RBI MPC decisions calibrated pause amid global fragility, domestic resilience: Economists

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New Delhi, Aug 6 (IANS) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 5.5 per cent, while sticking to the “neutral” monetary policy stance, RBI Governor Sanjay Malhotra said on Wednesday.The RBI Governor said the decision was taken unanimously by the MPC after a detailed assessment of the macroeconomic situation and the growth-inflation dynamics.The RBI’s MPC pegged India’s CPI inflation at 3.1 per cent for FY2025-26, as th…

RBI to make process easy for legal heirs claiming money from bank accounts of deceased customers

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Mumbai, Aug 6 (IANS) The Reserve Bank of India (RBI) announced on Wednesday that it has decided to standardise and simplify the procedure for settlement of claims in respect of deposit accounts of deceased customers of banks so that bereaved families do not face any hardship in getting the money or valuables due to them. Currently, the procedure for settling claims in respect of deceased customers varies across banks. The RBI has decided to streamline and standardise these across all banks to fa…

RBI retains India’s GDP growth forecast at 6.5 pc for FY 2025-26

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Mumbai, Aug 6 (IANS) The RBI on Wednesday retained its forecast for India’s GDP growth at 6.5 per cent for FY 2025-26, despite global uncertainties, as it expects strong rural demand on the back of a good monsoon and robust government expenditure on big ticket infrastructure projects to propel growth.RBI Governor Sanjay Malhotra said, “The above normal southwest monsoon, lower inflation, rising capacity utilization and congenial financial conditions continue to support domestic economic acti…

Indian stock market extends losses marginally after RBI MPC decisions

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Mumbai, Aug 6 (IANS) Following the Reserve Bank of India’s (RBI) decision on Wednesday to maintain the repo rate at 5.50 per cent, the benchmark index Nifty 50 experienced a slight decline, falling below the 24,600 resistance level.The Nifty 50 was trading at 24,569 as of 10.54 am, after an intraday decline of 0.33 per cent, while the Sensex stood at 80,473, down 0.29 per cent. Prior to the Monetary Policy Committee’s decision, Nifty and Sensex were down 0.08 per cent and 0.07 per cent, respecti…

RBI pegs India’s CPI inflation at 3.1 pc for FY26 amid strong monsoon, healthy kharif sowing

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Mumbai, Aug 6 (IANS) The Reserve Bank of India (RBI) on Wednesday pegged India’s CPI inflation at 3.1 per cent for FY2025-26, as the steady progress of the monsoon and robust kharif sowing are expected to keep food prices in check.RBI Governor Sanjay Malhotra said, “The inflation outlook for 2025-26 has become more benign than expected in June. Large favourable base effects combined with steady progress of the southwest monsoon, healthy kharif sowing, adequate reservoir levels and comfortabl…

RBI leaves repo rate unchanged at 5.5 pc, sticks to neutral stance

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Mumbai, Aug 6 (IANS) RBI Governor Sanjay Malhotra announced on Wednesday that the monetary policy committee has decided to keep the repo rate unchanged at 5.5 per cent, while sticking to the “neutral” monetary policy stance.He said the decision was taken unanimously by the MPC after a detailed assessment of the macroeconomic situation and the growth-inflation dynamics.A neutral stance requires neither stimulation nor curbs on liquidity as it strikes a fine balance between controlling inflati…

Centre doubles down on reducing urea usage with alternative fertilisers

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New Delhi, Aug 6 (IANS) To encourage the concept of balanced and judicious use of fertilisers, the government has notified alternative fertilisers like organic fertilisers, bio-fertilisers, de-oiled cake, organic carbon enhancer and nano-fertiliser to encourage nutrient management.Soil Health and Fertility Scheme introduced in the year 2014 with objective to assist states in promoting Integrated Nutrient Management (INM) through judicious use of chemical fertilizers including secondary and micro…

South Korea's HD Hyundai Heavy wins US Navy MRO project

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Seoul, Aug 6 (IANS) HD Hyundai Heavy Industries, South Korea’s leading shipbuilder, said on Wednesday it has secured a maintenance, repair and overhaul (MRO) project for a U.S. Navy cargo ship.The company will carry out the MRO work on the USNS Alan Shepard (T-AKE-3), a 41,000-ton Lewis and Clark-class dry cargo vessel, at HD Hyundai Mipo Dockyard Co.’s shipyard in Ulsan, some 300 kilometers southeast of Seoul, the company said in a press release.The project is slated for completion and delivery…

SK Telecom's Q2 net income plunges after massive data breach

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Seoul, Aug 6 (IANS) SK Telecom, South Korea’s leading wireless service provider, said on Wednesday its second-quarter net profit plunged 76.2 per cent from a year earlier due to the fallout from a massive data breach that affected its entire 25 million user base.Net profit for the three months ended in June fell to 83.2 billion won ($60 million) from 350.2 billion won in the same period last year, the company said in a regulatory filing.The earnings fell short of market expectations. The average…

Nifty, Sensex open flat as investors eye RBI policy decision

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Mumbai, Aug 6 (IANS) The Indian equity benchmarks opened flat on Wednesday, ahead of the Reserve Bank of India (RBI) Monetary Policy Committee’s decision. Sensex gained 64 points or 0.08 per cent at 80,774 while Nifty edged up 16 points or 0.07 per cent to 24,665.Broad cap indices saw higher selling pressure. The Nifty midcap 100 index was down 0.54 per cent and Nifty smallcap 100 index slipped 0.64 per cent.”Today’s monetary policy decision is unlikely to influence the market significantly. T…