The Monetary Policy Committee of the RBI has unanimously decided to keep the repo rate, the central bank’s key lending rate, unchanged at 5.5%.
RBI Governor Sanjay Malhotra also said the panel has retained India’s GDP growth projection for FY26 at 6.5%, adding that domestic growth remains resilient. However, the MPC expects inflation to drop to 3.1% during the current financial year.
Key decisions for consumers
Announcing other key decisions, Malhotra said the central bank is working on standardising the claim settlement process for the kin of deceased bank customers.
He also announced plans to expand the RBI Retail Direct platform to allow retail investors to invest in treasury bills via SIPs.
Uttarkashi: Rescue ops underway
Four people have been killed and about 50 are missing after flash floods struck Uttarakhand's Uttarkashi on Tuesday. According to officials, around 150 people have been rescued from the region so far. However, 11 army personnel remain missing.
While rescue operations are underway, the arrival of additional teams has been delayed due to landslides blocking the Rishikesh–Uttarkashi highway. Bad weather has also prevented two National Disaster Response Force teams from being airlifted from Dehradun.
PM inaugurates Kartavya Bhavan
In Delhi, Prime Minister Narendra Modi on Wednesday inaugurated Kartavya Bhavan. It is the first of ten upcoming Common Central Secretariat buildings to house the bureaucracy.
The ambitious project aims to bring ministries and departments under one roof for greater efficiency. Kartavya Bhavan-03, the first to be inaugurated, will house the Home Affairs and External Affairs ministries, among others.
The move was necessitated because many key ministries currently function from ageing buildings constructed between the 1950s and 1970s. These buildings are now considered "structurally outdated and inefficient", according to the government.
Trump envoy in Moscow
US President Donald Trump's special envoy, Steve Witkoff, arrived in Moscow on Wednesday, according to state-owned Russian media. Witkoff has reached Russia just days before Donald Trump's deadline for a peace deal with Ukraine.
Moscow is yet to confirm whether Witkoff will meet President Vladimir Putin during his visit. Trump's deadline ends on Friday. Washington has threatened “severe tariffs” and other economic penalties if the war in Ukraine does not stop.
Dalal Street: Rangebound trade
Indian equities remained stuck in a range and ended Wednesday’s session with minor losses. The Sensex was down at around 80,500. The Nifty saw a similar decline, ending just above 24,500
