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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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Woman Found Murdered at Ulwe Lodge, Boyfriend Dies by Suicide

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23-year-old woman allegedly strangled by her boyfriend at a Sector 9 lodge; police launch investigation into the incident.

The Murder

A shocking incident was reported at Happy Residency Lodge in Sector 9, Ulwe, where a 24-year-old man allegedly murdered his 23-year-old girlfriend before dying by suicide.

According to the police, the incident came to light around midnight on Wednesday. The preliminary investigation suggests that the crime may have been linked to complications in their relationship. However, the exact motive is yet to be established. The woman’s father, Satyaveer Singh Chaudhary, a resident of Sankeshwar Plaza in Ulwe, approached the police after his daughter went missing on Tuesday. The family was scheduled to travel outside the state by flight, but the woman failed to return home.

Following the complaint, Ulwe police began searching for her. A technical investigation helped them trace her location to Happy Residency Lodge in Sector 9. When police reached the lodge at around 1 am on Wednesday, they found the woman’s body inside a room. Her boyfriend, identified as Bharat Pankaj Bhardwaj, alias Gaurav, was also found dead after allegedly hanging himself.

According to the post-mortem findings, the woman was strangled to death before the man died by suicide at around 4.45 am. Police have registered a murder case against the deceased man under Section 103(1) of the Bharatiya Nyaya Sanhita. Further investigation is being conducted by the Ulwe police.

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Fake Journalist Arrested for Allegedly Cheating Four People of Rs 19 Lakh in Ulwe Flat Deal

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Navi Mumbai Police arrest accused from a Lonavala hotel, he allegedly promised affordable flats in Ulwe but failed to deliver.

Cheating

Navi Mumbai Police have arrested a man accused of cheating four people of approximately Rs 19 lakh by promising to provide flats at below-market prices in Ulwe. The accused, identified as Shailendra Devprabhakar Dwivedi, was arrested from a hotel in Lonavala.

According to the police, Dwivedi allegedly posed as a journalist and claimed to be associated with a real estate development firm, Shri Guru Builders and Developers. He reportedly promised affordable flats in a building being developed at Plot No. 453 in Sector 24, Ulwe.

Using these assurances, he allegedly collected a total of Rs 19 lakh from four people but failed to provide the promised flats. Vijay Jha (42), an incense-stick businessman, lodged a complaint at the Ulwe police station on October 7. After the complaint was registered, the accused allegedly went into hiding and frequently changed locations to avoid arrest. He also reportedly circulated misleading social media posts about Navi Mumbai police personnel.

Following a technical investigation, the police traced him to a hotel in Lonavala and arrested him around midnight on Thursday. Deputy Commissioner of Police Amit Kale stated that several other serious cases, including extortion, illegal possession of weapons, assault and obstructing government officials, had previously been registered against the accused at various police stations in Navi Mumbai and Thane. Further investigation is underway.

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Cyberattack at SBI’s Navi Mumbai IT Centre, 3.75 Lakh Records Allegedly Stolen

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Hackers reportedly accessed servers at the CBD Belapur facility and stole data linked to YONO 2.0 and RAAS applications; police launch investigation.

The IT Centre

A major cybersecurity breach has been reported at the State Bank of India’s (SBI) Global IT Centre in CBD Belapur, Navi Mumbai, where hackers allegedly gained unauthorised access to the bank’s servers and stole around 3.75 lakh records.

According to a police complaint, the incident took place between October 9 and October 15, 2026. The stolen data reportedly included 32 CSV files containing approximately 3.75 lakh records linked to SBI’s YONO 2.0 and RAAS applications. Additionally, two JSON files and 2,721 PDF files were allegedly accessed.

The complaint suspects the involvement of an individual or hacking group operating under the name ‘Siriusim’, along with another unidentified person. It has also been alleged that the stolen information was circulated on the dark web. SBI official Bhavesh Nehru Nikam filed a complaint at the CBD police station. Police have registered a case against unidentified persons under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act.

The police are investigating how the hackers accessed the servers, who was responsible for the breach and whether the stolen information was misused. However, the exact nature of the compromised customer data remains unclear. There is no official confirmation yet regarding the theft of bank account numbers, passwords or financial transaction details.

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