I am Sanjay but not Sanjay of Mahabharat who can predict rate cuts, says RBI guv
Mumbai (PTI): I am Sanjay but not Sanjay of Mahabharat who can predict future rate actions and at what level rate moderation will stop amid the ongoing global uncertainties, RBI Governor Sanjay Malhotra said on Wednesday.
Malhotra's remarks came at a media briefing on being asked if more interest rate cuts are in the offing, after he delivered the second straight interest rate cut since taking over as the RBI governor.
According to the Mahabharat, Sanjay was blessed with divine vision and used his power to relay actions at the Kurushetra battlefield to blind King Dhritarashtra at his palace.
He further said monetary policy and fiscal policy are acting in tandem to meet the growth-inflation targets.
"It is a joint effort... the government has done its bit in the Budget recently by taking a large number of measures in terms of the increased capex, tax rebates and we have reduced repo rate and changed the stance going forward, which means that the direction of the policy repo rate is downwards.
"Where it will reach… we really don't know. I am Sanjay, but I am not Sanjay of Mahabharat to be able to foresee that far. I do not have the divine vision that he had," he said.
He further said "we will jointly (with the government) try to manage the growth and the inflation dynamics in our country".
Earlier in the day, Malhotra announced repo rate cut for the second consecutive time and signalled more easing ahead as the Reserve Bank of India (RBI) sought to bolster the economy in face of further pressure from damaging US tariffs.
Following the rate cut of 25 basis points, the key policy rate eased to 6 per cent. The move lowers borrowing costs to the lowest level since November 2022, amid easing inflation and a fall in oil prices.
Malhotra also assured that the RBI will maintain sufficient liquidity for speedier rate cut transmission.
We will provide sufficient liquidity for the purposes of monetary policy transmission.
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Govt to set up Bureau of Port Security to boost port, vessel security
New Delhi (PTI): To beef up the security infrastructure of ports, the government will set up a statutory body -- the Bureau of Port Security -- that will ensure timely analysis, collection and exchange of security-related information of ports and vessels, officials said on Friday.
Union Home Minister Amit Shah on Thursday convened a meeting for the constitution of the dedicated body, the Bureau of Port Security (BoPS), which was attended by the Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, and the Minister of Civil Aviation, Ram Mohan Naidu, an official statement said.
Emphasising that there is a need to establish a country-wide robust port security framework, Shah directed that security measures should be implemented in a graded and risk-based manner, taking into account vulnerabilities, trade potential, location, and other relevant parameters.
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The meeting also noted that lessons learned from the maritime security framework shall be replicated in the aviation security domain, the statement said.
The new body, modelled on the lines of the Bureau of Civil Aviation Security (BCAS), will be constituted as a statutory body under the new Merchant Shipping Act, 2025, and will work under the aegis of the Ministry of Ports, Shipping and Waterways (MoPSW), it said.
Headed by a senior IPS officer as its director general, the BoPS will be responsible for regulatory and oversight functions relating to the security of ships and port facilities.
"During the transition period of one year, the director general of shipping shall function as the director general of BoPS," the statement said.
"The BoPS will ensure timely analysis, collection and exchange of security-related information, with a special focus on cybersecurity, including a dedicated division to safeguard port IT infrastructure from digital threats," it said.
The government has designated the Central Industrial Security Force (CISF) as a recognised security organisation (RSO), responsible for undertaking security assessments and preparation of security plans for port facilities.
The Central Armed Police Force (CAPF) will train and build the capacities of private security agencies (PSAs) engaged in port security.
"These agencies shall be certified and appropriate regulatory measures shall be introduced to ensure that only the licensed PSAs operate in this sector," the statement said.
