BUSINESS
RBI to Roll Out Offline e-Rupee Transactions Soon, Announces Das
The retail CBDC pilot was initiated in December 2022, with the target of achieving 10 lakh transactions per day by December 2023. The introduction of offline functionality aims to cater to regions with poor or limited internet connectivity, such as hilly areas, rural, and urban locations.
RBI Forecasts FY'25 Inflation at 4.5%, Lower Than Current Fiscal's 5.4%
Governor Shaktikanta Das, announcing the decision of the Monetary Policy Committee (MPC), highlighted that domestic economic activity is holding up well, supported by momentum in investment demand, optimistic business sentiments, and rising consumer confidence.
RBI Maintains Interest Rate at 6.5% for Sixth Consecutive Time
The last time RBI raised the repo rate was in February 2023 to 6.5 per cent, after six consecutive rate hikes totaling 250 basis points since May 2022.
Financial Services Secretary Joshi: RBI Responsible for Addressing Paytm Issue
Joshi clarified that the recent actions taken by the RBI against PPBL, including restrictions on offering certain services and onboarding new customers, are regulatory measures aimed at safeguarding consumer interests and the overall economy. He emphasized that the government trusts the RBI's judgment in this regard.
Mutual Funds' Holdings in NSE Companies Reach Record High
Conversely, Life Insurance Corporation (LIC) of India, the country's largest institutional investor, witnessed a decline in its share across 277 companies where its holding exceeds 1 percent, dropping to an all-time low of 3.64 percent as of December 31, 2023, from 3.73 percent as of September 30, 2023.
Sensex Dips Below 72K Mark, Reflecting Market Fluctuations
The downturn in the Sensex is primarily attributed to weakness in IT heavyweights, with Infosys and Tech Mahindra both experiencing declines of over 1 percent. Consequently, the IT index has also dipped by more than 1 percent. Additionally, power stocks, including Powergrid and NTPC, are down by 1 percent.
IMF Offers Lukewarm Response to Pakistan's Proposal by Interim Government
Government sources reported that the IMF has requested further details regarding the economic and legal feasibility of these proposals. While the IMF neither rejected nor accepted the proposals outright, it indicated a need for more thorough consideration, which would likely occur once an elected government assumes office. Additional discussions on the proposals are expected after Pakistani authorities provide the requested information and the IMF conducts internal reviews.
Bombay High Court Declares Chanda and Deepak Kochhar's Arrests 'Illegal', Grants Interim Bail
The court's decision came after completing the hearing last month and reserving the verdict. Notably, Justice Mohite-Dere had previously questioned the Central Bureau of Investigation (CBI) about the delay in investigating the case, considering the FIR was lodged in 2019. The Kochhars were arrested on December 23, 2022, pending their plea.
Concerns Mount on Wall Street Over Potential US Regional Banking Crisis
However, concerns have arisen as a significant portion of this debt is approaching maturity, presenting potential challenges for regional banks in a market fraught with difficulties. Data from Trepp indicates that more than $2.2 trillion of these loans are set to mature between now and the end of 2027.
TCS Market Capitalization Surpasses Rs 15 Lakh Crore Milestone
The rally in TCS contributed to the overall gains in the IT sector, with stocks like HCL Tech, Wipro, and Infosys also seeing notable increases. HCL Tech rose by 4%, while Wipro and Infosys climbed more than 3% and 2%, respectively.
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