Here are the top stories this evening:
RBI Monetary Policy: Rate hike to UPI for credit cards, key takeaways from Guv Das' speech
The six-member Monetary Policy Committee headed by the Reserve Bank of India (RBI) Governor Shaktikanta Das on June 8 unanimously raised the repo rate, the key policy rate at which the central bank lends short-term funds to banks, by 50 bps to 4.90 percent. Take a look at Top 10 highlights from RBI Governor Shaktikanta Das' monetary policy speech:
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Failure this year, lower inflation next year – RBI thinking beyond 2022
The central bank's latest inflation forecasts show headline retail inflation will average more than 6 percent in all four quarters of 2022, which means it will fail to meet its inflation mandate. Why could the RBI be looking beyond 2022 and into next year? Because, it can't do much about the upcoming inflation prints.
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Markets end lower as RBI withdraws 'accommodative' stance
The Indian equity benchmarks closed lower again on June 8, as the RBI expectedly raised the repo rate by 50 bps to 4.9 percent but its “withdrawal of accommodative stance”, indication of further rate hikes and an upward revision of inflation forecast for FY23 weighed on sentiment.
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Cabinet approves hike in MSP for Kharif crops for 2022-23
Union cabinet on June 8 approved a hike in minimum support prices for 17 crops for the 2022-23 kharif marketing season, minister for information said Anurag Singh Thakur said. The approved rates are in line with the principle of fixing the MSPs at a level of at least 1.5 times of the all India weighted average cost of production, an official said.
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India could be $20 trillion economy by 2040, says chief economic advisor
India’s economy could expand to $20 trillion in a couple of decades if the gross domestic product doubles every seven years after hitting the $5 trillion mark in five years, chief economic advisor V Anantha Nageswaran said.
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E-mandate limit for recurring card payments hiked to Rs 15,000
You will soon be able to give e-mandates for automatic recurring payment transactions such as subscriptions to streaming services and bill payments of up to Rs 15,000, without a one-time password for every renewal. So far, the limit has been Rs 5,000.
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Mithali Raj announces retirement
Indian batter Mithali Raj has announced her retirement from all forms of international cricket. “Today is the day I retire from all forms of international cricket,” the Test and ODI captain said in a statement shared on Twitter.
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