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RBI likely to hold rates until mid-year, first cut in Q3 2024: Reuters poll

BENGALURU, Feb 2 (Reuters) – The RBI (Reserve Bank of India) will hold its key interest rate steady at 6.50% on Feb. 8, according to economists polled by Reuters who expected the central bank to keep rates unchanged until at least July, longer than some developed market central banks. After hiking its repo rate by a cumulative 250 basis points – much less than most of its major peers – the RBI has kept it untouched since February 2023 as inflation largely remained within the bank’s 2%-6% target range. A few weeks ago, RBI chief Shaktikanta Das expressed confidence current

Paytm stock crashes for second straight day, CEO seeks to reassure

BENGALURU, Feb 2 (Reuters) – Indian digital payments firm Paytm, opens new tab saw its shares plunge by its daily limit of 20% for a second straight day after the central bank ordered its banking arm to stop taking fresh deposits. The Reserve Bank of India (RBI) said it the action was taken due to non-compliance with rules, which a source with knowledge of the matter said had stretched over years. Paytm Payments Bank, which is 49% owned by Paytm, has been told to stop accepting deposits in its accounts or popular digital wallets from March. It’s unclear if Paytm

Uniform Civil Code draft submitted to Uttarakhand CM

Dehradun, Feb 2 (PTI) A state government-appointed panel to prepare a draft of the Uniform Civil Code (UCC) on Friday submitted the document to Uttarakhand Chief Minister Pushkar Singh Dhami here. The draft was handed over to the chief minister by the five-member committee headed by retired Supreme Court Judge Ranjana Prakash Desai. The UCC will provide a legal framework for a uniform marriage, divorce, land, property and inheritance laws for all citizens irrespective of their religion in the state. If implemented, Uttarakhand will become the first state in the country after Independence to adopt the UCC. It has been

Day after arrest by ED, Hemant Soren sent to one-day judicial custody

Ranchi (Jharkhand) [India], February 1 (ANI): Jharkhand Mukti Morcha (JMM) leader and former chief minister Hemant Soren was on Thursday sent to one-day judicial custody by a special PMLA court in Ranchi, in connection with the Enforcement Directorate probe into an alleged land scam. The Directorate of Enforcement had sought 10-day remand of the former Jharkhand Chief Minister but the order has been reserved. The court has listed the next hearing in the case for tomorrow. Justice Dinesh Rai, the Special Judge of the Prevention of Money Laundering Act (PMLA) court, reserved the order after hearing both sides. Soren was

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