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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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ISKCON Navi Mumbai to Launch 7-Lakh Bhagavad Gita Distribution Drive from December 1

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ISKCON Navi Mumbai is set to begin one of its largest spiritual outreach initiatives with the launch of a 7-lakh Bhagavad Gita distribution drive starting December 1. The campaign, which will run till January 15, 2026, aims to deliver copies of the Gita to households across Navi Mumbai through temples, public spaces, and community centres.

The initiative marks the first anniversary of the ISKCON Kharghar temple, inaugurated last year by Prime Minister Narendra Modi. In celebration of the milestone, the temple has planned a series of activities to deepen public engagement with spiritual teachings. As part of the outreach, ISKCON will organise Gita study classes, especially designed for youth and working professionals. According to officials, thousands have already registered for these sessions, reflecting the growing interest in spiritual learning.

The anniversary celebrations from January 13 to 15 will include various devotional events such as Abhishek rituals, the traditional Nauka Vihar (boat festival), and a grand elephant procession through Kharghar. These festivities aim to bring the community together in a vibrant display of culture and devotion.

Temple president Dr. Sura Das stated that the mission is to “gift a Bhagavad Gita to every household,” enabling more people to access its timeless teachings. ISKCON leaders expressed confidence that the wide-reaching campaign will promote spiritual awareness and strengthen community bonds across the city.

The distribution drive is expected to be one of the largest of its kind in Navi Mumbai.

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Navi Mumbai Crime Branch Busts Ganja Racket in Kalamboli, Four Arrested

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The Navi Mumbai Crime Branch has dismantled a ganja smuggling racket operating in Kalamboli, leading to the arrest of four individuals and the seizure of a significant quantity of narcotics. Acting on a reliable tip-off received by Police Constable Omkar Bhalerao, officials learned that ganja was being sold near DD Dhaba on Roadpali Link Road in Sector 16.

A special team from the Central Crime Branch, led by Police Inspector Sunil Shinde and operating under the supervision of ACP Ajaykumar Landge, immediately launched a planned operation. When the suspects arrived at the location in a Swift Dzire car, police intercepted the vehicle and conducted a search, which resulted in the recovery of 5.5 kg of ganja.

In addition to the narcotics, the police confiscated the suspects’ car and four mobile phones, bringing the total value of the seized items to approximately Rs 9.90 lakh. The arrested individuals were taken into custody at the spot.

Following the operation, a case was registered at Kalamboli Police Station under Sections 20(b) and 8(c) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Officials stated that the crackdown is part of an intensified effort to curb drug-related activities across Navi Mumbai and ensure a drug-free environment in the region.

Investigations are underway to determine the source of the ganja and identify any additional members connected to the network. Police indicated that more arrests are likely as the probe continues.

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Gold Chains Worth ₹10.5 Lakh Stolen at Rolling Loud India; Four Attendees File Complaints

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A series of thefts marred the two-day Rolling Loud India music festival held in Kharghar, Navi Mumbai, after four attendees reported that their gold chains—collectively valued at Rs 10.50 lakh—were stolen amid the massive crowd. The incidents occurred on Sunday evening, between 6 pm and 10 pm, during peak performances when thousands of fans had gathered near the stages.

According to police officials, the victims stated that their chains were forcibly pulled off their necks in the dense crowd without their notice. All four individuals have lodged formal complaints at the Kharghar Police Station, prompting authorities to begin an investigation. Police are currently reviewing CCTV footage, analyzing crowd movement, and checking for known pickpocket groups that typically target large gatherings.

The thefts have raised concerns about the security arrangements at the international festival, which saw heavy footfall throughout the weekend. This is not the first time such incidents have been reported at major concerts in the Mumbai region, with similar cases emerging during previous large-scale events.

Besides the thefts, attendees took to social media to express dissatisfaction over event logistics, particularly the significant distance between the two main stages, which made moving between performances difficult amid the crowd.

The police have assured attendees that efforts are underway to identify the culprits and recover the stolen jewellery. Further updates are expected as the investigation progresses.

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