India's central bank extends call money market timing by 2 hours
Banks borrow and lend money in the call market.
The revised timings for the call market will be 9:00 a.m. IST to 7:00 p.m. IST.
The central bank also extended the hours for market repo and tri-party repo to 4:00 p.m. IST, with effect from August 1.
In May, a working group set up by the central bank had recommended longer operating hours for the interbank money markets.
The trading hours for government bonds, foreign exchange and interest rate derivative markets have been left unchanged.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Trump says no imminent plans to penalize China for buying Russian oil
WASHINGTON, Aug 15 (Reuters) - U.S. President Donald Trump said on Friday he did not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil but might have to "in two or three weeks." Trump has threatened sanctions on Moscow and secondary sanctions on countries that buy its oil if no moves are made to end the war in Ukraine. China and India are the top two buyers of Russian oil. The president last week imposed an additional 25% tariff on Indian goods, citing its continued imports of Russian oil. However, Trump has not taken similar action against China. He was asked by Fox News' Sean Hannity if he was now considering such action against Beijing after he and Russian President Vladimir Putin failed to produce an agreement to resolve or pause Moscow's war in Ukraine. "Well, because of what happened today, I think I don't have to think about that," Trump said after his summit with Putin in Alaska. "Now, I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now. I think, you know, the meeting went very well." Chinese President Xi Jinping's slowing economy will suffer if Trump follows through on a promise to ramp up Russia-related sanctions and tariffs. Xi and Trump are working on a trade deal that could lower tensions - and import taxes - between the world's two biggest economies. But China could be the biggest remaining target, outside of Russia, if Trump ramps up punitive measures.
The Independent
4 hours ago
- The Independent
Trump's ‘visa integrity fee' could cause a decline in tourism
Donald Trump signed a new $250 ' visa integrity fee' into law, which will take effect in October and applies to non-immigrant visa holders from certain countries. The Congressional Budget Office (CBO) initially estimated the fee would generate over $27 billion for the US economy over a decade. However, a Tourism Economics analysis suggests the fee could cost the United States $11 billion over three years by deterring international visitors. This potential decline in tourism could lead to reduced visitor spending and job losses, particularly impacting visitors from significant markets like India and Brazil. The fee is being introduced despite the US already facing a decline in international tourism and ahead of major events such as the 2026 FIFA World Cup and 2028 Summer Olympics.
The Guardian
9 hours ago
- The Guardian
At 23, she set out to modernize the spice trade. Now she's navigating Trump's tariffs
In 2016, turmeric lattes were all the rage, but Sana Javeri Kadri thought the ones in San Francisco, where she lives, tasted nothing like the fresh spices she grew up with in India. A former line cook who was doing marketing for a Bay Area grocer, Javeri Kadri 'knew [her] way around spices', but was new to the industry. Still, she booked a ticket home to Mumbai, hoping that she could get richer flavors into US pantries. After reaching out to a number of growers, she met an organic turmeric farmer and, using her tax refund and a loan from her parents, bought a batch of the crop. It became the foundation of Diaspora Co, which Javeri Kadri launched the following year at just 23. From the outset, Javeri Kadri aimed to bypass industrial spice farms, whose products she found bland, and instead source from farmers using regenerative practices. This meant working directly with the producers and paying them a living wage. 'By rough math, I probably reached out to around 2,500 farmers,' she said. After two years of growing a US market for her turmeric, Javeri Kadri added black pepper to the mix. For a while after that, it was an 'exponential growth curve', she said. Today Diaspora Co has 24 employees and sells around 40 different spices and blends, sourced from 140 different farms in India and Sri Lanka. Diaspora Co is part of a wave of new spice companies, including Burlap & Barrel and Spicewalla, that center sourcing from sustainable farms, paying producers a living wage, building a more transparent (and streamlined) supply chain – steps they say allow them to put noticeably fresher spices on the market. Javeri Kadri said it was common knowledge in the industry that because of the long supply chains, it can take years for spices to reach consumers, meaning they are 'expired before they even get to you'. She said Diaspora Co farmers rotate their crops, maintain plant diversity and use water-retention systems – regenerative practices that not only minimize the farms' carbon footprint, but also make them more resilient to climate shocks. That meant when extreme flooding struck Tamil Nadu, India, last year, Diaspora's cardamom farm 'had such great aerated soil and such good irrigation, they were only in standing water for a few hours before the soil and the property was able to flush itself clean', minimizing losses, she said. Javeri Kadri stressed that her partners were already practicing sustainable agriculture before she arrived on the scene, but she connects them with each other. 'If you get them talking, they problem-solve themselves,' she said. 'They're all experts.' Diaspora Co enjoys low worker turnover and lasting partnerships, something Javeri Kadri attributes to the company's commitment to fair wages. 'Once we build a relationship with them, it never goes anywhere,' she said. In 2022, Diaspora Co launched a fund for farm workers, offering financial literacy workshops and providing seed money to open bank accounts, among other things. At a cardamom farm, workers asked for a community room and kitchen, which Javeri Kadri admitted wasn't what she expected. But 'it's what they need, not what we think sitting in America that they need,' she said. 'Really the point of it is that we listen to the workers directly.' Franco Fubini, a Diaspora Co board member and founder and CEO of sustainable food sourcing platform Natoora, said Javeri Kadri wasn't just 'trading spices', she was building a unique supply chain and helping to catalyze demand for products that 'are created in harmony with nature'. He added: 'Whenever you have a company that is creating a market by stimulating demand, buying the right product, paying the right price for it, and creating a healthy farming ecosystem – that is what revolutionizing the food system is all about.' Diaspora's efforts to, as Javeri Kadri puts it, 'decolonize the spice trade' have also proven profitable. She's raised about $2.5m from angel investors in the last few years, and though she declined to share revenue numbers, she said the company had grown twentyfold over the past five years. Its spices are now sold in 400 US stores, and last year, with help from Natoora, Diaspora Co expanded into the UK. Rather than pressuring existing partners to produce more and more, which could tax the land (and workers), Javeri Kadri said she plans to keep adding new farm partners in order to continue to boost production. Javeri Kadri has other projects on the horizon, including a new Masala Chai tea blend, another blend developed with the former Top Chef host Padma Lakshmi, and a cookbook featuring recipes from partner farms. 'A lot of people tell me, 'Oh, Indian food is intimidating or heavy or complicated,' and the whole premise of the book is, how do we make it as bright and fresh and accessible as possible?' Javeri Kadri said. She plans to roll out these projects while managing an altogether new challenge: This month, Donald Trump said he would raise tariffs on Indian products to 50%, a move that Javeri Kadri predicts will cost her company between $100,000 and $200,000 by the end of the year, leaving her no choice but to eventually raise prices. (She said they had already paid about $20,000 in tariffs since April, when the US imposed its initial levies.) Javeri Kadri's entire business model is built on sourcing spices from the areas they are indigenous to in south Asia, which means she couldn't pivot her supply chain even if she wanted to. 'People will say, 'Well, we don't need those exotic ingredients anyway,'' she said. But, she added, 'there's nothing as American as apple pie. And apple pie relies on cinnamon. An American classic is vanilla ice cream; we don't grow vanilla. A lot of these ingredients are inherently not exotic, but they come from elsewhere.' Tariffs could have an especially devastating effect on mission-driven companies like Diaspora, which operate on small margins even as they prioritize single-source farms and fair labor, said David Ortega, the Noel W Stuckman chair in food economics and policy at Michigan State University. 'These tariff price increases can really jeopardize those priorities.' With the higher tariffs – and the economic uncertainty surrounding trade policy – Javeri Kadri acknowledges that it may be hard to grow in the US market over the coming years. Her approach? 'We grow elsewhere. We go where we're not penalized for doing business,' she said. 'It's very simple.'
