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Dhiraj Relli, MD & CEO at HDFC Securities said, “In a surprise meeting today, RBI announced a repo rate hike by 40 bps (to 4.4%) and an increase in the CRR rate by 50 bps. RBI is no longer behind the curve to react to rising inflation numbers. In terms of timing, it took everyone by surprise and the hike of 40 bps is higher than the market expectation of 25 bps in the June Meet. This apart, the increase in CRR by 50 bps will withdraw Rs 87,000cr liquidity in the system. Immediately on the announcement, all interest-rate sensitive stocks fell sharply including Banks, Auto, Real estate, etc. Coming ahead of the US Fed announcement due today, the RBI has taken the lead for the time being after being blamed for being behind the curve by some economists. Nifty could remain under pressure for some time.”",
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The government is exploring the possibility of imports through private trade and government-to-government deals. The decision will be made cautiously,” one of the sources told Reuters, when asked about wheat imports from Russia."
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We would request you that RBI monitoring of banks should be a triad – a combination of risk-based supervision, off-site surveillance and random on-site inspections of operational systems, which, we feel, will give the best result instead of RBI totally dispensing with on-site inspections,” the union said in the letter."
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On the second day of his south India tour, Prime Minister Narendra Modi Saturday visited Andhra Pradesh and Telangana, where he launched projects and initiatives worth thousands of crores of rupees. Speaking in Hyderabad this afternoon, PM Modi targeted the Bharat Rashtra Samithi (earlier Telangana Rashtra Samithi) saying it had “betrayed” the people of the state. He said “the sunrise is not far, the darkness will vanish, and the lotus would bloom across the state”. This is PM Modi’s first visit to the state after the BJP’s national executive council meeting in July and the party’s defeat in the recent Munugode Assembly bye-election."
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