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New Indian Express
3 days ago
- New Indian Express
Police destroy seized contraband in Andhra Pradesh's Guntur
GUNTUR: Guntur district police and multiple enforcement agencies destroyed large quantities of seized narcotics at the Jindal Waste-to-Energy Plant in Nallapadu on Tuesday. The police destroyed 1,868 kg of dry ganja, 2.233 litres of liquid ganja, 0.023 grams of MDMA, and other synthetic drugs in connection wth 113 cases registered between 2016 and 2024. The process, supervised by the Pollution Control Board, Fire Services, and Health Department, followed Narcotics Control Bureau guidelines. Guntur District Superintendent of Police (SP) Sateesh Kumar, and Elite Anti-Narcotics Group for Law Enforcement (EAGLE) SP Nagesh Kumar led the operation, with support from MV Chari, Jindal Plant president (operations). In 2025, 44 cases yielded 143.96 kg of dry ganja, 1.172 litres of liquid ganja, and 500 grams of hydro ganja. Of the 219 accused, 173 have been arrested, over half aged under 25.
The Hindu
3 days ago
- The Hindu
Guntur Police destroy 1,868 kg seized ganja, 2.2 litres liquid ganja
In a decisive crackdown on narcotics, Guntur district police on Tuesday (August 12, 2025) destroyed 1,868 kg of seized dry ganja, 2.2 litres of ganja liquid, a gram of MDMA, and other synthetic drugs at the Jindal Waste-to-Energy Plant near Guntur city. The process, carried out under Narcotics Control Bureau guidelines, was supervised by the Pollution Control Board, Fire Services, and Health Department with support from Jindal Plant. Guntur SP S. Sateesh Kumar said that the contraband was seized in 113 cases registered between 2016 and 2024 across 17 police stations. This year alone, 44 cases led to the seizure of 144 kg of dry ganja, 1.172 litres of liquid ganja, and other narcotics, with 219 accused identified — over half of them under the age of 25. Repeat offenders are being targeted under the NDPS Act, with proposals sent against 11 individuals. SP Nagesh Kumar of the Eagle division highlighted coordinated enforcement, drone surveillance, and awareness drives like 'Safe Campus Zone' and 'Operation Chaitanya.' Thirty-six drug hotspots have been identified for intensified monitoring.
Time of India
06-08-2025
- Business
- Time of India
No change in rates - RBI maintains repo rate at 5.50%
The Reserve Bank of India's Monetary Policy Committee (MPC) is said to announce the new monetary policy on Wednesday after a massive rate cut of 50 basis points announced in June 2025. The central bank has slashed the repo rate thrice this year amid global uncertainties on tariffs, protectionism, and trade wars that are affecting the global trade and growth outlook. The MPC started deliberations on the bi-monthly monetary policy on August 4 and is all set to announce the decision on August 6 (Wednesday). "Since the February 2025 MPC, the RBI has started to support growth by cutting policy rates. The repo rate has been cut by 50 basis points in two instalments, besides massive liquidity expansion," said MPC member Nagesh Kumar. The State Bank of India (SBI) announced that it expects a 25 basis points (bps) repo rate cut in the upcoming Monetary Policy Committee (MPC) meeting scheduled from August 4 to 6, stating that a frontloaded rate cut in August could bring an "early Diwali" by boosting credit growth, especially as the festive season in FY26 is also frontloaded. Here are the key highlights from the June MPC: The Repo Rate is reduced to 5.5 per cent The Standing Deposit Facility (SDF) rate is now 5.25 per cent The Marginal Standing Facility (MSF) and Bank Rate decreased to 5.75 per cent .The Cash Reserve Ratio (CRR) reduced to 3 per cent The RBI also changed its policy stance from 'accommodative' to 'neutral'. "As regards the stance for monetary policy, it is important to keep in mind that the stance not only reflects the current macroeconomic conditions, but more importantly the outlook that goes into policy calculus," RBI Governor Sanjay Malhotra said in June. Growth outlook In June, India's GDP growth for 2025-26 was projected at 6.5 per cent , continuing the previous forecast. The quarter-wise forecasts were as follows: Q1: 6.5 per cent Q2: 6.7 per cent Q3: 6.6 per cent Q4: 6.3 per cent Inflation In the last MPC meeting, the central bank's inflation announcements were as follows: Headline CPI inflation went down from 4 per cent in February 2025 to 3.7 per cent in April 2025Food inflation has declinedFuel inflation stayed in deflation The quarterly forecast were as follows: Q1: 2.90 per cent Q2: 3.40 per cent Q3: 3.9 per cent Q4: 4.4 per cent In the last MPC meeting, RBI stated that outlook for food inflation is looking good, due to the record wheat harvest and strong pulse and kharif arrivals. Core inflation was said to be largely stable and contained. Inflation expectations were showing a moderating trend in the country.
Economic Times
06-08-2025
- Business
- Economic Times
RBI MPC Meeting 2025-26 Key Takeaways: Check what RBI Gov Sanjay Malhotra announced
Synopsis RBI Monetary Policy Meeting 2025-26 Key Takeaways: The RBI's MPC is set to announce its new monetary policy on Wednesday, following a significant rate cut in June 2025. Amid global economic uncertainties, the RBI has already reduced the repo rate thrice this year. The June MPC meeting saw the repo rate lowered to 5.5%, with GDP growth projected at 6% Reuters RBI MPC Meeting 2025-26 Key Takeaways The Reserve Bank of India's Monetary Policy Committee (MPC) is said to announce the new monetary policy on Wednesday after a massive rate cut of 50 basis points announced in June central bank has slashed the repo rate thrice this year amid global uncertainties on tariffs, protectionism, and trade wars that are affecting the global trade and growth MPC started deliberations on the bi-monthly monetary policy on August 4 and is all set to announce the decision on August 6 (Wednesday)."Since the February 2025 MPC, the RBI has started to support growth by cutting policy rates. The repo rate has been cut by 50 basis points in two instalments, besides massive liquidity expansion," said MPC member Nagesh Kumar. The Repo Rate is reduced to 5.5% The Standing Deposit Facility (SDF) rate is now 5.25% The Marginal Standing Facility (MSF) and Bank Rate decreased to 5.75%. The Cash Reserve Ratio (CRR) reduced to 3% The RBI also changed its policy stance from 'accommodative' to 'neutral'. "As regards the stance for monetary policy, it is important to keep in mind that the stance not only reflects the current macroeconomic conditions, but more importantly the outlook that goes into policy calculus," RBI Governor Sanjay Malhotra said in June. In June, India's GDP growth for 2025-26 was projected at 6.5%, continuing the previous quarter-wise forecasts were as follows: Q1: 6.5% Q2: 6.7% Q3: 6.6% Q4: 6.3% In the last MPC meeting, the central bank's inflation announcements were as follows: Headline CPI inflation went down from 4% in February 2025 to 3.7% in April 2025 Food inflation has declined Fuel inflation stayed in deflation The quarterly forecast were as follows: Q1: 2.90% Q2: 3.40% Q3: 3.9% Q4: 4.4% In the last MPC meeting, RBI stated that outlook for food inflation is looking good, due to the record wheat harvest and strong pulse and kharif arrivals. Core inflation was said to be largely stable and contained. Inflation expectations were showing a moderating trend in the country.
Indian Express
01-08-2025
- Business
- Indian Express
Signs of loan growth picking up in June as banks pass on RBI's big-bang rate cut
Lending by Indian banks picked up some pace in June after the Reserve Bank of India's (RBI) surprise 50-basis-point (bps) rate cut early in the month was fully passed on to borrowers, according to latest data from the Indian central bank. As per data released on Thursday by the RBI, new loans given by Indian banks in June were priced 58 bps cheaper compared to May at 8.62 per cent on a weighted average basis, indicating the RBI's larger-than-expected interest rate cut — which saw the Monetary Policy Committee (MPC) bring down the policy repo rate to 5.5 per cent on June 6 — was passed on, or transmitted, completely to prospective borrowers. The transmission of the June rate cut was far greater than in previous months. In the current easing cycle, the MPC first cut interest rates in February, bringing down the repo rate by 25 bps to 6.25 per cent. This was followed by another similar cut in April. However, in response to that cumulative 50 bps reduction in the policy rate, banks reduced the weighted average lending rate on new loans by just 13 bps — from 9.33 per cent in January to 9.2 per cent in May — despite the central bank infusing record amounts of liquidity to help lubricate the monetary transmission. The passage of reduced policy rates to borrowers has been a key concern for policymakers. In an interview to The Indian Express in late June, Nagesh Kumar – one of the three external members on the RBI's MPC – had said transmission of the 25 bps rate cuts had been 'a bit slow'. Two weeks later, Confederation of Indian Industry President Rajiv Memani told this paper the RBI had done its job and that availability of capital was not an issue for industry anymore. The reduction in banks' lending rates has seemingly found some takers, with separate data released by the RBI on Thursday showing credit growth picked up some pace in June as loans given rose 10.4 per cent year-on-year (YoY) as on June 27, after excluding the impact of the July 2023 merger between HDFC Bank and Housing Development Finance Corporation. At 10.4 per cent, the latest loan growth figure is higher than the 9.9 per cent recorded at the end of May. In their monthly State of the Economy article, published on July 23, RBI economists had noted that the rise in credit growth to 10.4 per cent was primarily due to a 'strong momentum effect'. To be sure, at 13.9 per cent, loan growth was higher in June 2024. Furthermore, policymakers will want to see durable signs of loan growth picking up. However, credit growth by banks has been steadily weakening since November 2023, when it stood at 17.8 per cent, after the RBI clamped down heavily on personal loans extended by banks and non-banks on concerns that the boom in this segment, particularly in unsecured loans, was unsustainable. The slide in loan growth has coincided with a highly volatile global environment, which adversely impacts investment plans of the private sector — and in turn, their borrowing decisions. These concerns came to a head in May, when credit growth slipped below 10 per cent for the first time since March 2022. Non-food credit, meanwhile, was up 10.2 per cent as on June 27, compared to 9.8 per cent at the end of May and 13.8 per cent in June 2024. As per the RBI's latest sectoral data, lending to micro and small enterprises as well as individuals was robust. As on June 27, loans extended by banks to micro and small enterprises were up 19.3 per cent YoY compared to a growth of 13.7 per cent as on May 30 and 11 per cent in June 2024. This helped push up total loans to industry — which also include medium and larger enterprises — by 5.5 per cent, up from 4.9 per cent in May but lower than 7.7 per cent a year ago. Personal loan growth also picked up to 14.7 per cent YoY from 13.7 per cent at the end of May and wasn't too far off from the year ago growth rate of 16.6 per cent, driven by vehicle, housing, and unsecured loans. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
