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RBI cuts its lending rate to banks by 0.35 per cent, GDP growth from 7 per cent to 6.9 percent 

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[vc_row][vc_column][vc_column_text]The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) headed by Governor Shaktikanta Das today (Wednesday, Aug 7) cut the key interest rate for the fourth time in a row, reducing the policy repo rate by 35 basis points – or 0.35 per cent, from 5.75 per cent to 5.40 per cent – citing economic slowdown and NBFC liquidity crisis.

In the earlier three policies, it has reduced repo rate by 25 basis points each.

The repo rate is the key interest rate at which it lends short-term funds to commercial banks. One basis point is one-hundredth of a percentage point.

With the current rate cut, RBI has reduced 110 bps so far this year. The move, bringing down the repo rate to the lowest in over nine years is intended to spur economic growth. The repo rate cut is expected to bring down equated monthly instalments (EMI) for home and other loan borrowers.

With today’s rate cut the Reserve Bank of India has become the most dovish Asian central bank, according to analysts.

Almost 80 per cent of 66 economists surveyed by news agency Reuters had expected the RBI to cut its benchmark repo rate by 25 bps. Three respondents predicted a 50 bps cut and the remaining 10 forecast the rate would be left unchanged.

The decision of the Monetary Policy Committee to cut repo rate was unanimous, with four members voting to cut rate by 35 basis points and the rest voting for a 25-basis-points reduction.

The central bank lowered the reverse repo rate, at which it borrows money from commercial lenders, to 5.15% from 5.50%. The MPC has maintained its policy stance as accommodative meaning that it is in favour of lowering the interest rates.

The RBI also cut gross domestic product (GDP) growth target for current financial year to 6.9 per cent from 7 per cent in the June policy. 

The range of GDP growth is projected at 5.8-6.6 per cent for first half of 2019-20, and 7.3-7.5 per cent for second half “with risks tilted to the downside”, the RBI said in its third bi-monthly policy statement of the current financial year.

On the inflation front, the RBI said it remained within the targeted band. It projected consumer inflation at 3.1 per cent in the second quarter, and 3.5-3.7 per cent in the second half of the current financial year, both below its medium-term goal of 4 per cent.

The last time the RBI made so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks were desperate to revive economic growth.

The RBI noted that global economic activity has slowed down since the previous monetary policy meeting in June, owing to trade tensions among leading economies. It also noted that economic activity remained weakened in major emerging market economies. China, Russia and Brazil, among others, saw subdued activity, the RBI said.[/vc_column_text][/vc_column][/vc_row]

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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