Moneycontrol Selects: Top stories this evening

Most important news stories at Moneycontrol Selects (Representative Image)

Here is a collection of the most important stories this evening:

RBI hikes key repo rate by 35 bps | Highlights of MPC announcements

The Reserve Bank of India’s monetary policy committee hiked the key repo rate by 35 basis points (bps) as expected on December 6, saying the battle against inflation would continue even as it lowered the FY23 GDP forecast to 6.8 percent from 7 percent. Know the highlights of MPC announcements and the RBI governor’s speech.

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Sensex falls 215 points, Nifty below 18,600 amid volatility after RBI rate hike

The Indian equity market continued to remain under pressure for the fourth straight session on December 7 after the Reserve Bank of India raised the interest rates for the fifth consecutive time in this calendar year, continuing its fight against inflation. At close, the Sensex was down 215.68 points, or 0.34 percent, at 62,410.68, and the Nifty was down 82.30 points, or 0.44 percent, at 18,560.50.

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How e-rupee is different from UPI, RBI governor explains

Reserve Bank of India (RBI) Governor Shaktikanta Das on December 7 sought to clarify the key differences between the Central Bank Digital Currency (CBDC) and Unified Payments Interface (UPI), saying e-rupee transactions will not have any intermediary, unlike UPI transactions.

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Vedantu lays off 385 more employees, totalling 1,000 in 2022

Tiger Global-backed edtech unicorn Vedantu has laid off another 385 employees in a cost-cutting initiative as it joins a growing list of cash-guzzling unicorns to undertake aggressive measures to reduce excess burn, thus prioritising profitability over growth, as the much-talked-about funding winter shows no signs of easing.

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Nomura sees India FY24 GDP growth at 5.1%, RBI cutting repo rate by 75 bps in 2023

India's GDP growth may slow down sharply to 5.1 percent in 2023-24 and force the Reserve Bank of India (RBI) to cut the key repo rate by 75 basis points (bps) in the second half of 2023, economists at Nomura have said.

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Exclusive: Govt pushes Meta for 1 hour turnaround time on content takedown orders, says Google better on compliance

The Indian government has told Meta, which owns social media platforms such as Facebook, Instagram, and WhatsApp, to make efforts to process and complete content takedown orders issued by authorities within one hour of receiving such official communication, according to sources aware of the development.

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RBI restores market trading hours to pre-pandemic timing

The Reserve Bank of India (RBI) on December 7 said it has decided to restore market trading hours to pre-pandemic timings, with effect from December 12. The central bank had during the pandemic reduced the market trading hours with effect from April 7, 2020, in view of the operational dislocations and elevated levels of health risks posed by the COVID-19 pandemic.

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