Three banks fined by RBI for delay in fraud detection

Bengaluru, Apr 8: The University Grants Commission (UGC) has asked all universities and higher education institutions across the nation to set up helpline to combat mental health issues among students during the Covid-19 crisis and nation-wide lockdown period.

In an official circular, the UGC stated that, "It is important to address psychological concerns of students and to address mental health and for the well-being of students, universities/colleges and higher education institutions should setup mental health helplines."

These helplines need to be monitored by counselors and other identified faculty members. "It is important for students to stay calm and stress-free. This can be achieved through telephones, e-mails, digital and social media platforms," says UGC.

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

New Delhi, Mar 14: India on Friday was mulling over the option of deporting The Wall Street Journal's South Asia deputy bureau chief for misreporting Delhi riots in which over 50 people were killed last month. However, the government denied that it had made any such decision.

Ministry of External Affairs spokesperson Raveesh Kumar said that a complaint was registered against Eric Bellman, the WSJ South Asia deputy bureau chief based in New Delhi, by a private individual on the government's online grievance redressal platform.

"Referring the complaint to the related office is a routine matter as per standard procedure. No such decision on deportation has been taken by the Ministry of External Affairs," Kumar said.

However, government-funded Prasar Bharati News Services had earlier tweeted screenshots of the complaint which was filed by an undersecretary in the Ministry of External Affairs, Vinesh K Kalra, saying that the ministry has asked the Indian embassy in the US to "look into the request for immediate deportation of Bellman for his "anti-India behaviour".

The official had complained to the embassy about Bellman's controversial reportage on the killing of an Intelligence Bureau staffer named Ankit Sharma.

The WSJ had reported that Ankit Sharma's brother had said that he was killed by a mob belonging to a particular religious community. Ankit's brother later told Indian media that he never spoke to the WSJ reporter.

After the Prasar Bharati tweet got circulated widely on social media, the government backtracked and said that no such decision has been taken.