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A 3-day monetary policy meeting begin at RBI

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On Tuesday, the Reserve Bank’s rate-setting panel began its three-day deliberations to determine the next monetary policy in light of Budget 2022-23, inflationary worries, and the changing geopolitical scenario.

The six-member Monetary Policy Committee (MPC), chaired by Reserve Bank Governor Shaktikanta Das, is expected to release the policy resolution on Thursday.

The meeting was scheduled to begin on Monday, but it was postponed by one day due to Maharashtra’s declaration of a public holiday on February 7 in honour of iconic vocalist Lata Mangeshkar’s death.

The MPC is widely expected to keep the benchmark interest rate, sometimes known as the repo rate, unchanged.

Analysts, on the other hand, believe that as part of the liquidity normalisation process, the MPC will switch its policy stance from “accommodative” to “neutral” and experiment with the reverse-repo rate.

If the RBI keeps the policy rate constant on Thursday, it will be the ninth time in a row. On May 22, 2020, the central bank slashed interest rates to a historic low in an off-policy cycle to boost demand.

Brickwork Ratings predicts that the RBI will keep policy rates unchanged at its next policy meeting.

“The MPC is expected to begin raising policy rates, starting with the policy corridor between repo and reverse repo rates. In its April 2022 policy meeting, the RBI is expected to raise the reverse repo rate “It was stated.

The outlook for inflation and growth for the current fiscal year may stay unchanged, while the statement’s forward guidance on inflation and GDP for the next fiscal year is eagerly anticipated, it added.

The most recent MPC meeting, held in December 2021, left the benchmark interest rate at 4% and chose to keep its accommodative stance despite concerns over the development of the novel coronavirus variant Omicron.

The government has given the MPC the responsibility of keeping inflation between 2% and 6%.

An SBI report has called for a 20 basis point increase in the reverse repo rate outside the MPC ambit to help the central bank find buyers for the flood of new debt papers. The report cites the massive increase in credit growth during the first half, as well as the steeper fall in deposits and the resulting rise in term money rates, as well as the record high borrowings.

According to the research, the Centre’s gross borrowing would be a record Rs 14.3 lakh crore in 2023, and Rs 10.5 lakh crore in FY22, down from Rs 13.5 lakh crore this year, while the gross borrowing will be Rs 23.3 lakh crore with the states, and the net borrowing will be Rs 17.8 lakh crore. It was also stated that the budget aims to repay Rs 3.1 lakh crore next fiscal, up from Rs 2.7 lakh crore current fiscal.

While signs of credit recovery emerged in the first half of FY22, the most recent data for the week ending January 14, 2022, shows all banks incremental credit increased by Rs 5.46 lakh crore, more than double the Rs 2.72 lakh crore seen in the same period last fiscal, according to the report, while incremental deposit growth was only Rs 8.6 lakh crore, down from Rs 10.5 lakh crore.

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Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe

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The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.

Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.

An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.

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Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations

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The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.

According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.

The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.

Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.

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Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election

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The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.

Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.

Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.

As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.

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