Sullia man wins Rs. 23 crores in Abu Dhabi raffle draw
Abu Dhabi: Mohammed Fayaz J A, a 24-year old man hailing from Sullia in Karnataka received the biggest surprise of his life when he received a phone call from UAE declaring him as the winner of 12 Million AED raffle draw (INR 23.16 crores).
Interestingly, Fayaz has never been to UAE and works as an accountant in a private firm in Mumbai. He reportedly bought the ticket of the raffle draw online from Mumbai.
"It’s my roommate who gave me the idea to buy Big Ticket. I couldn't buy for two months as the deadline was over. But this time, I bought it just in time, the last day of September. I am really a lucky winner. I checked online to verify. Last night, I had a dream that I would win this. I told my friend that something great is happening soon," Khaleej Times quoted Fayaz as saying.
"Both my parents passed away because of kidney diseases. My father had worked for a long time in Saudi Arabia. He fought kidney failures for more than 12 years. We had seen both my parents in pain for long. We children are still recovering from the shock of our parents being no longer with us. I have a younger sister. My elder sister is married. Also we sold a part of our land to build a house. But that is pending now. I want to reclaim the land we had to sell. I will look to finish construction work of our home soon. I will also do some charity work. I have never been to the UAE. Now I will be there next month to receive the cheque." Fayaz said.
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RBI keeps policy rate unchanged amid inflationary pressure
Mumbai (PTI): The Reserve Bank on Wednesday expectedly kept interest rates unchanged amid hopes of a global recovery on the back of ceasefire in the six-week-long US/Israel-Iran conflict.
The policy decision comes as a month and a-half-long West Asia conflict has disrupted energy supplies, shot up crude oil prices and created fiscal and inflationary pressures for import-dependent nations like India.
This is the first monetary policy review after the government announced a fresh inflation target for the RBI last month. The government has asked the RBI to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for another five years ending March 2031.
Announcing the first bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has unanimously decided to retain short-term lending rate or repo rate at 5.25 per cent with a neutral stance.
The rate cut pause comes on the back of the consumer price index (CPI) based headline retail inflation that moved closer to the RBI's medium-term target of 4 per cent at 3.21 per cent in February.
Additionally, the rupee has depreciated by over 4 per cent since the war, which has consequences for pushing up import inflation.
However, the rupee has appreciated by 50 paise to 92.56 against US dollar following announcement of the ceasefire by the US and Iran.
Based on the recommendation of the MPC, the RBI reduced the repo rate by 25 bps each in February, April, and December 2025 and 50 basis points in June amidst easing retail inflation.
India's retail inflation dropped to a historic low of 0.25 per cent in October 2025, marking the lowest level since the Consumer Price Index (CPI) series was introduced.
However, the rupee declined to historic low and crossed 95 against a dollar last month making imports costlier, raising fears of rise in inflation. Rupee touched a record low of 95.21 on March 30, 2026.
