in the Foreign Currency Assets (FCA), a major component of the overall reserves, and gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed. FCA dropped by USD 2.835 billion to USD 533.933 billion in the week ended April 22. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves declined by USD 377 million to USD 42.768 billion in the reporting week, according to the data. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 33 million to USD 18.662 billion, RBI said. The country's reserve position with the IMF decreased by USD 26 million to USD 5.060 billion in the reporting week, as per the data.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Forex,RBI,Mumbai,Reserve Bank of India,FCA,the International Monetary Fund","originalPublishedOn":"2022-04-29T13:48:03.967489+00:00"}},{"node":{"id":"SMLB75jIf9Z1","slug":"english/india-to-take-a-considered-view-on-crypto-sitharaman","title":"India to take a considered view on crypto: Sitharaman","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-27T13:48:05.736714+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1651067284.718775, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"Washington, Apr 27 (PTI) Flagging concerns over likely misuse of crypto, Finance Minister Nirmala Sitharaman has said India will take a considerate decision on regulation around the virtual currency.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The decision on crypto will not be rushed through, she said in an interaction at Stanford University.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"\\\"It will have to take its time...all of us to be sure that at least with a given available information, we're taking the decern decision. It can't be rushed through,\\\" she said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The minister clarified that the government is open to promote innovation and well-grounded progress made in the distributed ledger technologies, which are coming in the blockchain.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"\\\"So, our intention is in no way to hurt this (innovation around crypto)...but (we need to) define for ourselves...,\\\" she said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Cryptocurrencies can also be manipulated for money laundering or terror financing, the minister noted.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"So, these are some of the concerns, not just India, but many countries of the world have and are also discussed in global, multilateral platforms, she added.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"India is planning to introduce central bank-backed digital currency or Central Bank Digital Currency (CBDC).\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Sitharaman, in her Budget speech on February 1, had announced that the digital rupee or CBDC would be issued by the RBI in the coming fiscal year.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"She had also announced that the government will levy a 30 per cent tax on gains made from any other private digital assets from April 1.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Speaking about CBDC, Reserve Bank of India Deputy Governor T Rabi Sankar earlier this month said a nuanced and calibrated approach is essential for the launch of India's maiden digital currency as it would have various implications for the economy and monetary policy.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The essential learning does not come from global experience but basically comes from your own experience, he had said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"On the merger of HDFC and HDFC Bank, Sitharaman said, it is a good step because India needs a lot more big banks to take care of growing needs for infra financing.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Earlier this month, India\\u2019s largest private lender HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan in the largest deal in the country\\u2019s corporate history.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The transaction involves the amalgamation of HDFC and its two wholly-owned subsidiaries HDFC Holdings and HDFC Investments with HDFC Bank.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"HDFC, as the promoter of HDFC Bank, holds 21 per cent in the lender along with the two subsidiaries, which on the merger will be more than double the size of private sector peer ICICI Bank.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"With regard to the digital divide, Sitharaman said some steps have been taken to bridge it.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Asked about the under-reporting of COVID death numbers, she said the data that the central government reported was compiled from states.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The revision was due to changes made by the state governments, she said, adding some death that took place at home was updated later by states. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"HDFCBank","slug":"hdfcbank","id":"n3a3YDui7INw"},{"name":"Washington","slug":"washington","id":"Fqv5l2w7tKCw"},{"name":"NirmalaSitharaman","slug":"nirmalasitharaman","id":"lrmXa26Ltafh"},{"name":"Budget","slug":"budget","id":"arrvWzBZXnwD"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-27T13:48:05.736720+00:00","publisher":3,"sourceFeed":"2704202227FGN66","cleanText":"Washington, Apr 27 (PTI) Flagging concerns over likely misuse of crypto, Finance Minister Nirmala Sitharaman has said India will take a considerate decision on regulation around the virtual currency.The decision on crypto will not be rushed through, she said in an interaction at Stanford University.It will have to take its time...all of us to be sure that at least with a given available information, we're taking the decern decision. It can't be rushed through, she said.The minister clarified that the government is open to promote innovation and well-grounded progress made in the distributed ledger technologies, which are coming in the blockchain.So, our intention is in no way to hurt this (innovation around crypto)...but (we need to) define for ourselves... she said.Cryptocurrencies can also be manipulated for money laundering or terror financing, the minister noted.So, these are some of the concerns, not just India, but many countries of the world have and are also discussed in global, multilateral platforms, she added.India is planning to introduce central bank-backed digital currency or Central Bank Digital Currency (CBDC).Sitharaman, in her Budget speech on February 1, had announced that the digital rupee or CBDC would be issued by the RBI in the coming fiscal year.She had also announced that the government will levy a 30 per cent tax on gains made from any other private digital assets from April 1.Speaking about CBDC, Reserve Bank of India Deputy Governor T Rabi Sankar earlier this month said a nuanced and calibrated approach is essential for the launch of India's maiden digital currency as it would have various implications for the economy and monetary policy.The essential learning does not come from global experience but basically comes from your own experience, he had said.On the merger of HDFC and HDFC Bank, Sitharaman said, it is a good step because India needs a lot more big banks to take care of growing needs for infra financing.Earlier this month, India’s largest private lender HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan in the largest deal in the country’s corporate history.The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.The transaction involves the amalgamation of HDFC and its two wholly-owned subsidiaries HDFC Holdings and HDFC Investments with HDFC Bank.HDFC, as the promoter of HDFC Bank, holds 21 per cent in the lender along with the two subsidiaries, which on the merger will be more than double the size of private sector peer ICICI Bank.With regard to the digital divide, Sitharaman said some steps have been taken to bridge it.Asked about the under-reporting of COVID death numbers, she said the data that the central government reported was compiled from states.The revision was due to changes made by the state governments, she said, adding some death that took place at home was updated later by states.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"India,HDFC Bank,Washington,Nirmala Sitharaman,Central Bank Digital Currency,Budget,RBI,Reserve Bank of India,Rabi Sankar,Sitharaman","originalPublishedOn":"2022-04-27T13:48:04.740574+00:00"}},{"node":{"id":"WDnFtMGuX94n","slug":"english/delhi-hc-seeks-centre-rbi-stand-on-plea-concerning-accessible-financial-services-for-visually-challenged","title":"Delhi HC seeks Centre, RBI stand on plea concerning accessible financial services for visually challenged","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-23T14:42:07.187113+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1650724926.362695, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"New Delhi, Apr 23 (PTI) The Delhi High Court has sought the stand of the Centre, Reserve Bank of India and IIT-Delhi on a plea for constituting a committee for framing of guidelines to ensure that financial services are accessible to the visually challenged.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"A bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla issued notice on an application by George Abraham and said that it expected the respondents to provide the names of competent persons who could be part of the committee.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The application is part of the petitioner's plea seeking directions to ensure that all financial services as well as bank websites, internet banking facilities and mobile phone applications for financial services are made accessible to people with visual challenges.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"In his application, the petitioner stated that his concern was not with respect to an absence of law to address access to financial services for the visually challenged but a lack of their implementation, including the RBI's master circular.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Abraham submitted that these laws are being haphazardly implemented in spite of the RBI having wide powers to ensure compliance of its directions, such as imposition of financial penalties.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"\\\"For example, while some internet banking applications and ATMs have good accessibility, many are still not accessible. Some financial services used by the public such as digital payment wallets or vendor card payment machines appear to offer no access whatsoever for visually impaired persons,\\\" the plea stated.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The petitioner thus suggested that a committee be appointed to formulate steps and guidelines to address the issues concerning access to financial services for the visually impaired.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Abraham further suggested that the committee may comprise government and RBI representatives as well as persons with technological expertise from any institutions of repute such as IIT, persons who are visually challenged and an amicus curie to assist the committee and the court.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"\\\"The said approach can guide this hon'ble court in its endeavour to uphold the rights guaranteed to the 12 million blind people and 50 million visually impaired persons in India under Articles 14, 19 and 21 of the Constitution and Sections 3(1), 13(1) and (2), and 42 of the Rights of Persons with Disabilities Act, 2016,\\\" the plea stated.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The matter would be heard next on May 26. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"NewDelhi","slug":"newdelhi","id":"ZbQipZWThohh"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"IITDelhi","slug":"iitdelhi","id":"nqW3jBWuhI1Y"},{"name":"IIT","slug":"iit","id":"y09h2G31gPds"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-23T14:42:07.187119+00:00","publisher":3,"sourceFeed":"2304202223LGD8","cleanText":"New Delhi, Apr 23 (PTI) The Delhi High Court has sought the stand of the Centre, Reserve Bank of India and IIT-Delhi on a plea for constituting a committee for framing of guidelines to ensure that financial services are accessible to the visually challenged.A bench of Acting Chief Justice Vipin Sanghi and Justice Navin Chawla issued notice on an application by George Abraham and said that it expected the respondents to provide the names of competent persons who could be part of the committee.The application is part of the petitioner's plea seeking directions to ensure that all financial services as well as bank websites, internet banking facilities and mobile phone applications for financial services are made accessible to people with visual challenges.In his application, the petitioner stated that his concern was not with respect to an absence of law to address access to financial services for the visually challenged but a lack of their implementation, including the RBI's master circular.Abraham submitted that these laws are being haphazardly implemented in spite of the RBI having wide powers to ensure compliance of its directions, such as imposition of financial penalties.For example, while some internet banking applications and ATMs have good accessibility, many are still not accessible. Some financial services used by the public such as digital payment wallets or vendor card payment machines appear to offer no access whatsoever for visually impaired persons, the plea stated.The petitioner thus suggested that a committee be appointed to formulate steps and guidelines to address the issues concerning access to financial services for the visually impaired.Abraham further suggested that the committee may comprise government and RBI representatives as well as persons with technological expertise from any institutions of repute such as IIT, persons who are visually challenged and an amicus curie to assist the committee and the court.The said approach can guide this hon'ble court in its endeavour to uphold the rights guaranteed to the 12 million blind people and 50 million visually impaired persons in India under Articles 14, 19 and 21 of the Constitution and Sections 3(1), 13(1) and (2), and 42 of the Rights of Persons with Disabilities Act, 2016, the plea stated.The matter would be heard next on May 26.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"New Delhi,The Delhi High Court,the Centre, Reserve Bank of India,IIT-Delhi,Vipin Sanghi,Navin Chawla,George Abraham,IIT,India","originalPublishedOn":"2022-04-23T14:42:06.375512+00:00"}},{"node":{"id":"qrUfWZ1i8Flb","slug":"english/rbi-needs-to-tailor-its-actions-in-tune-with-dynamic-global-situation-governor-das","title":"RBI needs to tailor its actions in tune with dynamic global situation: Governor Das","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-22T12:45:05.307222+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1650631504.275494, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, Apr 22 (PTI) 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.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" 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.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" 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.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" The central bank's MPC has six members, including the governor.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"The situation is dynamic and fast changing, and we should constantly re-assess the situation and tailor our actions accordingly,\\\" Das said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" MPC member and RBI Deputy Governor Michael Debabrata Patra had opined that in a world in which de-globalisation seems imminent, one thing has become globalised and that is the alarm about inflation, as per the minutes.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"With 60 per cent of developed countries facing inflation above 5 per cent -- unheard of since the 1980s -- and more than half of the developing countries experiencing inflation above 7 per cent, the climb in prices is testing societal tolerance levels,\\\" he had said during the meeting.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" While RBI decided to maintain status quo, it raised inflation forecast to 5.7 per cent for the current fiscal, up from its 4.5 per cent estimate in February.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI also lowered the economic growth forecast to 7.2 per cent for 2022-23 from the previous outlook of 7.8 per cent. This compares to real GDP growth of 8.9 per cent in 2021-22. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"PTI","slug":"pti","id":"l3hGGnyT2TNu"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-22T12:45:05.307229+00:00","publisher":3,"sourceFeed":"2204202222DEL86","cleanText":"Mumbai, Apr 22 (PTI) 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 central bank's MPC has six members, including the governor. The situation is dynamic and fast changing, and we should constantly re-assess the situation and tailor our actions accordingly, Das said. MPC member and RBI Deputy Governor Michael Debabrata Patra had opined that in a world in which de-globalisation seems imminent, one thing has become globalised and that is the alarm about inflation, as per the minutes. With 60 per cent of developed countries facing inflation above 5 per cent -- unheard of since the 1980s -- and more than half of the developing countries experiencing inflation above 7 per cent, the climb in prices is testing societal tolerance levels, he had said during the meeting. While RBI decided to maintain status quo, it raised inflation forecast to 5.7 per cent for the current fiscal, up from its 4.5 per cent estimate in February. RBI also lowered the economic growth forecast to 7.2 per cent for 2022-23 from the previous outlook of 7.8 per cent. This compares to real GDP growth of 8.9 per cent in 2021-22.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Russia,RBI,Mumbai,PTI),Reserve Bank,Shaktikanta Das,the Monetary Policy Committee,Reserve Bank of India,Ukraine,Das","originalPublishedOn":"2022-04-22T12:45:04.297586+00:00"}},{"node":{"id":"Os2QcVPhjLnB","slug":"english/nbfcs-need-prior-approval-to-issue-credit-cards-says-rbi","title":"NBFCs need prior approval to issue credit cards, says RBI","postType":1,"coverMedia":"/opoyi_T1JC9TAwC.jpg","coverCaption":"Credit card issuers will be required to prescribe an interest rate ceiling (Photo Credit: Representational/Pixabay)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-21T19:07:23.188435+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI said NBFCs shall not undertake credit card business without prior approval\u003c/li\u003e\n \u003cli\u003eAny company, including a non-deposit taking company, will need a Certificate of Registration\u003c/li\u003e\n \u003cli\u003eCard issuers may be guided by the instructions on the interest rate on advance issued\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1650568042328,\\\"strCount\\\":2561,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Reserve Bank of India (RBI) in a circular dated April\\\\n21, 2022, said that \u003ca href=\\\\\\\"https://opoyi.com/english/nbfcs-to-make-additional-disclosures-under-rbis-scale-based-regulation-framework\\\\\\\"\u003eNon-Banking Financial Companies\u003c/a\u003e (NBFCs) shall not undertake\\\\ncredit card business without prior approval of the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"RBI has said that any company, including a non-deposit\\\\ntaking company, will need a Certificate of Registration, apart from specific permission\\\\nto enter into this business. It has also determined a prerequisite of a minimum\\\\nnet-owned fund of Rs 100 crore, and other terms and conditions it may specify\\\\nin this regard.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sbi-axis-bank-hikes-mclr-on-loans-emis-to-go-up\\\\\\\"\u003eSBI, Axis Bank hikes MCLR on loans, EMI's to go up\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"”Any company including a non-deposit-taking company\\\\nintending to engage in this activity shall require a Certificate of\\\\nRegistration, apart from specific permission to enter into this business, the\\\\npre-requisite for which is a minimum net owned fund of ₹100 crore,” the\\\\ncircular read.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"NBFCs cannot issue debit cards, credit cards, charge\\\\ncards, or similar products virtually or physically without obtaining prior\\\\napproval from the RBI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance\\\\\\\"\u003eExplained: Difference between RBI’s accommodative, neutral \u0026amp; hawkish stance\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"RBI said that the card issuers may be guided by the\\\\ninstructions on the interest rate on advance issued. “Interest charged on\\\\ncredit cards shall be justifiable having regard to the cost incurred and the\\\\nextent of return that could be reasonably expected by the card-issuer,” it\\\\nsays.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to their Board-approved policy, credit card\\\\nissuers will be required to prescribe an interest rate ceiling for credit cards\\\\nin line with other unsecured loans, including processing and other fees.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-inflation-affects-rbis-interest-rate-policy\\\\\\\"\u003eHow inflation affects RBI’s interest rate policy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Further, card issuers are required to inform upfront to\\\\nthe credit cardholder of the methodology used to calculate finance charges,\\\\nwith examples, especially in situations where only part of the outstanding\\\\namount is paid by customers.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Bill and statements are required to be emailed or sent to\\\\nthe customers for at least one fortnight to make their payments before the\\\\ninterest is levied.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"These directions will be effective from July 1, 2022.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"CreditCard","slug":"creditcard","id":"dEKlN8Nzs96c"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Banking","slug":"banking","id":"LjkF3MF2IZGY"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-21T19:07:22.340887+00:00","publisher":6,"sourceFeed":null,"cleanText":"The Reserve Bank of India (RBI) in a circular dated April 21, 2022, said that Non-Banking Financial Companies (NBFCs) shall not undertake credit card business without prior approval of the RBI. RBI has said that any company, including a non-deposit taking company, will need a Certificate of Registration, apart from specific permission to enter into this business. It has also determined a prerequisite of a minimum net-owned fund of Rs 100 crore, and other terms and conditions it may specify in this regard. Also Read | SBI, Axis Bank hikes MCLR on loans, EMI's to go up,”Any company including a non-deposit-taking company intending to engage in this activity shall require a Certificate of Registration, apart from specific permission to enter into this business, the pre-requisite for which is a minimum net owned fund of ₹100 crore,” the circular read. NBFCs cannot issue debit cards, credit cards, charge cards, or similar products virtually or physically without obtaining prior approval from the RBI. Also Read | Explained: Difference between RBI’s accommodative, neutral \u0026 hawkish stance,RBI said that the card issuers may be guided by the instructions on the interest rate on advance issued. “Interest charged on credit cards shall be justifiable having regard to the cost incurred and the extent of return that could be reasonably expected by the card-issuer,” it says. According to their Board-approved policy, credit card issuers will be required to prescribe an interest rate ceiling for credit cards in line with other unsecured loans, including processing and other fees. Also Read | How inflation affects RBI’s interest rate policy,Further, card issuers are required to inform upfront to the credit cardholder of the methodology used to calculate finance charges, with examples, especially in situations where only part of the outstanding amount is paid by customers. Bill and statements are required to be emailed or sent to the customers for at least one fortnight to make their payments before the interest is levied. These directions will be effective from July 1, 2022.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Certificate of Registration,The Reserve Bank of India,Non-Banking Financial Companies,RBI,RBI NBFCs, NBFCs Credit card,RBI on credit cards,RBI circular, RBI new, Business news","originalPublishedOn":"2022-04-21T19:07:22.340877+00:00"}},{"node":{"id":"6TmzjPQI8h8R","slug":"english/explained-why-has-rbi-shifted-to-a-less-accommodative-policy","title":"Explained: Why has RBI shifted to a ‘less accommodative’ policy","postType":1,"coverMedia":"/opoyi_FWhV8xnkq.jpg","coverCaption":"Reserve Bank of India (RBI) has maintained an accommodative approach in order to sustain the economy through the COVID-19 crisis. (Photo Credit: Twitter/@RBI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-19T13:37:58.820754+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI's less accommodative approach is due to the fact that high inflation has returned in full force\u003c/li\u003e\n \u003cli\u003eRBI's stance indicates that it is willing to increase the money supply in order to stimulate economic growth\u003c/li\u003e\n \u003cli\u003eRBI is likely to switch to a neutral stance in July and raise the repo rate in August\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1650375478504,\\\"strCount\\\":4066,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e has finally accepted the current severe situation by becoming \\\\\\\"less accommodative,\\\\\\\" although keeping the policy repo rate steady by a unanimous vote.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The central bank has dealt with this by providing a new instrument called the SDF (standing deposit facility), which allows it to better control liquidity.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-inflation-affects-rbis-interest-rate-policy\\\\\\\"\u003eHow inflation affects RBI’s interest rate policy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Even as it progresses toward normalisation, the RBI has stated that it will continue to take a nuanced and agile approach to liquidity management.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI's \\\\\\\"less accommodative\\\\\\\" approach is due to the fact that high inflation has returned in full force.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-difference-between-rbis-accommodative-neutral-hawkish-stance\\\\\\\"\u003eExplained: Difference between RBI’s accommodative, neutral \u0026amp; hawkish stance\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Inflation has re-captured the attention of policymakers. The central bank's principal task is to keep it in check. Its major goal is to maintain price stability.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The central bank's accommodative stance indicates that it is willing to increase the money supply in order to stimulate economic growth. During an accommodative policy phase, the central bank is willing to lower interest rates.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/chinas-q1-gdp-grows-48-year-on-year-beating-expectations\\\\\\\"\u003eChina's Q1 GDP grows 4.8% year on year, beating expectations\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The possibility of a rate hike has been ruled out. For the past two years, the Reserve Bank of India (RBI) has maintained an accommodative approach in order to sustain the economy through the COVID-19 crisis.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"When growth requires policy support but inflation is not an immediate worry, the central bank normally adopts an accommodative policy.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-indias-new-crypto-tax-impacts-investors\\\\\\\"\u003eHow India's new crypto tax impacts investors\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On the inflation front, things aren't looking good. Retail inflation increased to a 17-month high of 6.95% in March from 6.07% in February, according to official data released on April 12. High food costs pushed retail inflation to a 17-month high of 6.95% in March.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Consumer Price Index (CPI) inflation figure for March is significantly higher than the average forecast. Economists polled by Reuters projected CPI inflation to jump to 6.35%.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sugar-stocks-rush-why-indian-investors-are-high-on-ethanol\\\\\\\"\u003eSugar stocks rush: Why Indian investors are high on ethanol\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The new inflation data backs up the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbimonetarypolicy\\\\\\\"\u003emonetary policy committee's (MPC)\u003c/a\u003e assessment that persistently rising inflation is a greater concern for policymakers in the future.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The MPC has a responsibility to keep inflation in the 2-6% range, and if it fails to do so for three quarters in a row, it will have to explain to \u003ca href=\\\\\\\"https://opoyi.com/topic/parliament\\\\\\\"\u003eParliament\u003c/a\u003e why it failed to do so.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u0026nbsp; Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-us-inflation-is-going-up-and-when-will-it-calm-down\\\\\\\"\u003eWhy US inflation is going up and when will it come down\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI has lowered its inflation forecasts for Q3 and Q4 to 5.4% and 5.1%, respectively. The central bank has made it clear that it intends to be data-driven.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"It is currently believed that a combination of high crude prices, Fed tightening, and a Covid-related slowdown in \u003ca href=\\\\\\\"https://opoyi.com/topic/china\\\\\\\"\u003eChina\u003c/a\u003e will lower global demand and thus commodities prices beginning in June.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-keeps-lending-rates-unchanged-what-are-repo-and-reverse-repo-rates\\\\\\\"\u003eRBI keeps lending rates unchanged: What are repo and reverse repo rates?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"If no evidence of this is found by June, the central bank is likely to switch to a neutral stance in July and raise the repo rate in August.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"CPI","slug":"cpi","id":"PGyZ0vgnVF4L"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"China","slug":"china","id":"gtTvlJMpH5eQ"},{"name":"Parliament","slug":"parliament","id":"f1AaZo7fTdEO"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"World","slug":"world","id":"iEhRQcab92b8"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-19T07:48:58.738439+00:00","publisher":0,"sourceFeed":null,"cleanText":"The RBI has finally accepted the current severe situation by becoming less accommodative, although keeping the policy repo rate steady by a unanimous vote. ,The central bank has dealt with this by providing a new instrument called the SDF (standing deposit facility), which allows it to better control liquidity. ,Also Read| How inflation affects RBI’s interest rate policy,Even as it progresses toward normalisation, the RBI has stated that it will continue to take a nuanced and agile approach to liquidity management. The RBI's less accommodative approach is due to the fact that high inflation has returned in full force. ,Also Read| Explained: Difference between RBI’s accommodative, neutral \u0026 hawkish stance,Inflation has re-captured the attention of policymakers. The central bank's principal task is to keep it in check. Its major goal is to maintain price stability. The central bank's accommodative stance indicates that it is willing to increase the money supply in order to stimulate economic growth. During an accommodative policy phase, the central bank is willing to lower interest rates. ,Also Read| China's Q1 GDP grows 4.8% year on year, beating expectations,The possibility of a rate hike has been ruled out. For the past two years, the Reserve Bank of India (RBI) has maintained an accommodative approach in order to sustain the economy through the COVID-19 crisis. ,When growth requires policy support but inflation is not an immediate worry, the central bank normally adopts an accommodative policy. Also Read| How India's new crypto tax impacts investors,On the inflation front, things aren't looking good. Retail inflation increased to a 17-month high of 6.95% in March from 6.07% in February, according to official data released on April 12. High food costs pushed retail inflation to a 17-month high of 6.95% in March. ,The Consumer Price Index (CPI) inflation figure for March is significantly higher than the average forecast. Economists polled by Reuters projected CPI inflation to jump to 6.35%. ,Also Read| Sugar stocks rush: Why Indian investors are high on ethanol,The new inflation data backs up the monetary policy committee's (MPC) assessment that persistently rising inflation is a greater concern for policymakers in the future. The MPC has a responsibility to keep inflation in the 2-6% range, and if it fails to do so for three quarters in a row, it will have to explain to Parliament why it failed to do so. Also Read| Why US inflation is going up and when will it come down,The RBI has lowered its inflation forecasts for Q3 and Q4 to 5.4% and 5.1%, respectively. The central bank has made it clear that it intends to be data-driven. ,It is currently believed that a combination of high crude prices, Fed tightening, and a Covid-related slowdown in China will lower global demand and thus commodities prices beginning in June. ,Also Read| RBI keeps lending rates unchanged: What are repo and reverse repo rates?,If no evidence of this is found by June, the central bank is likely to switch to a neutral stance in July and raise the repo rate in August.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"SDF,the Reserve Bank of India,the monetary policy committee's,MPC,Parliament,RBI,Fed,China","originalPublishedOn":"2022-04-19T07:48:58.738427+00:00"}},{"node":{"id":"3dJPwoeLftuE","slug":"english/5-held-in-connection-with-theft-of-valuables-from-bank-lockers-in-up","title":"5 held in connection with theft of valuables from bank lockers in UP","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-10T18:51:04.991811+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1649616664.446388, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"Kanpur (UP), Apr 10 (PTI) Five people, including a manager, were arrested in connection with an alleged theft of valuables worth over Rs 2.5 crore from nine lockers of the Central Bank of India's Karachikhana branch here, police said on Sunday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"While four people were arrested on Saturday, one surrendered on Sunday, they said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Stolen ornaments weighing 342 grams have been recovered from the arrested accused, Deputy Commissioner of Police (East) Pramod Kumar said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Bank manager Ram Prasad, locker technician Chandraprakash, Karan Raj and Rakesh were arrested on Saturday, he said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Assistant bank manager Shubham Malviya, who was absconding, surrendered on Sunday night following police raids, the DCP said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"\\\"He (Shubham Malviya) will be interrogated. All the accused will subsequently be taken into police custody,\\\" he said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Talking to PTI, Kumar said Prasad and Malviya allegedly broke open the lockers, took away the ornaments and sold them off.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"According to Reserve Bank of India norms, a five-member committee comprising two bank managers, a legal advisor and two independent witnesses is to be formed to open the inoperative lockers, but the arrested manager violated the rules, DCP (Crime) Salmantaj Jafertaj Patil said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"When a Special Investigation Team (SIT) launched its investigation, discrepancies were found in the register and other records of the bank, the police said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The probe suggested that 29 inoperative lockers were opened. When police interrogated Chandraprakash, he initially tried to mislead them but later, broke down and confessed to his crime, they said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"He told the interrogators that he had broken open 29 lockers, of which about a dozen had valuables, they added.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"At least nine customers of the bank branch had found valuables worth crores of rupees missing from their lockers, the police had said on Friday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"So far, three FIRs have been lodged in connection with the matter.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The incident came to light on March 14, when Manju Bhattacharya, one of the bank customers, checked her locker and found valuables missing.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"Another customer, Sita Gupta, also reported the same happening with her.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"When the news appeared in the local newspapers, other customers rushed to the bank. Since Tuesday, seven of them have said that their valuables have gone missing from the lockers, DCP Kumar said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \"The total cost of the stolen articles is estimated to be over Rs 2.5 crore, with each customer reporting a loss of about Rs 30 lakh, he said. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-10T18:51:04.991817+00:00","publisher":3,"sourceFeed":"1104202210DES50","cleanText":"Kanpur (UP), Apr 10 (PTI) Five people, including a manager, were arrested in connection with an alleged theft of valuables worth over Rs 2.5 crore from nine lockers of the Central Bank of India's Karachikhana branch here, police said on Sunday.While four people were arrested on Saturday, one surrendered on Sunday, they said.Stolen ornaments weighing 342 grams have been recovered from the arrested accused, Deputy Commissioner of Police (East) Pramod Kumar said.Bank manager Ram Prasad, locker technician Chandraprakash, Karan Raj and Rakesh were arrested on Saturday, he said.Assistant bank manager Shubham Malviya, who was absconding, surrendered on Sunday night following police raids, the DCP said.He (Shubham Malviya) will be interrogated. All the accused will subsequently be taken into police custody, he said.Talking to PTI, Kumar said Prasad and Malviya allegedly broke open the lockers, took away the ornaments and sold them off.According to Reserve Bank of India norms, a five-member committee comprising two bank managers, a legal advisor and two independent witnesses is to be formed to open the inoperative lockers, but the arrested manager violated the rules, DCP (Crime) Salmantaj Jafertaj Patil said.When a Special Investigation Team (SIT) launched its investigation, discrepancies were found in the register and other records of the bank, the police said.The probe suggested that 29 inoperative lockers were opened. When police interrogated Chandraprakash, he initially tried to mislead them but later, broke down and confessed to his crime, they said.He told the interrogators that he had broken open 29 lockers, of which about a dozen had valuables, they added.At least nine customers of the bank branch had found valuables worth crores of rupees missing from their lockers, the police had said on Friday.So far, three FIRs have been lodged in connection with the matter.The incident came to light on March 14, when Manju Bhattacharya, one of the bank customers, checked her locker and found valuables missing.Another customer, Sita Gupta, also reported the same happening with her.When the news appeared in the local newspapers, other customers rushed to the bank. Since Tuesday, seven of them have said that their valuables have gone missing from the lockers, DCP Kumar said.The total cost of the stolen articles is estimated to be over Rs 2.5 crore, with each customer reporting a loss of about Rs 30 lakh, he said.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Shubham Malviya,the Central Bank of India,Karachikhana,Police (East,Pramod Kumar,Ram Prasad,Karan Raj,Kumar,Prasad,Reserve Bank of India","originalPublishedOn":"2022-04-10T18:51:04.468596+00:00"}},{"node":{"id":"W7B2uVXI1UzG","slug":"english/in-sequence-of-priorities-now-rbi-shifts-focus-to-inflation-over-growth-das","title":"In sequence of priorities now, RBI shifts focus to inflation over growth: Das","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-08T11:00:07.533008+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1649415606.687688, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \" Mumbai, Apr 8 (PTI) After three years of attempting to push growth, the Reserve Bank is shifting its policy priorities to tackle the rising inflationary pressures, Governor Shaktikanta Das said on Friday.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" He also made it clear that while the policy stance remains accommodative, efforts will be focused on withdrawal of the easy policies which were dominant in the two years of the coronavirus pandemic.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" With rising inflation, the central bank will be withdrawing from \\\"ultra-accommodation\\\" or ultra loose monetary policy approach adopted amid the pandemic headwinds.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Addressing the customary press conference after maintaining status quo in rates at the bi-monthly policy review, Das said the inflation target has been revised upwards sharply to 5.7 per cent for the current fiscal, primarily because of the impact of Russian invasion of Ukraine.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" He elaborated that the war has pushed up the prices of crude oil, wheat and feed stock, which is creating inflationary impulses in the country, and stressed that the situation is very dynamic.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"In the sequence of priorities, we have now put inflation before growth. First is inflation, then is growth. For the last three years, starting February 2019, we have put growth ahead of inflation in the sequence,\\\" Das said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"This time, we have revised that (priorities) because we found that the time is appropriate and that is something which needs to be done,\\\" he added.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" It can be noted that Reserve Bank of India (RBI) has been steadfast on aiding growth since the beginning of the pandemic, which has included measures like steep rate cuts and creating easy liquidity conditions. Even as inflation rose, it 'saw-through' the spikes to help the growth process, even though it is contract bound to get inflation between 2-6 per cent range.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" After contracting by 6.6 per cent in FY21, the economy has grown by 8.9 per cent in FY22 to be marginally bigger in size than what it was before the pandemic struck. Earlier in the day, RBI surprised all with its GDP growth estimate at 7.2 per cent for FY23.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" To a question on the projections being close to breaching the upper end of the inflation band for three quarters in a row, and specifically if RBI will seek a relaxation on the upper end of the band, Das said the central bank will take whatever action that is necessary at the appropriate time.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Das made it clear that while the stance of the policy continues to be accommodatory, efforts will be focused on withdrawal of the easy policies of the last two years.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" \\\"We had taken the policy rate to an all time low, which is 4 per cent. If you adjust it for the target (4 per cent), then the real policy rate was zero. That was ultra accommodation. Now that the situation is changing and inflation particularly is at risk, we want to withdraw the ultra-accommodation,\\\" Deputy Governor in charge of monetary policy, Michael Patra, said.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" He was quick to add that RBI still has scope to \\\"remain accommodative\\\".\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Patra also explained that the RBI chose to introduce the Standing Deposit Facility from a position of strength to help absorb additional liquidity currently and also because it can aid RBI to sterlise the flows which may come to India if the war ceases.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Das also made it clear that non-banks will not be able to access the SDF.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" According to him, SDF gives it more flexibility in implementing the monetary policy objectives because it is uncollateralised as the central bank is not constrained by the stock of liquidity it does or does not have for liquidity management operations.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" In computing the inflation target, the RBI has taken into account the present retail prices of petroleum products, Das said, without specifically answering on whether the central bank has given a suggestion to the government to cut the excise and other duties on the fuels, as it had done earlier.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" RBI brass parried questions on real interest rate saying the jury is still out, and also said that the output gap is narrowing. \"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Mumbai","slug":"mumbai","id":"1AypZlXpkqv3"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-08T11:00:07.533015+00:00","publisher":3,"sourceFeed":"0804202208DEL70","cleanText":"Mumbai, Apr 8 (PTI) After three years of attempting to push growth, the Reserve Bank is shifting its policy priorities to tackle the rising inflationary pressures, Governor Shaktikanta Das said on Friday. He also made it clear that while the policy stance remains accommodative, efforts will be focused on withdrawal of the easy policies which were dominant in the two years of the coronavirus pandemic. With rising inflation, the central bank will be withdrawing from ultra-accommodation or ultra loose monetary policy approach adopted amid the pandemic headwinds. Addressing the customary press conference after maintaining status quo in rates at the bi-monthly policy review, Das said the inflation target has been revised upwards sharply to 5.7 per cent for the current fiscal, primarily because of the impact of Russian invasion of Ukraine. He elaborated that the war has pushed up the prices of crude oil, wheat and feed stock, which is creating inflationary impulses in the country, and stressed that the situation is very dynamic. In the sequence of priorities, we have now put inflation before growth. First is inflation, then is growth. For the last three years, starting February 2019, we have put growth ahead of inflation in the sequence, Das said. This time, we have revised that (priorities) because we found that the time is appropriate and that is something which needs to be done, he added. It can be noted that Reserve Bank of India (RBI) has been steadfast on aiding growth since the beginning of the pandemic, which has included measures like steep rate cuts and creating easy liquidity conditions. Even as inflation rose, it 'saw-through' the spikes to help the growth process, even though it is contract bound to get inflation between 2-6 per cent range. After contracting by 6.6 per cent in FY21, the economy has grown by 8.9 per cent in FY22 to be marginally bigger in size than what it was before the pandemic struck. Earlier in the day, RBI surprised all with its GDP growth estimate at 7.2 per cent for FY23. To a question on the projections being close to breaching the upper end of the inflation band for three quarters in a row, and specifically if RBI will seek a relaxation on the upper end of the band, Das said the central bank will take whatever action that is necessary at the appropriate time. Das made it clear that while the stance of the policy continues to be accommodatory, efforts will be focused on withdrawal of the easy policies of the last two years. We had taken the policy rate to an all time low, which is 4 per cent. If you adjust it for the target (4 per cent), then the real policy rate was zero. That was ultra accommodation. Now that the situation is changing and inflation particularly is at risk, we want to withdraw the ultra-accommodation, Deputy Governor in charge of monetary policy, Michael Patra, said. He was quick to add that RBI still has scope to remain accommodative. Patra also explained that the RBI chose to introduce the Standing Deposit Facility from a position of strength to help absorb additional liquidity currently and also because it can aid RBI to sterlise the flows which may come to India if the war ceases. Das also made it clear that non-banks will not be able to access the SDF. According to him, SDF gives it more flexibility in implementing the monetary policy objectives because it is uncollateralised as the central bank is not constrained by the stock of liquidity it does or does not have for liquidity management operations. In computing the inflation target, the RBI has taken into account the present retail prices of petroleum products, Das said, without specifically answering on whether the central bank has given a suggestion to the government to cut the excise and other duties on the fuels, as it had done earlier. RBI brass parried questions on real interest rate saying the jury is still out, and also said that the output gap is narrowing.","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Das,RBI,Mumbai,the Reserve Bank,Shaktikanta Das,Reserve Bank of India,Michael Patra,Standing Deposit Facility,India,SDF","originalPublishedOn":"2022-04-08T11:00:06.703195+00:00"}},{"node":{"id":"f1eCPE4VUrhm","slug":"english/india-can-soon-withdraw-cash-without-cards-across-all-banks-atms-rbi","title":"India can soon withdraw cash without cards across all banks' ATMs: RBI","postType":1,"coverMedia":"/opoyi_t7BqzBpNFN.jpg","coverCaption":"Currently, cardless cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis. (Photo credit: Representational/Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-08T09:15:00.793978+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI has decided to permit all banks to introduce card-less cash withdrawals through ATMs\u003c/li\u003e\n \u003cli\u003eIt is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI)\u003c/li\u003e\n \u003cli\u003eSeparate instructions would be issued to NPCI, ATM networks and banks shortly\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649406675138,\\\"strCount\\\":4439,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In a bid to check fraud, the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank\u003c/a\u003e on Friday decided to permit all banks to introduce card-less cash withdrawals through ATMs.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" Currently, cardless cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/soon-withdraw-cash-from-atms-via-upi-heres-how\\\\\\\"\u003eSoon withdraw cash from ATMs via UPI, here's how\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" \\\\\\\"It is now proposed to make card-less cash withdrawal facility available across all banks and \u003ca href=\\\\\\\"https://opoyi.com/topic/atm\\\\\\\"\u003eATM\u003c/a\u003e networks using the \u003ca href=\\\\\\\"https://opoyi.com/topic/upi\\\\\\\"\u003eUPI\u003c/a\u003e. In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc,\\\\\\\" RBI Governor \u003ca href=\\\\\\\"https://opoyi.com/topic/shaktikantadas\\\\\\\"\u003eShaktikanta Das\u003c/a\u003e said while announcing a bi-monthly monetary policy review.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-10-year-bond-yield-surpasses-7-for-the-first-time-since-2019\\\\\\\"\u003eRBI monetary policy: 10-year bond yield surpasses 7% for the first time since 2019\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" It is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks, a statement on Developmental and Regulatory Policies said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" Separate instructions would be issued to NPCI, ATM networks and banks shortly, it said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-rbi-kept-repo-rate-unchanged-governor-shaktikanta-das-explains\\\\\\\"\u003eWhy RBI kept repo rate unchanged, governor Shaktikanta Das explains\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" With regard to Bharat Bill Payment System (BBPS), he said, it is an interoperable platform for bill payments, which has seen an increase in the volume of bill payments and billers over the years.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-projects-cpi-inflation-at-57-for-fy23\\\\\\\"\u003eRBI Monetary Policy Committee projects CPI inflation at 5.7% for FY23\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" To further facilitate greater penetration of bill payments through the BBPS and to encourage participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS, it is proposed to reduce the net worth requirement of such entities from Rs 100 crore to Rs 25 crore.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" The necessary amendment to regulations will be carried out shortly.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/situation-in-europe-can-derail-the-global-economy-shaktikanta-das\\\\\\\"\u003eSituation in Europe can derail the global economy: Shaktikanta Das\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" Users of BBPS enjoy benefits like standardised bill payment experience, centralised customer grievance redressal mechanism, prescribed customer convenience fee, etc.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" BBPS is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-slashes-indias-real-gdp-growth-forecast-to-72-from-78-for-fy23\\\\\\\"\u003eRBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" It is observed that there has not been a corresponding growth in the number of non-bank Bharat Bill Payment Operating Units (BBPOUs).\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" Observing that payment systems play a catalytic role in facilitating financial inclusion and promoting financial stability, the statement said, maintaining the safety and security of these systems is a key objective of RBI.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-will-remain-accommodative-for-quite-some-time-adb\\\\\\\"\u003eRBI monetary policy will remain accommodative for quite some time: ADB\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" With greater adoption of digital payment modes, it is important to ensure that payment system infrastructures are not only efficient and effective but also resilient to conventional and emerging risks, specifically those relating to cyber security, it said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/what-is-repo-rate\\\\\\\"\u003eWhat is repo rate?\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\" \\\\\\\"To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators,\\\\\\\" he said. \\\"}}]}","relatedPosts":null,"location":{"name":"Delhi, India"},"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"UPI","slug":"upi","id":"MB0nNdjuys5U"},{"name":"ATM","slug":"atm","id":"cyumS9DLxDaY"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-08T09:15:00.793981+00:00","publisher":0,"sourceFeed":"0804202208DEL36","cleanText":"In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawals through ATMs. Currently, cardless cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs). Also Read| Soon withdraw cash from ATMs via UPI, here's how, It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc, RBI Governor Shaktikanta Das said while announcing a bi-monthly monetary policy review. Also Read| RBI monetary policy: 10-year bond yield surpasses 7% for the first time since 2019, It is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks, a statement on Developmental and Regulatory Policies said. Separate instructions would be issued to NPCI, ATM networks and banks shortly, it said. Also Read| Why RBI kept repo rate unchanged, governor Shaktikanta Das explains, With regard to Bharat Bill Payment System (BBPS), he said, it is an interoperable platform for bill payments, which has seen an increase in the volume of bill payments and billers over the years. Also Read| RBI Monetary Policy Committee projects CPI inflation at 5.7% for FY23, To further facilitate greater penetration of bill payments through the BBPS and to encourage participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS, it is proposed to reduce the net worth requirement of such entities from Rs 100 crore to Rs 25 crore. The necessary amendment to regulations will be carried out shortly. Also Read| Situation in Europe can derail the global economy: Shaktikanta Das, Users of BBPS enjoy benefits like standardised bill payment experience, centralised customer grievance redressal mechanism, prescribed customer convenience fee, etc. BBPS is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills. Also Read| RBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%, It is observed that there has not been a corresponding growth in the number of non-bank Bharat Bill Payment Operating Units (BBPOUs). Observing that payment systems play a catalytic role in facilitating financial inclusion and promoting financial stability, the statement said, maintaining the safety and security of these systems is a key objective of RBI. Also Read| RBI monetary policy will remain accommodative for quite some time: ADB, With greater adoption of digital payment modes, it is important to ensure that payment system infrastructures are not only efficient and effective but also resilient to conventional and emerging risks, specifically those relating to cyber security, it said. Also Read| What is repo rate?, To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators, he said.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6863","longitude":"77.2218","name":"Delhi, India","city":"Delhi"},"keywords":"ATM,BBPS,the Reserve Bank,UPI,Shaktikanta Das,Unified Payments Interface,Developmental and Regulatory Policies,Separate,NPCI,Bharat Bill Payment System (BBPS,Cyber Resilience and Payment Security Controls for Payment System Operators","originalPublishedOn":"2022-04-08T09:15:00+00:00"}},{"node":{"id":"BHc7jW2zdNcu","slug":"english/daffodil-software-features-in-peak-matrix-assessment-2022-for-digital-product-engineering-services","title":"Daffodil Software Features in PEAK Matrix® Assessment 2022 (for Digital Product Engineering Services)","postType":1,"coverMedia":null,"coverCaption":null,"reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-08T09:12:06.390123+00:00","highlightSummary":null,"highlightSummaryFlag":0,"breakingSponsored":0,"coverMediaType":null,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":0,"content":"{\"time\": 1649409125.622267, \"blocks\": [{\"type\": \"paragraph\", \"data\": {\"text\": \"GURGAON, India, April 8, 2022 /PRNewswire/ -- Daffodil Software, a leading software engineering company based in India, announced that it has been featured in Everest Group's PEAK Matrix\\u00ae Assessment 2021. The company is positioned as an 'Aspirant' under the Digital Product Engineering Services category.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" PEAK Matrix is one of the most trusted, data-driven assessments of global service providers, products, and solutions within various market segments. It evaluates leading organizations around the globe on factors such as vision, capabilities/functionality, talent availability, market success/impact, and cost. The PEAK Matrix Assessment enables organizations to gauge and calibrate their offerings against their peers, which ultimately helps them to do better.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Everest Group assessed various companies offering software engineering services on the basis of varied factors. This included market adoption (number of clients, revenue base, YOY growth, new client wins, pricing models, etc.), portfolio (diversity of client/revenue base across geographies, vertices \u0026 type of client), and value delivered to the customers.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Daffodil Software is a technology partner to several innovative startups, SMEs, and large enterprises. The company is globally recognized for its talent availability for varied modern technologies including Artificial Intelligence, Robotic Process Automation, CloudOps, etc. This gives them a diverse clientele, which includes names such as Reserve Bank of India, Samsung, Mount Sinai, Dangote, Johnson Controls, etc.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" Regarding this recognition, Yogesh Agarwal (CEO, Daffodil Software) says: \\\"We are proud to be recognized by Everest Group yet again. Our solution-first approach, backed by modern technologies and versatile teams has helped us to have a space in the list of top software engineering services. Such recognition validates our long-term commitment towards creating intelligent solutions for our clients.\\\" \\\"Along with modern technologies, we have invested in building a domain-focused portfolio. Health IT, fintech, eCommerce are some of the domains that we have built our proficiency in. This combination has helped our clients drive better business outcomes,\\\" further adds the CEO.\"}}, {\"type\": \"paragraph\", \"data\": {\"text\": \" About Daffodil Software For more than 20 years, Daffodil Software has been a trusted software technology partner to organizations across the globe. With our roots into innovation, tech agility, \u0026 time-proven processes, our team of 1200+ technologists strives to shape the tech industry and help businesses elevate their value proposition through technology. For more information, visit https://www.daffodilsw.com Media contact: Kartik Kakar media-relations@daffodilsw.com Logo: https://mma.prnewswire.com/media/1063981/Daffodil.jpg PWR PWR\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"PTI","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","username":"presstrustofindia","id":"rgkwRLMU8bE","role":null},"topics":[{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"ArtificialIntelligence","slug":"artificialintelligence","id":"n9HJMd0ZvCxM"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Samsung","slug":"samsung","id":"WLc15qgg5TBm"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"PTI","id":"rgkwRLMU8bE","username":"presstrustofindia"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-08T09:12:06.390129+00:00","publisher":3,"sourceFeed":"0804202208PWR16","cleanText":"GURGAON, India, April 8, 2022 /PRNewswire/ -- Daffodil Software, a leading software engineering company based in India, announced that it has been featured in Everest Group's PEAK Matrix® Assessment 2021. The company is positioned as an 'Aspirant' under the Digital Product Engineering Services category. PEAK Matrix is one of the most trusted, data-driven assessments of global service providers, products, and solutions within various market segments. It evaluates leading organizations around the globe on factors such as vision, capabilities/functionality, talent availability, market success/impact, and cost. The PEAK Matrix Assessment enables organizations to gauge and calibrate their offerings against their peers, which ultimately helps them to do better. Everest Group assessed various companies offering software engineering services on the basis of varied factors. This included market adoption (number of clients, revenue base, YOY growth, new client wins, pricing models, etc.), portfolio (diversity of client/revenue base across geographies, vertices \u0026 type of client), and value delivered to the customers. Daffodil Software is a technology partner to several innovative startups, SMEs, and large enterprises. The company is globally recognized for its talent availability for varied modern technologies including Artificial Intelligence, Robotic Process Automation, CloudOps, etc. This gives them a diverse clientele, which includes names such as Reserve Bank of India, Samsung, Mount Sinai, Dangote, Johnson Controls, etc. Regarding this recognition, Yogesh Agarwal (CEO, Daffodil Software) says: We are proud to be recognized by Everest Group yet again. Our solution-first approach, backed by modern technologies and versatile teams has helped us to have a space in the list of top software engineering services. Such recognition validates our long-term commitment towards creating intelligent solutions for our clients. Along with modern technologies, we have invested in building a domain-focused portfolio. Health IT, fintech, eCommerce are some of the domains that we have built our proficiency in. This combination has helped our clients drive better business outcomes, further adds the CEO. About Daffodil Software For more than 20 years, Daffodil Software has been a trusted software technology partner to organizations across the globe. With our roots into innovation, tech agility, \u0026 time-proven processes, our team of 1200+ technologists strives to shape the tech industry and help businesses elevate their value proposition through technology. For more information, visit https://www.daffodilsw.com Media contact: Kartik Kakar media-relations@daffodilsw.com Logo: https://mma.prnewswire.com/media/1063981/Daffodil.jpg PWR PWR","portalUser":{"id":"rgkwRLMU8bE","name":"PTI","username":"presstrustofindia","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_WQDSboZhJ.jpg","role":8},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Daffodil Software Features,Digital Product Engineering Services,Daffodil Software,India,Everest Group,Everest Group's,the Digital Product Engineering Services,Artificial Intelligence, Robotic Process Automation,Reserve Bank of India,Samsung","originalPublishedOn":"2022-04-08T09:12:05.636571+00:00"}},{"node":{"id":"M9MTvF5TsIrZ","slug":"english/soon-withdraw-cash-from-atms-via-upi-heres-how","title":"Soon withdraw cash from ATMs via UPI, here's how","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_6rs50m8JEaR.jpg","coverCaption":"Customers do not need to use their debit or credit cards to withdraw cash from ATMs if they use the cardless cash withdrawal service. (Photo credit: Representational/ Unsplash)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-08T08:41:21.649948+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI has proposed to make cardless cash withdrawals available at all ATMs across all banks in India\u003c/li\u003e\n \u003cli\u003eThe service will be made available through the Unified Payments Interface (UPI)\u003c/li\u003e\n \u003cli\u003eThe RBI will also assess customer service standards in RBI-regulated firms\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649407280990,\\\"strCount\\\":4076,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eReserve Bank of India (RBI)\u003c/a\u003e governor \u003ca href=\\\\\\\"https://opoyi.com/topic/shaktikantadas\\\\\\\"\u003eShaktikanta Das\u003c/a\u003e said on Friday, April 8, that the RBI has proposed to make cardless cash withdrawals available at all ATMs across banks. The service, according to Das, will be made available through the \u003ca href=\\\\\\\"https://opoyi.com/topic/upi\\\\\\\"\u003eUnified Payments Interface (UPI)\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-10-year-bond-yield-surpasses-7-for-the-first-time-since-2019\\\\\\\"\u003eRBI monetary policy: 10-year bond yield surpasses 7% for the first time since 2019\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“At present, the facility of cardless cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make cardless cash withdrawal available across all banks and \u003ca href=\\\\\\\"https://opoyi.com/topic/atm\\\\\\\"\u003eATM\u003c/a\u003e networks using the \u003ca href=\\\\\\\"https://opoyi.com/topic/upi\\\\\\\"\u003eUPI\u003c/a\u003e,\\\\\\\" Das said while making the announcement.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/why-rbi-kept-repo-rate-unchanged-governor-shaktikanta-das-explains\\\\\\\"\u003eWhy RBI kept repo rate unchanged, governor Shaktikanta Das explains\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“In addition to enhancing the ease of transactions, the absence of the need for physical cards for such transactions would help prevent fraud such as card skimming, card cloning, etc,\\\\\\\" the RBI governor added.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-projects-cpi-inflation-at-57-for-fy23\\\\\\\"\u003eRBI Monetary Policy Committee projects CPI inflation at 5.7% for FY23\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"“In view of the transformation underway due to innovation, products and services, deepening of digital penetration, and the emergence of different service providers, it is proposed to set up a committee to examine and review the current state of customer service in all the RBI regulated entities,\\\\\\\" he said during the RBI MPC meet announcement.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/situation-in-europe-can-derail-the-global-economy-shaktikanta-das\\\\\\\"\u003eSituation in Europe can derail the global economy: Shaktikanta Das\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Customers do not need to use their debit or credit cards to withdraw cash from ATMs if they use the cardless cash withdrawal service. The mechanism, which is currently available at a number of banks, was developed in the midst of the Covid-19 crisis when many people were hesitant to use ATMs.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-slashes-indias-real-gdp-growth-forecast-to-72-from-78-for-fy23\\\\\\\"\u003eRBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The cardholders of different banks, including SBI, ICICI Bank, Axis Bank, and Bank of Baroda, can withdraw cash using their phones even if they do not have debit cards. The cardholder mostly has to use a mobile banking app and raise a request to withdraw cash at the ATM if they do not carry their debit card.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-keeps-repo-rate-unchanged-at-4\\\\\\\"\u003eRBI Monetary Policy Committee keeps repo rate unchanged at 4%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to experts, this method will reduce ATM fraud because it generates cash using a mobile PIN. The cardless cash withdrawal system employs the UPI facility to do the task. The remitter creates an IMT (Instant Money Transfer) that allows the transfer of funds to the recipient using only the beneficiary's mobile number.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-will-remain-accommodative-for-quite-some-time-adb\\\\\\\"\u003eRBI monetary policy will remain accommodative for quite some time: ADB\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Self-drawing of funds is possible using the cardless cash withdrawal facility. However, just a few banks now offer this service, and there is a daily transaction limit. This might range from Rs 10,000 to Rs 20,000, depending on the services provided by the bank. Customers are being charged an extra transaction fee by a few banks. More banks are expected to provide the service to their cardholders as a result of RBI's latest statement.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"ATM","slug":"atm","id":"cyumS9DLxDaY"},{"name":"UPI","slug":"upi","id":"MB0nNdjuys5U"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"RBIMonetaryPolicy","slug":"rbimonetarypolicy","id":"Fwwbh36HIU6W"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"AxisBank","slug":"axisbank","id":"5LjaoI8mVpAk"},{"name":"SBI","slug":"sbi","id":"oR8rR2OsbTVW"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ICICIBank","slug":"icicibank","id":"1yMaWjG140NK"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-08T08:15:22.558630+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Reserve Bank of India (RBI) governor Shaktikanta Das said on Friday, April 8, that the RBI has proposed to make cardless cash withdrawals available at all ATMs across banks. The service, according to Das, will be made available through the Unified Payments Interface (UPI). Also Read| RBI monetary policy: 10-year bond yield surpasses 7% for the first time since 2019,“At present, the facility of cardless cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make cardless cash withdrawal available across all banks and ATM networks using the UPI, Das said while making the announcement. Also Read| Why RBI kept repo rate unchanged, governor Shaktikanta Das explains,“In addition to enhancing the ease of transactions, the absence of the need for physical cards for such transactions would help prevent fraud such as card skimming, card cloning, etc, the RBI governor added. Also Read| RBI Monetary Policy Committee projects CPI inflation at 5.7% for FY23,“In view of the transformation underway due to innovation, products and services, deepening of digital penetration, and the emergence of different service providers, it is proposed to set up a committee to examine and review the current state of customer service in all the RBI regulated entities, he said during the RBI MPC meet announcement. Also Read| Situation in Europe can derail the global economy: Shaktikanta Das,Customers do not need to use their debit or credit cards to withdraw cash from ATMs if they use the cardless cash withdrawal service. The mechanism, which is currently available at a number of banks, was developed in the midst of the Covid-19 crisis when many people were hesitant to use ATMs. Also Read| RBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%,The cardholders of different banks, including SBI, ICICI Bank, Axis Bank, and Bank of Baroda, can withdraw cash using their phones even if they do not have debit cards. The cardholder mostly has to use a mobile banking app and raise a request to withdraw cash at the ATM if they do not carry their debit card. Also Read| RBI Monetary Policy Committee keeps repo rate unchanged at 4%,According to experts, this method will reduce ATM fraud because it generates cash using a mobile PIN. The cardless cash withdrawal system employs the UPI facility to do the task. The remitter creates an IMT (Instant Money Transfer) that allows the transfer of funds to the recipient using only the beneficiary's mobile number. Also Read| RBI monetary policy will remain accommodative for quite some time: ADB,Self-drawing of funds is possible using the cardless cash withdrawal facility. However, just a few banks now offer this service, and there is a daily transaction limit. This might range from Rs 10,000 to Rs 20,000, depending on the services provided by the bank. Customers are being charged an extra transaction fee by a few banks. More banks are expected to provide the service to their cardholders as a result of RBI's latest statement.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"RBI,Shaktikanta Das,Das,Reserve Bank of India,India,Monetary Policy Committee,the Unified Payments Interface,ATM,UPI,SBI,ICICI Bank,Axis Bank,Bank of Baroda","originalPublishedOn":"2022-04-08T08:15:22.558621+00:00"}},{"node":{"id":"PL8nXV7CGbKB","slug":"english/why-rbi-kept-repo-rate-unchanged-governor-shaktikanta-das-explains","title":"Why RBI kept repo rate unchanged, governor Shaktikanta Das explains","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_PjcV2XcCX.jpg","coverCaption":"RBI Governor Shaktikanta Das said India is not a hostage to any rulebook (Photo Credit: PTI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-08T06:30:00.248079+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI MPC kept its repo rate unchanged at 4%\u003c/li\u003e\n \u003cli\u003eThe reverse repo rate was kept 3.35%\u003c/li\u003e\n \u003cli\u003eSituation in Europe can derail global economy: RBI Governor\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649398233246,\\\"strCount\\\":3036,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Reserve Bank of\\\\n\u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e, the country’s central bank, on Friday decided to keep the policy \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-keeps-repo-rate-unchanged-at-4\\\\\\\"\u003erepo\\\\nrate unchanged at 4%\u003c/a\u003e. The reverse repo rate is 3.35%. The\\\\ndecision was taken in course of meetings conducted over the last three days. \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e\\\\nGovernor Shaktikanta Das said that the \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-governor-shaktikanta-das-to-announce-first-monetary-policy-review-today\\\\\\\"\u003emonetary policy committee\u003c/a\u003e (MPC) decided\\\\nto remain accommodative “while focussing on withdrawal of accommodation to ensure\\\\nthat \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-slashes-indias-real-gdp-growth-forecast-to-72-from-78-for-fy23\\\\\\\"\u003einflation remains within target\u003c/a\u003e going forward.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to RBI\\\\nGovernor Das, the benefits to the economy expected from the ebbing of the\\\\nOmicron wave were offset by the sharp escalation in geopolitical tensions\\\\nbetween \u003ca href=\\\\\\\"https://opoyi.com/topic/russia\\\\\\\"\u003eRussia\u003c/a\u003e and \u003ca href=\\\\\\\"https://opoyi.com/topic/ukraine\\\\\\\"\u003eUkraine\u003c/a\u003e. “Economy is confronted by new and humongous\\\\nchallenges. The situation in Europe can derail the global economy.”\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eAlso Read |\u0026nbsp;\u003c/b\u003e\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-slashes-indias-real-gdp-growth-forecast-to-72-from-78-for-fy23\\\\\\\"\u003eRBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Das said concerns\\\\nover global supply disruptions have rattled global commodity and financial\\\\nmarkets. This, he said, was because of the significant share of the two\\\\neconomies engaged in the war in global production and exports of key\\\\ncommodities like oil and natural gas, wheat, corn, nickel, edible oil and fertilizers.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Admitting to the challenges confronting the \u003ca href=\\\\\\\"https://opoyi.com/topic/indian\\\\\\\"\u003eIndian\u003c/a\u003e economy, the RBI governor said that India is not a hostage to any rulebook. \\\\\\\"No action is off the table when the need is to safeguard the Indian economy. Sky may be overcast, but we will use all our energies to let sunlight shine on India's future. It is the faith, that steers us through stormy seas, moves mountains and jumps across the oceans.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI governor said that the macroeconomic outlook is undergoing tectonic shifts and the central bank needs to take preemptive stems. \\\\\\\"RBI will continue to take nuanced and nimble approach,\\\\\\\" Das said.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Indian central bank increased its annual inflation forecast to 5.7% from 4.5% earlier. The interest rate corridor was reduced to 50 basis points. \u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-slashes-indias-real-gdp-growth-forecast-to-72-from-78-for-fy23\\\\\\\"\u003eIndia's GDP growth projection\u003c/a\u003e was lowered from 7.8% to 7.2%. RBI said India is facing fresh challenges due to the war in Ukraine and the COVID lockdowns in \u003ca href=\\\\\\\"https://opoyi.com/topic/china\\\\\\\"\u003eChina\u003c/a\u003e which threaten to exacerbate a global supply squeeze.\u0026nbsp;\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Sammya Mukhopadhyay","photo":"https://opoyi.com/images/opoyi_3P8-dIXou.jpg?tr=w-600,q-70,dpr","username":"sammya","id":"eHHzkYx6brHC","role":null},"topics":[{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"China","slug":"china","id":"gtTvlJMpH5eQ"},{"name":"indian","slug":"indian","id":"YTJpdaKq5t2z"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"Europe","slug":"europe","id":"v2KXw3fOql0S"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Sammya Mukhopadhyay","id":"eHHzkYx6brHC","username":"sammya"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-08T06:30:00.248086+00:00","publisher":0,"sourceFeed":null,"cleanText":"Reserve Bank of India, the country’s central bank, on Friday decided to keep the policy repo rate unchanged at 4%. The reverse repo rate is 3.35%. The decision was taken in course of meetings conducted over the last three days. RBI Governor Shaktikanta Das said that the monetary policy committee (MPC) decided to remain accommodative “while focussing on withdrawal of accommodation to ensure that inflation remains within target going forward.”,According to RBI Governor Das, the benefits to the economy expected from the ebbing of the Omicron wave were offset by the sharp escalation in geopolitical tensions between Russia and Ukraine. “Economy is confronted by new and humongous challenges. The situation in Europe can derail the global economy.”,Also Read | RBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%,Das said concerns over global supply disruptions have rattled global commodity and financial markets. This, he said, was because of the significant share of the two economies engaged in the war in global production and exports of key commodities like oil and natural gas, wheat, corn, nickel, edible oil and fertilizers. Admitting to the challenges confronting the Indian economy, the RBI governor said that India is not a hostage to any rulebook. No action is off the table when the need is to safeguard the Indian economy. Sky may be overcast, but we will use all our energies to let sunlight shine on India's future. It is the faith, that steers us through stormy seas, moves mountains and jumps across the oceans. The RBI governor said that the macroeconomic outlook is undergoing tectonic shifts and the central bank needs to take preemptive stems. RBI will continue to take nuanced and nimble approach, Das said. ,The Indian central bank increased its annual inflation forecast to 5.7% from 4.5% earlier. The interest rate corridor was reduced to 50 basis points. India's GDP growth projection was lowered from 7.8% to 7.2%. RBI said India is facing fresh challenges due to the war in Ukraine and the COVID lockdowns in China which threaten to exacerbate a global supply squeeze.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"India,Das,Indian,Ukraine,RBI,Reserve Bank of India,Shaktikanta Das,Russia,Europe,China","originalPublishedOn":"2022-04-08T06:30:00+00:00"}},{"node":{"id":"IKjtgktbqjrt","slug":"english/situation-in-europe-can-derail-the-global-economy-shaktikanta-das","title":"Situation in Europe can derail the global economy: Shaktikanta Das","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_VAljPvGyJ.jpg","coverCaption":"RBI Governor Shaktikanta Das. (Photo Credit: PTI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-08T06:15:00.957707+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eThe RBI Governor referred to the importance of the two warring nations in supply of key raw materials\u003c/li\u003e\n \u003cli\u003eThe reverse repo rate has also been kept unchanged at 3.35%\u003c/li\u003e\n \u003cli\u003eDas noted the \"humongous\" challenges posed by the war in Ukraine and the resultant impact of sanctions on Russia\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649398199577,\\\"strCount\\\":3354,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The Governor of Reserve Bank of \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e (RBI) Shaktikanta Das on Friday kept the repo rate unchanged at 4 per cent and announced it after deliberations of the Monetary Policy Committee (MPC), which began on Wednesday. The reverse repo rate has also been kept unchanged at 3.35%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e Governor referred to the importance of the two warring nations—Ukraine and Russia—in supply of key raw materials, which had rattled commodity markets.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-slashes-indias-real-gdp-growth-forecast-to-72-from-78-for-fy23\\\\\\\"\u003eRBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"While the pandemic quickly morphed from a health crisis to one of life and livelihood, conflict in Europe has the potential to derail the global economy... Caught in the cross-currents of multiple headwinds, our approach needs to be cautious but proactive in mitigating the adverse impact on India's growth, inflation and financial conditions,\\\\\\\" Das said during the announcement.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-committee-keeps-repo-rate-unchanged-at-4\\\\\\\"\u003eRBI Monetary Policy Committee keeps repo rate unchanged at 4%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In his remarks, Das noted the \\\\\\\"humongous\\\\\\\" challenges posed by the war in \u003ca href=\\\\\\\"https://opoyi.com/topic/ukraine\\\\\\\"\u003eUkraine\u003c/a\u003e and the resultant impact of sanctions on \u003ca href=\\\\\\\"https://opoyi.com/topic/russia\\\\\\\"\u003eRussia\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Earlier this month, former RBI Governor Raghuram Rajan said that Russia's unprovoked attack on Ukraine, with its scenes of Ukrainian civilians being murdered or driven from their homes as refugees, undoubtedly had to be opposed.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-monetary-policy-will-remain-accommodative-for-quite-some-time-adb\\\\\\\"\u003eRBI monetary policy will remain accommodative for quite some time: ADB\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The former RBI Governor further went on to say that Russia, an economic midget relative to its military power, may still lash out by expanding the range of military weapons it uses and the territories it targets. It is a risk the world has to take.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/united-states-ends-normal-trade-ties-with-russia-over-its-conflict-with-ukraine\\\\\\\"\u003eUnited States ends normal trade ties with Russia over its conflict with Ukraine\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"Compared to Russia’s indiscriminate bombing, economic weapons will not kill people as quickly, create as much visible destruction or inspire as much fear. But the unprecedented economic weapons that have been deployed against Russia will be unquestionably painful,\\\\\\\" Rajan said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also read:\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/news-correspondent-benjamin-hall-lucky-to-be-here-after-injury-in-ukraine\\\\\\\"\u003eNews correspondent Benjamin Hall 'lucky to be here' after injury in Ukraine\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Across Ukraine, people are grappling with the realities of Russia's brutal invasion -- tending to the deceased, feeding the hungry and preparing for the next phase of a war that shows no sign of letting up.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Russian troops retreating from cities surrounding Kyiv left behind crushed buildings, destroyed cars and starving families — images that helped explain Ukrainian leaders’ desperate pleas for more Western help to halt Moscow's next offensive.\\\"}}]}","relatedPosts":null,"location":{"name":"New Delhi, Delhi, India"},"createdBy":{"name":"Ajay Joseph","photo":null,"username":"ajay4396","id":"LFYsY6JozEMx","role":null},"topics":[{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"ShaktikantaDas","slug":"shaktikantadas","id":"PmizC3GAgJQS"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Moscow","slug":"moscow","id":"uXRd89o0MuOj"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"RaghuramRajan","slug":"raghuramrajan","id":"sKQ0BvEjJKYg"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Ajay Joseph","id":"LFYsY6JozEMx","username":"ajay4396"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-08T06:15:00.957711+00:00","publisher":0,"sourceFeed":null,"cleanText":"The Governor of Reserve Bank of India (RBI) Shaktikanta Das on Friday kept the repo rate unchanged at 4 per cent and announced it after deliberations of the Monetary Policy Committee (MPC), which began on Wednesday. The reverse repo rate has also been kept unchanged at 3.35%. The RBI Governor referred to the importance of the two warring nations—Ukraine and Russia—in supply of key raw materials, which had rattled commodity markets. Also read: RBI Monetary Policy Committee slashes India's real GDP growth forecast to 7.2%,While the pandemic quickly morphed from a health crisis to one of life and livelihood, conflict in Europe has the potential to derail the global economy... Caught in the cross-currents of multiple headwinds, our approach needs to be cautious but proactive in mitigating the adverse impact on India's growth, inflation and financial conditions, Das said during the announcement. Also read: RBI Monetary Policy Committee keeps repo rate unchanged at 4%,In his remarks, Das noted the humongous challenges posed by the war in Ukraine and the resultant impact of sanctions on Russia. Earlier this month, former RBI Governor Raghuram Rajan said that Russia's unprovoked attack on Ukraine, with its scenes of Ukrainian civilians being murdered or driven from their homes as refugees, undoubtedly had to be opposed. Also read: RBI monetary policy will remain accommodative for quite some time: ADB,The former RBI Governor further went on to say that Russia, an economic midget relative to its military power, may still lash out by expanding the range of military weapons it uses and the territories it targets. It is a risk the world has to take. Also read: United States ends normal trade ties with Russia over its conflict with Ukraine,Compared to Russia’s indiscriminate bombing, economic weapons will not kill people as quickly, create as much visible destruction or inspire as much fear. But the unprecedented economic weapons that have been deployed against Russia will be unquestionably painful, Rajan said. Also read: News correspondent Benjamin Hall 'lucky to be here' after injury in Ukraine,Across Ukraine, people are grappling with the realities of Russia's brutal invasion -- tending to the deceased, feeding the hungry and preparing for the next phase of a war that shows no sign of letting up. Russian troops retreating from cities surrounding Kyiv left behind crushed buildings, destroyed cars and starving families — images that helped explain Ukrainian leaders’ desperate pleas for more Western help to halt Moscow's next offensive.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":{"latitude":"28.6139","longitude":"77.209","name":"New Delhi, Delhi, India","city":"Delhi"},"keywords":"Russia,Ukraine,RBI Monetary Policy Committee,India,Das,Ukrainian,Reserve Bank of India,Shaktikanta Das,the Monetary Policy Committee,Europe,RBI,Raghuram Rajan,United States,Russian,Moscow","originalPublishedOn":"2022-04-08T06:15:00+00:00"}},{"node":{"id":"BJrrFpEYriQw","slug":"english/trending-stocks-sbi-cards-zomato-paytm-tcs-and-others-in-news-today","title":"Trending Stocks: SBI cards, Zomato, Paytm, TCS and others in news today","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_SsPBhGsSj.jpg","coverCaption":"Stock prices on a digital screen on the facade of BSE building. (PTI Photo/Mitesh Bhuvad)(PTI01_21_2021_000055B)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-05T01:30:00.672843+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eIDFC First Bank has posted a 12.6% growth in customer deposits at Rs 93,138 crore for the Q4 FY22\u003c/li\u003e\n \u003cli\u003eSBI has inked a MoU with BSF to offer special benefits to the serving and retired BSF personnel\u003c/li\u003e\n \u003cli\u003eVodafone has raised its stake in debt-ridden Vodafone Idea to 47.61% through its subsidiary Prime Metals\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649121396292,\\\"strCount\\\":7422,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eZomato\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Competition Commission of India orders an investigation against online food delivery platforms \u003ca href=\\\\\\\"https://opoyi.com/topic/zomato\\\\\\\"\u003eZomato\u003c/a\u003e and Bundl Technologies, the operator of Swiggy, into some of their conduct following a complaint filed by the National Restaurant Association of India that alleged contravention of rules by the two companies.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/trade-setup-top-15-things-to-know-before-market-opens-on-april-5-2022\\\\\\\"\u003eTrade Setup: Top 15 things to know before market opens on April 5, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eSBI Card and Payment Services\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Private equity firm Carlyle Group will sell its entire stake in SBI Cards and Payments Services Ltd for as much as Rs 2,558 crore, according to deal terms seen by Moneycontrol. CA Rover Holdings, a Carlyle entity, which as of the December 2021 quarter, held 29.20 million shares or a 3.09 % stake in SBI Cards will sell its entire stake in the firm, through a block trade. The shares are being offered between Rs 851.50-876.75 a share, which represents around a 3 % discount from the current market price.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sebi-forms-panel-to-improve-governance-of-market-infra-institutions\\\\\\\"\u003eSEBI forms panel to improve governance of market infra institutions\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003ePaytm Payment Bank\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The bank is yet to appoint a firm to conduct an audit of its information technology (IT) systems, minister of state for finance Bhagwat Karad told the \u003ca href=\\\\\\\"https://opoyi.com/topic/parliament\\\\\\\"\u003eParliament\u003c/a\u003e. \\\\\\\"The RBI (Reserve Bank of India) has further informed that the Paytm Payments Bank Limited has not yet appointed the IT audit firm to conduct a comprehensive System Audit of the IT system of the bank,\\\\\\\" Karad said in a written reply to a question on April 4.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/indigo-co-founder-rakesh-gangwal-donates-rs-100-crore-to-iit-kanpur\\\\\\\"\u003eIndigo's ex-director Rakesh Gangwal donates Rs 100 crore to IIT Kanpur\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eTata Consultancy Services (TCS)\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The company has entered into a strategic partnership with Payments Canada, the country’s largest payment organization, to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sbi-cards-block-deal-carlyle-to-sell-entire-stake-in-firm-for-rs-2558-crore\\\\\\\"\u003eSBI cards block deal: Carlyle to sell entire stake in firm for Rs 2,558 crore\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003e3i Infotech\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The company has secured a cloud transformation deal for its NuRe platform, from one of the large commercial banks in the Asia-Pacific region. The deal size is approximately Rs 6.04 crore.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eIDFC First Bank\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The bank has posted a 12.6% growth in customer deposits at Rs 93,138 crore for the fourth quarter ended March 31, 2022 (Q4FY22) as compared to Rs 82,725 crore in Q4FY21. Gross Funded Assets stood at Rs 132,067 crore at the end of the fourth quarter of 2021-22.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/cci-orders-probe-of-zomato-swiggy-conduct-for-alleged-unfair-business-practices\\\\\\\"\u003eCCI orders probe of Zomato, Swiggy conduct for alleged unfair business practices\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eIRB Infrastructure Developers\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The project of the eight-lane Vadodara Kim Expressway in \u003ca href=\\\\\\\"https://opoyi.com/topic/gujarat\\\\\\\"\u003eGujarat\u003c/a\u003e under NHDP Phase-VI on Hybrid Annuity Mode implemented by its subsidiary has received a Provisional Certificate from the Competent Authority. The subsidiary received Provisional Certificate after substantial completion of the works in 22.585 km out of 23.740 km of the project highway. Consequently, the SPV is eligible for receipt of Bi-annually annuity payments from NHAI for the operation period of 15 years.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/paytm-payments-bank-yet-to-act-on-rbis-order-mos-finance-tells-lok-sabha\\\\\\\"\u003ePaytm Payments Bank yet to act on RBI's order, MoS Finance tells Lok Sabha\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eState Bank of India (SBI)\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The bank has inked a Memorandum of Understanding (MoU) with the Border Security Force (BSF) to offer special benefits to the serving and retired BSF personnel and family pensioners through the Central Armed Police Salary Package (CAPSP) Scheme.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eIndusInd Bank\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The private sector lender said net advances of Rs 2.39 lakh crore at the end of March 2022 quarter grew by 13 % compared to the year-ago period and up 5 % compared to the previous quarter. Deposits increased by 15 % YoY and 3 % QoQ to Rs 2.93 lakh crore in Q4FY22.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/hdfc-becomes-5th-largest-company-by-market-value-overtakes-icici-bank\\\\\\\"\u003eHDFC becomes 5th largest company by market value, overtakes ICICI bank\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eVodafone Idea\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Vodafone has raised its stake in debt-ridden Vodafone Idea to 47.61% through its subsidiary Prime Metals. The company earlier held a 44.39 per cent stake in Vodafone Idea (VIL). Vodafone Idea’s board has approved the allotment of 338.3 crore equity shares at Rs 13.30 per scrip to three promoter group entities - Euro Pacific Securities, Prime Metals and Oriana Investments - for about Rs 4,500 crore.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-what-hdfc-ltd-merger-with-hdfc-bank-means-for-investors\\\\\\\"\u003eExplained: What HDFC Ltd merger with HDFC Bank means for investors\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eMax Healthcare Institute\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"SBI Funds Management acquired more than 1 crore equity shares in the company via open market transactions on March 31. With this, its shareholding in the company stands at 9.22 %, up from 8.19 % earlier.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/how-indias-new-crypto-tax-impacts-investors\\\\\\\"\u003eHow India's new crypto tax impacts investors\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eBank of Maharashtra\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The bank’s deposits grew 16.46% to Rs 202,641 crore (Provisional) as of March 31, 2022 (Q4FY22), as compared to Rs 174,006 crore on a yearly basis. On a quarterly basis, the deposits were up 8.59% from Rs 186,614 crore as of December 2021. Gross Advance stood at Rs 136,733 crore as of March 31, 2022, posting a 27.02% rise in year-on-year (YoY) terms against Rs 107,654 crore as of March 31, 2021, and on a quarter-on-quarter (QoQ) basis stood at Rs 129,006 crore in December 2021.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-to-keep-accommodative-policy-as-inflation-rises\\\\\\\"\u003eRBI to keep accommodative policy as inflation rises\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eIndian Oil Corporation (IOC)\u0026nbsp;\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The company is planning to invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant (POL) storage capacities, including setting up a greenfield facility, in the Northeast.\u0026nbsp;\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/sugar-stocks-rush-why-indian-investors-are-high-on-ethanol\\\\\\\"\u003eSugar stocks rush: Why Indian investors are high on ethanol\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003cb\u003eHDFC Bank\u003c/b\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The bank’s advances have aggregated to around Rs 13,690 billion as of March 31, 2022 (Q4FY22), a growth of around 20.9% over Rs 11,328 billion as of March 31, 2021, and a growth of around 8.6% over Rs 12,609 billion as of December 31, 2021. The Bank’s deposits aggregated to around Rs 15,590 billion as of March 31, 2022, a growth of around 16.8% over Rs 13,351 billion as of March 31, 2021, and growth of around 7.8% over Rs 14,459 billion as of December 31, 2021.\u0026nbsp;\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"TrendingStocks","slug":"trendingstocks","id":"XNl0sRQ1kcCJ"},{"name":"StockMarket","slug":"stockmarket","id":"vHCI0WQLTd1o"},{"name":"Sensex","slug":"sensex","id":"MhfKMlGWFTBF"},{"name":"BSE","slug":"bse","id":"2seBd7Lyb8z6"},{"name":"ShareMarket","slug":"sharemarket","id":"PkCsd9oT2rCN"},{"name":"Gujarat","slug":"gujarat","id":"ON5vDQHB4C7g"},{"name":"Parliament","slug":"parliament","id":"f1AaZo7fTdEO"},{"name":"statebankofindia","slug":"statebankofindia","id":"JlwkJwLguBQl"},{"name":"Zomato","slug":"zomato","id":"kr7p5Jo8FHO3"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"VodafoneIdea","slug":"vodafoneidea","id":"1hv1dhev5tEA"},{"name":"IndusIndBank","slug":"indusindbank","id":"LuN5yAK5glgT"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-05T01:30:00.672847+00:00","publisher":6,"sourceFeed":null,"cleanText":"Zomato,Competition Commission of India orders an investigation against online food delivery platforms Zomato and Bundl Technologies, the operator of Swiggy, into some of their conduct following a complaint filed by the National Restaurant Association of India that alleged contravention of rules by the two companies. Also Read| Trade Setup: Top 15 things to know before market opens on April 5, 2022,SBI Card and Payment Services ,Private equity firm Carlyle Group will sell its entire stake in SBI Cards and Payments Services Ltd for as much as Rs 2,558 crore, according to deal terms seen by Moneycontrol. CA Rover Holdings, a Carlyle entity, which as of the December 2021 quarter, held 29.20 million shares or a 3.09 % stake in SBI Cards will sell its entire stake in the firm, through a block trade. The shares are being offered between Rs 851.50-876.75 a share, which represents around a 3 % discount from the current market price. Also Read| SEBI forms panel to improve governance of market infra institutions,Paytm Payment Bank ,The bank is yet to appoint a firm to conduct an audit of its information technology (IT) systems, minister of state for finance Bhagwat Karad told the Parliament. The RBI (Reserve Bank of India) has further informed that the Paytm Payments Bank Limited has not yet appointed the IT audit firm to conduct a comprehensive System Audit of the IT system of the bank, Karad said in a written reply to a question on April 4. Also Read| Indigo's ex-director Rakesh Gangwal donates Rs 100 crore to IIT Kanpur,Tata Consultancy Services (TCS) ,The company has entered into a strategic partnership with Payments Canada, the country’s largest payment organization, to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds. Also Read| SBI cards block deal: Carlyle to sell entire stake in firm for Rs 2,558 crore,3i Infotech ,The company has secured a cloud transformation deal for its NuRe platform, from one of the large commercial banks in the Asia-Pacific region. The deal size is approximately Rs 6.04 crore. IDFC First Bank ,The bank has posted a 12.6% growth in customer deposits at Rs 93,138 crore for the fourth quarter ended March 31, 2022 (Q4FY22) as compared to Rs 82,725 crore in Q4FY21. Gross Funded Assets stood at Rs 132,067 crore at the end of the fourth quarter of 2021-22. Also Read| CCI orders probe of Zomato, Swiggy conduct for alleged unfair business practices,IRB Infrastructure Developers ,The project of the eight-lane Vadodara Kim Expressway in Gujarat under NHDP Phase-VI on Hybrid Annuity Mode implemented by its subsidiary has received a Provisional Certificate from the Competent Authority. The subsidiary received Provisional Certificate after substantial completion of the works in 22.585 km out of 23.740 km of the project highway. Consequently, the SPV is eligible for receipt of Bi-annually annuity payments from NHAI for the operation period of 15 years. Also Read| Paytm Payments Bank yet to act on RBI's order, MoS Finance tells Lok Sabha,State Bank of India (SBI),The bank has inked a Memorandum of Understanding (MoU) with the Border Security Force (BSF) to offer special benefits to the serving and retired BSF personnel and family pensioners through the Central Armed Police Salary Package (CAPSP) Scheme. IndusInd Bank ,The private sector lender said net advances of Rs 2.39 lakh crore at the end of March 2022 quarter grew by 13 % compared to the year-ago period and up 5 % compared to the previous quarter. Deposits increased by 15 % YoY and 3 % QoQ to Rs 2.93 lakh crore in Q4FY22. Also Read| HDFC becomes 5th largest company by market value, overtakes ICICI bank,Vodafone Idea,Vodafone has raised its stake in debt-ridden Vodafone Idea to 47.61% through its subsidiary Prime Metals. The company earlier held a 44.39 per cent stake in Vodafone Idea (VIL). Vodafone Idea’s board has approved the allotment of 338.3 crore equity shares at Rs 13.30 per scrip to three promoter group entities - Euro Pacific Securities, Prime Metals and Oriana Investments - for about Rs 4,500 crore. Also Read| Explained: What HDFC Ltd merger with HDFC Bank means for investors,Max Healthcare Institute ,SBI Funds Management acquired more than 1 crore equity shares in the company via open market transactions on March 31. With this, its shareholding in the company stands at 9.22 %, up from 8.19 % earlier. Also Read| How India's new crypto tax impacts investors,Bank of Maharashtra ,The bank’s deposits grew 16.46% to Rs 202,641 crore (Provisional) as of March 31, 2022 (Q4FY22), as compared to Rs 174,006 crore on a yearly basis. On a quarterly basis, the deposits were up 8.59% from Rs 186,614 crore as of December 2021. Gross Advance stood at Rs 136,733 crore as of March 31, 2022, posting a 27.02% rise in year-on-year (YoY) terms against Rs 107,654 crore as of March 31, 2021, and on a quarter-on-quarter (QoQ) basis stood at Rs 129,006 crore in December 2021. Also Read| RBI to keep accommodative policy as inflation rises,Indian Oil Corporation (IOC) ,The company is planning to invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant (POL) storage capacities, including setting up a greenfield facility, in the Northeast. ,Also Read| Sugar stocks rush: Why Indian investors are high on ethanol,HDFC Bank,The bank’s advances have aggregated to around Rs 13,690 billion as of March 31, 2022 (Q4FY22), a growth of around 20.9% over Rs 11,328 billion as of March 31, 2021, and a growth of around 8.6% over Rs 12,609 billion as of December 31, 2021. The Bank’s deposits aggregated to around Rs 15,590 billion as of March 31, 2022, a growth of around 16.8% over Rs 13,351 billion as of March 31, 2021, and growth of around 7.8% over Rs 14,459 billion as of December 31, 2021.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Vodafone Idea,Zomato Competition Commission of India,Zomato,Bundl Technologies,the National Restaurant Association of India,SBI Card and Payment Services Private,Carlyle Group,SBI Cards and Payments Services Ltd,Moneycontrol,Rover Holdings,Carlyle,SBI Car","originalPublishedOn":"2022-04-05T01:30:00+00:00"}},{"node":{"id":"U75HeHT3PvzA","slug":"english/paytm-payments-bank-yet-to-act-on-rbis-order-mos-finance-tells-lok-sabha","title":"Paytm Payments Bank yet to act on RBI's order, MoS Finance tells Lok Sabha","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_20YLeXRod1M.jpg","coverCaption":"RBI did not specify the reasons for its action against the Paytm Payments Bank (Photo Credit: PTI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-04T16:46:42.765064+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003ePaytm Payment Bank is yet to appoint a firm to conduct an audit of its IT systems\u003c/li\u003e\n \u003cli\u003eOn March 11, the RBI directed it to appoint a firm to conduct an audit of its IT system\u003c/li\u003e\n \u003cli\u003ePaytm had said that it was taking immediate steps to comply with the directions\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1649090799943,\\\"strCount\\\":3005,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/english/rbi-directs-paytm-payments-bank-to-stop-accepting-new-users\\\\\\\"\u003ePaytm Payment Bank\u003c/a\u003e is yet to appoint a firm to conduct an audit of its information technology (IT) systems, minister of state for finance Bhagwat Karad told the Parliament.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"The RBI (Reserve Bank of India) has further informed that the Paytm Payments Bank Limited has not yet appointed the IT audit firm to conduct a comprehensive System Audit of the IT system of the bank,\\\\\\\" Karad said in a written reply to a question on April 4.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/hdfc-becomes-5th-largest-company-by-market-value-overtakes-icici-bank\\\\\\\"\u003eHDFC becomes 5th largest company by market value, overtakes ICICI bank\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"On March 11, the RBI barred SoftBank-backed Paytm Payments Bank Limited (PPBL) from onboarding new customers and directed it to appoint a firm to conduct an audit of its IT system. Paytm Payments Bank will require specific permission from the RBI to restart accepting new customers after a review of the audit. \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Soon after RBI’s action, Paytm Payments Bank had said in an exchange filing that it was taking immediate steps to comply with the directions. It also stated that existing customers will not be affected and they can continue using PPBL banking and payment services.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/elon-musk-holds-92-passive-stake-in-twitter-sec-filing-shows\\\\\\\"\u003eElon Musk holds 9.2% passive stake in Twitter, SEC filing shows\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The filing noted, “All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag and bank accounts can continue to use these instruments, including debit cards and net banking, for payments”.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/india-ships-food-aid-to-sri-lanka-as-unrest-in-colombo-worsens\\\\\\\"\u003eIndia ships food aid to Sri Lanka as unrest in Colombo worsens\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"The RBI did not specify the reasons for its action against the Paytm Payments Bank. According to a Bloomberg report, the action followed a leak of data to Chinese authorities. The RBI had found in its annual inspections that Paytm Payments Bank’s servers were sharing information with China-based companies that indirectly own a stake in the bank.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"However, Paytm, founder and CEO, \u003ca href=\\\\\\\"https://opoyi.com/english/paytm-ceo-vijay-s-sharma-detained-in-feb-for-ramming-delhi-dcps-car-given-bail\\\\\\\"\u003eVijay Shekhar Sharma\u003c/a\u003e denied the media report, saying the report was \\\\\\\"absolutely false\\\\\\\" and \\\\\\\"completely factually wrong\\\\\\\". \\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read |\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/hdfc-to-merge-with-hdfc-bank-shares-soar-10\\\\\\\"\u003eHDFC Ltd to merge with HDFC Bank, shares soar 10%\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Paytm Payments Bank joins a growing list of financial companies and lenders, such as Mastercard, Dinners Club, American Express and HDFC Bank that have been penalized for systematic glitches. The Indian banking regulator is eager to build a failsafe payments system in \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e, where transactions are increasingly done digitally.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Devanshu Singla","photo":"","username":"devanshusingla","id":"aJeiSJdpGmAb","role":null},"topics":[{"name":"PayTM","slug":"paytm","id":"d7VUkjnjjo4q"},{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Business","slug":"business","id":"1hd39Bl2AdAV"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"},{"name":"IndiaNews","slug":"indianews","id":"hmzqkpDB7jEj"},{"name":"Parliament","slug":"parliament","id":"f1AaZo7fTdEO"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Devanshu Singla","id":"aJeiSJdpGmAb","username":"devanshusingla"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-04T16:46:41.552960+00:00","publisher":6,"sourceFeed":null,"cleanText":"Paytm Payment Bank is yet to appoint a firm to conduct an audit of its information technology (IT) systems, minister of state for finance Bhagwat Karad told the Parliament. The RBI (Reserve Bank of India) has further informed that the Paytm Payments Bank Limited has not yet appointed the IT audit firm to conduct a comprehensive System Audit of the IT system of the bank, Karad said in a written reply to a question on April 4. Also Read | HDFC becomes 5th largest company by market value, overtakes ICICI bank,On March 11, the RBI barred SoftBank-backed Paytm Payments Bank Limited (PPBL) from onboarding new customers and directed it to appoint a firm to conduct an audit of its IT system. Paytm Payments Bank will require specific permission from the RBI to restart accepting new customers after a review of the audit. ,Soon after RBI’s action, Paytm Payments Bank had said in an exchange filing that it was taking immediate steps to comply with the directions. It also stated that existing customers will not be affected and they can continue using PPBL banking and payment services. Also Read | Elon Musk holds 9.2% passive stake in Twitter, SEC filing shows,The filing noted, “All existing users of Paytm UPI, Paytm Wallet, Paytm FASTag and bank accounts can continue to use these instruments, including debit cards and net banking, for payments”. Also Read | India ships food aid to Sri Lanka as unrest in Colombo worsens,The RBI did not specify the reasons for its action against the Paytm Payments Bank. According to a Bloomberg report, the action followed a leak of data to Chinese authorities. The RBI had found in its annual inspections that Paytm Payments Bank’s servers were sharing information with China-based companies that indirectly own a stake in the bank. However, Paytm, founder and CEO, Vijay Shekhar Sharma denied the media report, saying the report was absolutely false and completely factually wrong. ,Also Read | HDFC Ltd to merge with HDFC Bank, shares soar 10%,Paytm Payments Bank joins a growing list of financial companies and lenders, such as Mastercard, Dinners Club, American Express and HDFC Bank that have been penalized for systematic glitches. The Indian banking regulator is eager to build a failsafe payments system in India, where transactions are increasingly done digitally.","portalUser":{"id":"MK3GmgLG7wo1","name":"Opoyi Business","username":"OpoyiBusiness","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_D6026Kum9dg.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"Paytm Payments Bank,Bhagwat Karad,Parliament,Reserve Bank of India,Paytm Payments Bank Limited,Paytm Wallet,RBI,China,Vijay Shekhar Sharma,Paytm RBI action, PayTM RBI, Paytm China links","originalPublishedOn":"2022-04-04T16:46:41.552953+00:00"}},{"node":{"id":"slgCByEa3Ohs","slug":"english/rbi-to-keep-accommodative-policy-as-inflation-rises","title":"RBI to keep accommodative policy as inflation rises","postType":1,"coverMedia":"https://images.opoyi.net/opoyi_BgyLSxefC.jpg","coverCaption":"RBI is likely to keep its accommodative policy even as its global counterparts hike interest rates. (Photo Credit: Twitter/@ANI)","reactionStats":"{\"like_count\":0,\"heartbreak_count\":0,\"laugh_count\":0,\"sad_count\":0,\"angry_count\":0}","updatedOn":"2022-04-01T06:00:00.272584+00:00","highlightSummary":"\u003cul\u003e\n \u003cli\u003eRBI is concerned that Russia's invasion of Ukraine is harming the global economy\u003c/li\u003e\n \u003cli\u003eA survey revealed that just over half of forecasters expected the RBI to raise interest rates\u003c/li\u003e\n \u003cli\u003eEconomists anticipate that the RBI would boost its retail-inflation forecast by 50 to 80 basis points from the current 4.5%\u003c/li\u003e\n\u003c/ul\u003e","highlightSummaryFlag":1,"breakingSponsored":0,"coverMediaType":1,"reactionsCount":0,"commentsCount":0,"lastComment":null,"isUpdated":false,"lastCommentUser":null,"trustScore":1,"fakeTrust":2,"content":"{\\\"time\\\":1648788970612,\\\"strCount\\\":3586,\\\"blocks\\\":[{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\u003ca href=\\\\\\\"https://opoyi.com/topic/inflation\\\\\\\"\u003eInflation \u003c/a\u003eis rising but India's central bank is likely to keep its accommodative policy even as its global counterparts hike interest rates, perhaps forcing it to play catch-up vigorously later, economists and experts say.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"This viewpoint marks a shift in expectations, with market investors claiming that the Reserve Bank of \u003ca href=\\\\\\\"https://opoyi.com/topic/india\\\\\\\"\u003eIndia\u003c/a\u003e is concerned that Russia's invasion of \u003ca href=\\\\\\\"https://opoyi.com/topic/ukraine\\\\\\\"\u003eUkraine\u003c/a\u003e is harming the global economy and India's recovery prospects, rather than just raising prices.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/inflation-gauge-sets-40-year-high-as-food-and-gas-prices-surge\\\\\\\"\u003eInflation gauge sets 40-year high as food and gas prices surge\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"A Reuters survey conducted in early February revealed that just over half of forecasters expected the \u003ca href=\\\\\\\"https://opoyi.com/topic/rbi\\\\\\\"\u003eRBI\u003c/a\u003e to raise interest rates at its April meeting, but the battle that began three weeks later has changed those expectations.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Despite the fact that inflation has risen beyond the 6% upper limit of the bank's target band for the past two months, many now expect the central bank to stay static on April 8.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/ukraines-economy-to-shrink-by-20-russias-by-10-in-2022-report\\\\\\\"\u003eUkraines' economy to shrink by 20%, Russias' by 10% in 2022: Report\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"According to Saugata Bhattacharya, chief economist at Axis Bank, who had expected the RBI to boost its reverse-repurchase rate next week, global concerns imply that \\\\\\\"it makes sense to remain the status quo.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"In support of such forecasts, RBI Governor Shakikanta Das recently advised against \\\\\\\"premature demand compression through monetary policy.\\\\\\\"\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/explained-correlation-between-bond-yield-and-economy\\\\\\\"\u003eExplained: Correlation between bond yield and economy\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"India's growth, according to Deputy Governor Michael Patra, is as feeble as it was in 2013 when a U.S. policy move brought money rushing out of emerging countries.\u0026nbsp; \\\\\\\"The recent reverberations of war have, in fact, tilted the balance of risks downwards\\\\\\\" for the economy, he said.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Economists anticipate that the RBI would boost its retail-inflation forecast for the fiscal year beginning on Friday by 50 to 80 basis points from the current 4.5%.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/fuel-prices-petrol-and-diesel-rates-remained-unchanged-on-april-1-2022\\\\\\\"\u003eFuel prices: Petrol and Diesel rates remained unchanged on April 1, 2022\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Prices for grain, energy, and other exports from \u003ca href=\\\\\\\"https://opoyi.com/topic/russia\\\\\\\"\u003eRussia\u003c/a\u003e and Ukraine are projected to rise further as a result of the war and the economic sanctions imposed on \u003ca href=\\\\\\\"https://opoyi.com/topic/moscow\\\\\\\"\u003eMoscow\u003c/a\u003e.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"\\\\\\\"In the aftermath of the Russia-Ukraine war, the probability that higher-than-expected inflation will persist has increased. The longer we wait to address that, the faster that we may have to play catch-up with it eventually,\\\\\\\" said Churchil Bhatt, executive vice president of debt investments at Kotak Life Insurance.\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Also Read|\u0026nbsp;\u003ca href=\\\\\\\"https://opoyi.com/english/trending-stocks-future-retail-vedanta-gail-apollo-tyres-and-others-in-news-today\\\\\\\"\u003eTrending Stocks: Future retail, Vedanta, Gail, Apollo tyres and others in news today\u003c/a\u003e\\\"}},{\\\"type\\\":\\\"paragraph\\\",\\\"data\\\":{\\\"text\\\":\\\"Rising asset prices could feed through to demand-side inflation, while savers are being hurt as their returns lag behind inflation, said Rupa Rege Nitsure, chief economist at L\u0026amp;T Financial Services.\\\"}}]}","relatedPosts":null,"location":null,"createdBy":{"name":"Yash Sadhak Shrivastava","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_PteDpl8-u0C.jpg","username":"yashsadhak","id":"hVr8BLevnFNI","role":null},"topics":[{"name":"RBI","slug":"rbi","id":"mmhRjdCmZCj0"},{"name":"Inflation","slug":"inflation","id":"cJVqnLe20t8S"},{"name":"India","slug":"india","id":"Bq4MmUPrXF8p"},{"name":"Economy","slug":"economy","id":"5VhOB45vqxj9"},{"name":"ReserveBankOfIndia","slug":"reservebankofindia","id":"961q4n2jRxlD"},{"name":"AxisBank","slug":"axisbank","id":"5LjaoI8mVpAk"},{"name":"Moscow","slug":"moscow","id":"uXRd89o0MuOj"},{"name":"Russia","slug":"russia","id":"ZdjTIzNom80K"},{"name":"US","slug":"us","id":"0JelBm6rMusZ"},{"name":"Ukraine","slug":"ukraine","id":"Dq03BAdFix29"},{"name":"Asia","slug":"asia","id":"QzdhnKXHT05r"},{"name":"Europe","slug":"europe","id":"v2KXw3fOql0S"},{"name":"Finance","slug":"finance","id":"vdfCkTLQAVNK"}],"userReaction":"","isBookmarked":false,"authors":[{"name":"Yash Sadhak Shrivastava","id":"hVr8BLevnFNI","username":"yashsadhak"}],"translatedBy":[],"editedBy":[],"reportedBy":[],"postedBy":[],"agency":[],"originalPost":null,"publishedOn":"2022-04-01T06:00:00.272589+00:00","publisher":0,"sourceFeed":null,"cleanText":"Inflation is rising but India's central bank is likely to keep its accommodative policy even as its global counterparts hike interest rates, perhaps forcing it to play catch-up vigorously later, economists and experts say. This viewpoint marks a shift in expectations, with market investors claiming that the Reserve Bank of India is concerned that Russia's invasion of Ukraine is harming the global economy and India's recovery prospects, rather than just raising prices. Also Read| Inflation gauge sets 40-year high as food and gas prices surge,A Reuters survey conducted in early February revealed that just over half of forecasters expected the RBI to raise interest rates at its April meeting, but the battle that began three weeks later has changed those expectations. Despite the fact that inflation has risen beyond the 6% upper limit of the bank's target band for the past two months, many now expect the central bank to stay static on April 8. Also Read| Ukraines' economy to shrink by 20%, Russias' by 10% in 2022: Report,According to Saugata Bhattacharya, chief economist at Axis Bank, who had expected the RBI to boost its reverse-repurchase rate next week, global concerns imply that it makes sense to remain the status quo. In support of such forecasts, RBI Governor Shakikanta Das recently advised against premature demand compression through monetary policy. Also Read| Explained: Correlation between bond yield and economy,India's growth, according to Deputy Governor Michael Patra, is as feeble as it was in 2013 when a U.S. policy move brought money rushing out of emerging countries. The recent reverberations of war have, in fact, tilted the balance of risks downwards for the economy, he said. Economists anticipate that the RBI would boost its retail-inflation forecast for the fiscal year beginning on Friday by 50 to 80 basis points from the current 4.5%. Also Read| Fuel prices: Petrol and Diesel rates remained unchanged on April 1, 2022,Prices for grain, energy, and other exports from Russia and Ukraine are projected to rise further as a result of the war and the economic sanctions imposed on Moscow. In the aftermath of the Russia-Ukraine war, the probability that higher-than-expected inflation will persist has increased. The longer we wait to address that, the faster that we may have to play catch-up with it eventually, said Churchil Bhatt, executive vice president of debt investments at Kotak Life Insurance. Also Read| Trending Stocks: Future retail, Vedanta, Gail, Apollo tyres and others in news today,Rising asset prices could feed through to demand-side inflation, while savers are being hurt as their returns lag behind inflation, said Rupa Rege Nitsure, chief economist at L\u0026T Financial Services.","portalUser":{"id":"kQKU5wG2FUA","name":"Opoyi Central","username":"opoyicentral","photo":"https://ik.imagekit.io/o8plo3y5if/opoyi_wUOvSKrfq.jpg","role":2},"opinions":[],"liveblogStatus":true,"lastReply":null,"replyUser":null,"userMentions":[],"lastCommentMentions":null,"lastReplyMentions":null,"checkIn":null,"keywords":"India,Russia,Ukraine,the Reserve Bank of India,Axis Bank,RBI,Shakikanta Das,Michael Patra,U.S.,Moscow,Churchil Bhatt,Kotak Life Insurance,Rupa Rege Nitsure,L Financial 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