Business
RBI desires to go extremely calibrated on future repo rate actions: Experts
New Delhi, Feb 8: The monetary policy in India is easing since last few months and as rate cuts transmit with a lag, it makes sense to act with a forward-looking estimate if the monetary policy has to work its way on real economy, according to experts.
The October policy saw the stance getting changed to neutral (vs. withdrawal of accommodation). This was followed with 50bps of CRR reduction in December, plethora of liquidity supporting measures in January and now a 25bps of repo rate reduction in February 2025.
“We interpret the neutral stance as the RBI desire to go extremely calibrated on future repo rate actions, given the change in global dynamics, where the markets have significantly dialled down quantum of rate cuts by the US Fed in 2025,” said Mittal.
The fact that stance is neutral, it means that everything that transmit between now and April — Q3 FY25 GDP data, global dynamics, currency, crude, March heat waves — will matter.
“We are expecting 50bps of rate cutting cycle,” Mittal said, adding that liquidity will play much larger role.
In a big relief for banks, RBI Governor Sanjay Malhotra announced that the implementation of the proposed Liquidity Coverage Ratio (LCR), as well as project financing norms, will be deferred by a year and will not be implemented before March 31, 2026.
“A key announcement for banks concerned the postponement of the LCR guidelines implementation, now scheduled for no earlier than April 1, 2026, and to be rolled out in a phased manner,” said Mittal.
Additionally, the RBI indicated that more time would be needed to finalise project financing norms and expected credit loss rules.
According to Ajay Kumar Srivastava, Managing Director and CEO, Indian Overseas Bank, with the inflation rate expected to moderate further in FY26 and GDP growth estimated at 6.7 per cent, “we believe this rate cut will provide a boost to the economy and stimulate investment and consumer demand, fostering overall economic momentum”.
“We also appreciate the RBI’s focus on enhancing digital security in the banking and payments system,” he added.
Business
PhonePe and DPCGC forge partnership to drive regulatory compliance in the OTT ecosystem

New Delhi, Oct 9: PhonePe and the Digital Publisher Content Grievances Council (DPCGC), a self-regulatory body under the aegis of the Internet and Mobile Association of India (IAMAI), have announced the signing of a Memorandum of Understanding (MoU).
The partnership aims to facilitate seamless SRO certification for all merchants, champion regulatory compliance, and drive merchant education for all merchant partners onboarding on PhonePe’s Payment Gateway.
Under applicable Indian regulations, over-the-top (OTT) or Publishers of Online Curated Content (OCCPs) are legally required to be members of a recognised self-regulatory organisation (SRO) for grievance redressal.
Pioneering a compliance-first approach, PhonePe enforces this regulatory requirement as a mandatory prerequisite during its merchant onboarding process.
DPCGC is a Level II SRO formed under the IT Rules, 2021, which is registered with the Ministry of Information and Broadcasting.
Through the MoU, PhonePe and DPCGC aim to drive merchant education and awareness.
Recognising the limited awareness among OTT/OCCPs regarding SRO compliance, the joint initiative will educate both existing and prospective merchants on regulatory requirements and seamlessly facilitate their SRO certification through DPCGC.
The partnership further strengthens PhonePe’s position as a trusted, robust, and compliant payment partner tailored for the rapidly growing OTT ecosystem.
Dr. Subho Ray, President of IAMAI, said, “DPCGC, established under the IT Rules, is committed to efficiently addressing concerns and grievances related to OTT platforms through self-regulation.
This collaboration between DPCGC and PhonePe will foster greater alignment and adherence to the Code of Ethics, expanding the reach of self-regulation and strengthening its benefits for both the industry and its users.”
Deep Agrawal, Head of Payments at PhonePe, added, “At PhonePe, compliance and trust are at the core of everything we build. The OTT segment has exploded in terms of coverage and penetration over the last couple of years.
Agrawal further stated that our MoU with DPCGC will allow us to educate the OTT platforms to seamlessly drive higher awareness about customer grievance redressal, reinforcing PhonePe as the most trusted & compliant growth partner for India’s booming OTT ecosystem.”
Business
DRI seizes gold worth Rs 1.8 crore hidden in luggage trolley, probe underway

The Directorate of Revenue Intelligence (DRI) has seized 1.3 kg of gold biscuits worth Rs 1.8 crore in a smuggling operation involving luggage trolleys. Two accused transported the gold from Kuala Lumpur, Malaysia, and concealed the biscuits by sticking them to luggage trolleys.
The accused allegedly targeted unsuspecting passengers who picked up these trolleys and crossed customs. They reportedly followed the passengers and later retrieved the gold from the trolleys, using innocent travellers as unwitting carriers without their knowledge.
Acting on intelligence inputs, DRI officials seized the gold. The investigation is expected to focus on the alleged smuggling network and the modus operandi used to transport the gold through unsuspecting passengers.
Earlier, on October 4, the DRI had seized a cumulative 15.59 kg of narcotic drugs, including amphetamine, cocaine and heroin, in three separate intelligence-led operations, the Finance Ministry said. Five people were arrested under the provisions of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985.
In one operation, the DRI, in coordination with the Central Bureau of Narcotics (CBN), had intercepted a car suspected of carrying amphetamine at the Ujjain-Dewas Toll Plaza in Madhya Pradesh.
When signalled to stop, the driver had allegedly broken through the barricade and sped away. The officers pursued the vehicle in a high-speed chase lasting approximately 1.5 hours before intercepting it near Bicholi Mardana in Indore.
A detailed search of the vehicle led to the discovery of the contraband concealed inside the spare tyre mounted on the rear door of the Thar, according to the statement.
Earlier, on October 2, the DRI’s Mumbai Zonal Unit had busted an international syndicate involved in smuggling 8.5 kg of gold worth Rs 12.65 crore into India and trafficking 1,168 carats of diamonds worth Rs 1.09 crore out of the country to Dubai through Chhatrapati Shivaji Maharaj International Airport (CSMIA).
The DRI had arrested eight members of the syndicate for their alleged involvement in trafficking valuables into and out of the country.
Business
India’s WTO fisheries ratification a pragmatic step with focus on fair Phase 2

New Delhi, Oct 8: India’s decision to ratify Phase 1 of the World Trade Organization’s Agreement on Fisheries Subsidies is a pragmatic step to curb illegal, unreported and unregulated fishing while preserving its policy space on issues that directly affect small-scale and artisanal fishers, an official statement said on Thursday.
The statement from the Ministry of Fisheries, Animal Husbandry & Dairying said India deposited its Instrument of Acceptance on July 20, 2026, and that the ratified phase targets IUU fishing, overfished stocks and unregulated high‑seas fishing.
“It does not cover the more difficult questions of overcapacity and overfishing, including subsidies for fuel, gear, ice, vessel construction and modernisation,”
“Those issues belong to Phase 2, where India continues to seek fair and differentiated treatment for developing countries,” the statement said citing views of Dr. M. Krishnan, former Principal Scientist & Head, ICAR – CIFE and Dr. P. Krishnan, Director, BOBP-IGO.
India supports measures aimed at the most harmful fishing practices but insists conservation rules must not reduce the development space of coastal communities that depend on marine fisheries for livelihoods.
“For India, the challenge is not whether to support conservation, but how to ensure that conservation does not come at the cost of equity,” the statement, calling the country’s position principled and practical.
India made clear that its ratification of Phase 1 does not weaken its demand for a longer transition period and more flexible treatment in Phase 2. The call for a 25-year transition period for developing countries within their exclusive economic zones remains part of the broader negotiating position.
India also insists that subsidy disciplines should be assessed using a per-fisher benchmark, rather than through comparisons that overlook vast differences in scale, capacity and state support.
Across the Bay of Bengal region, fisheries are a source of food security, employment and social stability for millions of small-scale fishers rather than merely an economic activity.
Hence, any multilateral discipline on subsidies must recognise the realities of artisanal and coastal fisheries in developing countries, where support is often aimed at livelihood protection rather than industrial expansion.
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