7, Oct 2026
Welcomhotel by ITC Hotels, Bengaluru Presents A Celebration to Savour – Bengali Food Festival at WelcomCafe Jacaranda
Welcomhotel Bengaluru invites guests to embark on a culinary journey through the rich and vibrant flavours of Bengal with “A Celebration to Savour,” a specially curated Bengali Food Festival at WelcomCafe Jacaranda, from 9th to 21st October 2026.
Celebrating the culinary traditions of Bengal, the festival brings together an exquisite selection of cherished regional classics and festive favourites, thoughtfully prepared using authentic flavours and time-honoured recipes. From comforting preparations to indulgent delicacies, the spread captures the warmth, nostalgia and celebratory spirit associated with Bengali cuisine.
Guests can savour the specially curated spread as part of the dinner buffet, offering an opportunity to discover the diverse flavours of Bengal in an inviting and contemporary setting.
Festival Details
What: A Celebration to Savour – Bengali Food Festival
Where: WelcomCafé Jacaranda, WelcomHotel Bengaluru
When: 9th – 21st October 2026
Takeaway Box for Two:
With its evocative flavours, cherished recipes and festive culinary traditions, “A Celebration to Savour” promises guests an opportunity to experience the essence of Bengal, one plate at a time.
- 0
- By Neel Achary
7, Oct 2026
Sumsub Launches Reusable KYC Gateway, Cutting Repeat Verification for MiniPay’s Network
The first integrator to go live with Reusable KYC Gateway, enabling 20 million wallet users verify their identity once and reuse it across MiniPay’s partner ecosystem
SINGAPORE, Oct 07 — Sumsub, the AI-powered trust infrastructure for compliance operations at scale, today launched Reusable KYC Gateway at Token2049 Singapore. MiniPay, one of the fastest growing stablecoin wallets, is the first live integrator, giving its users a shared verification experience across MiniPay’s partner network.
MiniPay users can verify their identity once and reuse it at every regulated partner in that network, without MiniPay needing to store, handle or control sensitive personal data like identity documents. Gateway is the newest addition to Sumsub’s Reusable KYC product line, which also includes Reusable KYC Share.
Solving repeat verification at scale
MiniPay operates across more than 70 countries with over 20 million wallets opened to date. As a self-custodial wallet, MiniPay does not need to verify users itself. Each of its partners, including on and off ramps, card issuers and payment providers, has traditionally run its own separate KYC process. That means the same user re-uploads documents and resubmits a selfie every time they interact with a new partner, even though they are verifying the same identity inside the same ecosystem. Each repeat check is a fresh drop off point, costing partners conversion and costing users time.
One verification, every partner
Reusable KYC Gateway removes that repetition. Users verify once with Sumsub, then unlock each new regulated partner service in MiniPay’s network with a single tap. When a MiniPay user is prompted to verify, they either draw on one of the 15 million pre-existing Sumsub IDs or complete a new check with an ID document and a selfie. The user explicitly consents to connect that verified identity to their MiniPay account, keeping control over what is shared and with whom.
From there, when the user first interacts with a regulated partner in MiniPay’s network, they consent once to share their identity with that partner, and the partner receives the verified identity directly from Sumsub ID. The partner can then complete verification without any extra user screens while still running its own compliance checks against its policies, with additional checks required for higher-risk transactions.
As the verified identity is passed directly from Sumsub to the partner, MiniPay does not collect, store or handle sensitive identity documents or biometric data itself.
Results for MiniPay’s partner network
Since adopting the approach, MiniPay partners have seen verification conversion rise from approximately 70% to 95%, and KYC completion time fall by up to 50%. Eight of MiniPay’s partners already use Sumsub for verification.
“Repeated KYC checks across the same ecosystem are inconvenient for everyone, and one in three applicants we see have already verified with us before,” said Andrew Novoselsky, Chief Product Officer at Sumsub. “Reusable KYC Gateway puts that reuse to work for MiniPay’s users, giving them a single verified identity that works throughout its entire partner network, with full control over what they share and with whom.”
“Self-custody has always been central to MiniPay. Users hold their own funds, and now they also control their own verified identity,“ said Murray Spark, Senior Director of Business Development at Opera. “They decide what to share and with whom, and that matters more and more as our partner network expands across new markets.”
Available now
Reusable KYC Gateway is now available to any non-regulated business connecting users to a network of regulated partners, from non-custodial wallets to decentralized trading platforms, that wants to cut onboarding friction without taking on the data liability of storing identity documents themselves. Sumsub is showcasing the product at its Token2049 Singapore booth on 7–8 October.
7, Oct 2026
Odisha Govt Releases Rs 99.26 Crore Interest Subsidy for 1.79 Lakh SHGs, Total Hits Rs 247 Crore
Bhubaneswar, Oct 7 (UDN): The Odisha government has released Rs 99.26 crore in interest subsidy for 1,79,809 self-help groups (SHGs) across the State, taking the total interest subvention disbursed during the current financial year to Rs 247.03 crore.
Representational Image
Deputy Chief Minister Pravati Parida released the latest financial assistance at a programme organised by the Mission Shakti Department in Bhubaneswar.
Rs 575 Crore Earmarked for SHG Interest Subsidy
The State government has allocated Rs 575 crore for interest subvention to SHGs during the 2026-27 financial year as part of its efforts to strengthen access to institutional credit and support women-led livelihood activities.
The latest release follows an earlier disbursement of Rs 147.77 crore in interest subsidy to 2,88,198 SHGs on June 24.
With the latest tranche, the cumulative interest subsidy released so far this financial year has reached Rs 247.03 crore.
Rs 20,000 Crore Credit Linkage Target
The Odisha government has set a target of facilitating Rs 20,000 crore in bank credit linkage for SHGs during 2026-27.
Interest subvention and community-level financial support are expected to complement bank financing and help SHGs expand livelihood activities and women-led enterprises.
The financial assistance is aimed at reducing the cost of institutional borrowing for SHGs while strengthening their access to formal credit.
Additional Rs 151.28 Crore Released
Apart from the interest subsidy, the Mission Shakti Department has also released Rs 151.28 crore under three community-based financial support programmes.
The latest measures are intended to provide SHGs with a broader financial support system covering interest relief, bank-linked credit and community-based funding.
The government said the initiatives would strengthen the financial foundation of self-help groups and support livelihood generation and women’s economic participation across Odisha.
7, Oct 2026
Private Equity Fund Managers Focus on Evergreen and Hybrid Launches
Oct 07: Private equity fund managers are increasingly focusing on hybrid and evergreen structured funds for new launches as they target new distribution channels, new research* from Ocorian, a leading U.S. and global asset services provider, shows.
The study, carried out across the U.S. and Europe with private equity fund managers managing $3.511 trillion, found that 63% expect to see hybrid or perpetual structures with gates dominate new launches over the next two years, while 56% expect to see the most new launches in evergreen or open-ended funds.
Semi-liquid funds are likely to be less popular, with just 40% expecting to see the most new launches, while 25% point to bespoke mandates and just 10% to closed-ended drawdown vehicles.
The key reason driving changes to fund structures is access to new distribution channels, such as wealth managers, with nearly half (47%) citing that motivation, ahead of 41% pointing to regulatory or tax considerations, the research across all key U.S. markets and in the UK, Switzerland, Germany, Italy, Spain, Poland, Sweden and Bulgaria found.
All (100%) of the private equity fund managers surveyed said they are evolving fee structures across their product range. Over a third (37%) are now placing greater reliance on performance-based fee structures, and a similar number (35%) are charging tiered fees by commitment size. Around a quarter (24%) have evolved their fee structures to offer a more bespoke arrangement per investor. Just 4% cite that they’re lowering their headline management fees.
Around six out of 10 (58%) expect to increase capital raised from wealth managers and private banks over the next two years, while 63% expect a rise in capital raising from family offices.
However, the biggest source of new capital is likely to be pension funds, with 86% expecting an increase in capital raised from the sector, while 80% expect an increase from insurance companies and 84% from sovereign wealth funds.
Around 50% of private equity fund managers questioned reported that average investor commitments had increased in the past two years, with the rest saying commitments had remained broadly stable.
Almost all (92%) said the liquidity profile of their newer products had increased, albeit modestly, with just 4% saying products were significantly more liquid than five years ago. Increasing interest in tokenization of funds may have some influence with 70% of managers saying they were exploring the concept or actively pursuing it.
Eamon Burns, Global Head of Fund Accounting at Ocorian, said: “Private equity fund managers are adapting and evolving their product ranges in response to changes in demand as they seek to widen their distribution channels.
“There is increasing demand for, and interest in more liquidity, as well as a rise in average investor commitments. At the same time, fund managers are adapting fund structures to attract new investors, with the wealth management sector a key target. However, the main sources of investment remain institutional.
“Fund managers increasingly require support that can help them to quickly and efficiently adapt to changes across the market, while concentrating on their core business.”
7, Oct 2026
Nestlé and NBA announce multi-year international marketing partnership
- Milo,Nescau and Nesquikwill become Official Partners of the National Basketball Association (NBA)
- The partnership will include activations across select NBA youth basketball development programs and platforms
- Multi-year agreement spans 21 markets across four continents and marks Nestlé’s largest international brand collaboration to date
VEVEY, Switzerland, Oct. 7, 2026 /PRNewswire/ — Nestlé and the NBA are entering a new, multi‑year international marketing partnership making Milo, Nescau and Nesquik Official Partners of the NBA.
The agreement spans 21 markets across four continents and is designed to engage fans and inspire youth basketball participation around the world. Nestlé’s largest international brand collaboration to date, the partnership reflects the company’s strategy to focus on fewer, larger global marketing platforms that can be activated consistently across markets, ensuring local relevance. It will come into effect on 1 January 2027.
As part of the collaboration, Nestlé and the NBA will build on a shared commitment to youth participation in sport by creating more opportunities for young people and families to engage with basketball. This will include activations across select NBA youth basketball development programs and platforms, including Jr. NBA/Jr. WNBA, NBA Basketball School, Jr. NBA/Jr. WNBA Coaches Academies, Her Time To Play and NBA 3X, and will extend across select NBA events and fan engagement platforms, including NBA Global Games and NBA House.
“For decades, our brands have believed in the power of sport to bring out the best in people,” said Liberato Milo, SVP Head of Confectionery & Snacking Strategic Business Unit at Nestlé. “From Milo and Nescau sports programs to Nesquik athlete partnerships and initiatives, we have seen how sport can energize people, build confidence and create healthy habits. Together with the NBA, we will use the power of basketball to connect with consumers at scale, create locally relevant experiences and inspire more young people and families to get active and enjoy the game.”
The marketing partnership will also encompass retail programs and in-market fan experiences, including on-pack promotions featuring NBA branding and opportunities for consumers to win NBA tickets, merchandise and other prizes.
“Nestlé is one of the world’s most recognizable brands and has a longstanding connection to consumers across the globe,” said Julie Morris, NBA Senior Vice President of Commercial Development and Media. “We look forward to leveraging Nestlé’s reach and local market presence to connect with fans in new ways and support the continued growth of basketball around the world.”
The partnership will activate across: Australia, Brazil, Canada, Colombia, France, Germany, Ghana, Italy, Indonesia, Malaysia, Mexico, New Zealand, Nigeria, Singapore, Spain, Thailand, Turkey, the United Kingdom, the United States, Vietnam – with the Philippines joining from October 2027.
Contacts:
Nestlé: Chiara Valsangiacomo, +41 21 924 2200, mediarelations@nestle.com
NBA: Sam Postlethwaite, +44 7468 711407, spostlethwaite@nba.com
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/nestle-and-nba-announce-multi-year-international-marketing-partnership-302896274.html
7, Oct 2026
True Balance Premieres ‘Har Life Ka Balance’ Docuseries on JioHotstar
Three-part series follows six real customers using credit to navigate business, education and personal milestones
GURUGRAM, India, Oct. 7, 2026 /PRNewswire/ — True Balance, an AI-powered digital lending platform, has launched Har Life Ka Balance, a three-part docuseries streaming on JioHotstar. The series follows six True Balance customers from different walks of life, highlighting how access to timely credit has supported their journeys across business, education and personal milestones.
Filmed across customers’ homes, businesses and workplaces, the series captures their experiences in their own words — from managing short-term cash flows and building businesses to funding education and meeting important personal milestones. The stories include a woman scaling her beauty and grooming business, an events entrepreneur navigating periods of lower demand, and a bank branch manager who turned to a digital lender when he needed credit himself.
The customers featured in the series include self-employed individuals, small business owners and first-time borrowers, reflecting the diverse financial needs of the segments served by True Balance. As of 30 September 2026, True Balance had disbursed 19.3 million cumulative loans.
The six customers featured in Har Life Ka Balance are:
- Gayatri, who is scaling her beauty and grooming business while planning her wedding
- Kewal, who runs an events business and manages periods of lower demand
- Rupesh, an insurance professional funding his son’s education
- Vikas, who runs a general store that supports his family
- Simran, who has built a social-media enterprise after marriage
- Vishwas, a bank branch manager who turned to a digital lender when he needed credit himself
Together, the stories offer a view of financial inclusion through everyday experiences — women building independent incomes, small business owners managing uneven cash flows, and parents investing in their children’s future.
Charlie Lee, Founder & CEO, True Balance, said: “India has made remarkable progress in bringing people into the formal financial system. The next step is enabling access to credit for those determined to pursue their ambitions, and we are proud to contribute to that next chapter. Our six customers featured in Har Life Ka Balance are building businesses, supporting families and planning for their futures while navigating everyday challenges. Their stories reflect the aspirations of millions of Indians. Through this series, we aim to bring ‘Finance for All’ to life through the lens of our customers and the journeys they are undertaking to move their lives forward.”
Har Life Ka Balance is streaming now on JioHotstar.
Series link: https://jiohotstar.com/1271713412?utm_source=share
Promo link: https://www.hotstar.com/in/clips/har-life-ka-balance-promo/1271713455/watch
About True Balance India Pvt. Ltd.
True Balance is an AI-powered financial services platform operated by True Balance India Private Limited (formerly known as Balancehero India Private Limited). A unified hub for all financial needs, the True Balance platform provides a comprehensive suite of digital financial solutions focusing on democratizing credit for the underserved and underbanked populations across India.
Operating at the intersection of global technology standards and deep local market insights, the company utilizes advanced AI-backed proprietary credit-scoring to deliver seamless and responsible finance. This technology-first approach allows True Balance to effectively bridge the credit gap for the ‘Next Billion’ users seeking secure and dependable financial access.
The company operates under a robust regulatory framework, holding a Prepaid Payment Instrument (PPI) license and facilitating credit through its RBI-licensed subsidiary NBFC, True Credits Private Limited. Backed by marquee global institutions including SoftBank, Naver, and Line, True Balance operates an extensive pan-India network with deep penetration across every district in the country. Headquartered in Gurugram, the company is a key contributor to the Digital India and Viksit Bharat visions, serving as a trusted financial partner in the nation’s journey toward financial empowerment.
View original content to download multimedia:https://www.prnewswire.com/in/news-releases/true-balance-premieres-har-life-ka-balance-docuseries-on-jiohotstar-302901059.html
7, Oct 2026
Abusix launches ‘Abusix Frontline’ to invest in long-term partner growth
Margin protection, pipeline incentives, and autonomy to drive partner growth.
BOSTON, Oct. 7, 2026 /PRNewswire/ — Abusix today announced Abusix Frontline, a program giving partners commercial incentives, autonomy, and support via Authorized and Advanced tiers.
It offers deal registration, margin protection, pipeline incentives, and training. Partners retain standard margins on renewals and access to Abbie, an AI assistant for multilingual enablement.
Jasper Lounio, Head of Channel, said: “We’ve built this program around what makes a partner want to invest their time and resources in growing with Abusix. That means strong margins, protecting those margins when customers renew, and recognizing the work into creating pipeline, not just the final transaction.”
Partners can register deals, create quotes, and progress opportunities independently, with zero channel conflict on registered accounts.
Tobias Knecht, Founder and CEO of Abusix, said: “Most phishing attacks travel through mail infrastructure offered by a service provider before it reaches anyone’s inbox, and those operators know it. That is a problem our partners can sell into today. Partners bring the customer relationships and the local reach. We bring technology with proven demand, so the commercial opportunity is there from the first conversation.”
Florent Manens, CEO at Beezim, added: “What we value about working with the Abusix Frontline program is the independence it gives us. We register an opportunity, create a quote, and progress the deal ourselves, while having direct access to the Abusix team. The service helps us provide the best quality filtering for our customers. Having everything in one place makes collaboration straightforward, lets us focus on our customers and growing the business.”
Abusix Frontline is open to VARs, System Integrators, Technology partners, and Distributors. partners.abusix.compartners@abusix.com.
About Abusix
Abusix, a leading network security company that offers solutions for email security and network abuse report handling, is on a mission to build a safer internet. For network and mail providers, Abusix blocks email threats at the edge and automates network abuse handling from first report to resolution through its product suite: Abusix Mail, Abusix Ops, and Abusix Threat Intel. Seven of the ten largest European telecommunications companies are Abusix customers, alongside internet service providers, mailbox providers, and cloud and hosting companies across North America, EMEA, and APAC. Abusix Inc. is headquartered in Boston, Massachusetts. Learn more at abusix.com.
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/abusix-launches-abusix-frontline-to-invest-in-long-term-partner-growth-302900189.html
7, Oct 2026
Bengaluru to Host One of India’s Largest Climate-Data Gatherings as Bangalore Climate Data Week 2026 Brings 30+ Events Together
Bengaluru, October 07, 2026: The first edition of Bangalore Climate Data Week (BLR-CDW) 2026 will be a city-wide platform focused on accelerating the implementation of data and AI to help solve real-world climate challenges. The week-long convening will be held from the 12th to the 16th of October 2026 with 30+ partner-led events hosted across Bengaluru. This is an initiative by the Climate Collective Foundation (CCF), convened in association with Google as Anchor Partner and Karnataka Digital Economy Mission (KDEM), Karnataka Innovation and Technology Society (KITS), and Startup Karnataka as State Innovation Partners.
BLR-CDW is expected to bring together over 2,000 attendees, including researchers, climate tech founders, investors, policymakers, corporates, technologists, and practitioners. The programme is organised as a city-wide series of events, with ecosystem organisations hosting their own summits, workshops, working sessions, networking sessions, startup pitches, and climate career fairs. This is an opportunity for organisations working at the intersection of climate, data, and AI to form collaborations.
“India has very strong communities in climate technology and data but they often operate in silos,” says Nalin Agarwal, Co-Founder, CCF. He adds, “BLR-CDW as an initiative intends to encourage collaborations between stakeholders across climate and data. Our intent is to create more intersections – from applying AI for industrial decarbonisation and anticipating climate risks efficiently to deploying more solutions at scale and building a strong climate workforce. We want to bring together people from different backgrounds, and we expect the conversations to continue well beyond the Week.”
Google’s involvement during the Week will reinforce the AI, data, and climate technology convergence. Google is also the Anchor Partner for the AI for Climate Tech Summit 2026, the flagship event of BLR-CDW, in addition to co-hosting the AI for Resilience Tech Summit 2026 along with CCF.
Jaya Dhindaw, Executive Program Director – Sustainable Cities – WRI India said: “We are at a critical inflection point when it comes to data. On one hand, we have unprecedented volumes of information, on the other, we are navigating a sea of misinformation and fragmented datasets that often obscure rather than guide decision-making. The value of such data is even greater in the contentious space of climate action where credible, transparent evidence can serve as an anchor for building consensus, driving accountability, and guiding investment. At WRI India, we help cut through the noise by turning complex data into actionable analysis and tools. Our hope is to share this knowledge with others, so we can work together to achieve positive ecosystem shifts.”
BLR-CDW 2026 is joined by Climate Change AI, the Coalition for Disaster Resilient Infrastructure (CDRI), and the U.S.-India Business Council (USIBC) as Strategic Partners. Additionally, the Centre for Study of Science, Technology and Policy (CSTEP), Data.org, Net-zero Energy Transition Association (NETRA), UC Davis Global South Center for Clean Transportation Institute of Transportation, Vasudha Foundation, and WRI India are the Knowledge Partners. MathWorks and Salesforce are also supporting this edition of BLR-CDW as Technology Partners. With different stakeholders coming together, the convening will cover themes across climate risk modelling and decision-support tools, clean technologies in buildings and data centres, circular economy; resilience; and clean mobility.
Speaking about BLR-CDW 2026, Dr Indu K Murthy, Sector Head, Climate, Environment and Sustainability, CSTEP, said, “India’s climate risks are hyperlocal—a drought in one district, a flood in another, and a heat wave that hits differently depending on who you are and where you live. Generic global models cannot capture this granularity, which is why building India-specific, decision-ready climate data and intelligence is not optional but foundational to resilience. Robust climate data and intelligence are integral to credible, actionable policy, and the Bangalore Climate Data Week is a timely platform to strengthen that foundation together.”
Programme highlights
● AI for Climate Tech Summit 2026: The Week’s flagship event, convening founders, investors, policymakers, scientists, corporates and ecosystem leaders to discuss how AI can help develop climate solutions.
● AI for Resilience Tech Summit: An event, co-hosted by Google and CCF, exploring how AI can support better risk assessment, preparedness, and decision-making across high-risk sectors.
● Industry Net Zero Innovation Summit – AI Edition: A convening on AI and climate innovation for industrial decarbonisation.
● She Wins Climate – South Asia: Startup Showcase 2026: A pitch platform for women-led climate startups, alongside a networking session for women working in data and climate.
● The Climate Table: A conversation among CXOs, investors, philanthropists, and ecosystem leaders on how finance can scale climate solutions.
● Climate Jobs Fair: A curated career fair for students and professionals to connect with climate tech startups for internships, jobs, and career opportunities.
Bangalore Climate Data Week 2026 will take place across Bengaluru from 12 to 16 October 2026.
7, Oct 2026
PM Modi Marks 25 Years in Public Life, Thanks People for Trust and Support
New Delhi, Oct 7: Prime Minister Narendra Modi on Wednesday marked 25 years of continuous service as the head of a government, expressing gratitude to the people of India and saying their trust has placed the greatest responsibility on his shoulders.
Addressing a large gathering at the ‘Viksit Bharat Sankalp Sabha’, Modi recalled his journey from becoming Gujarat Chief Minister on October 7, 2001, to serving three consecutive terms as Prime Minister.
“I bow my head and pay my respects to the people of the country. Be it the Assembly or the Lok Sabha elections, people have chosen me for their service for 25 years,” Modi said, while also paying tribute to India’s democratic institutions and the Constitution.
‘People Are Also a Form of God’
Modi said he had never imagined, when he took oath as Gujarat Chief Minister in 2001, that he would reach the milestone of completing 25 years as head of a government.
He credited the continued support of citizens, the Bharatiya Janata Party (BJP), the NDA and his political colleagues for the journey.
“For me, the people are also a form of God. The trust of lakhs and crores of countrymen and the hard work of lakhs of workers have always been my greatest strength,” he said.
The Prime Minister added that the country had given him immense responsibility and that every citizen had a right over him.
“The country has given me so much. Therefore, my responsibility towards the country is also the greatest,” he said.
Modi Recalls 2001 Gujarat Beginning
Modi began his tenure as head of a government on October 7, 2001, when he was appointed Gujarat Chief Minister, succeeding Keshubhai Patel.
He assumed office at a challenging period for Gujarat, which was recovering from the devastating Bhuj earthquake and facing political and administrative difficulties.
Modi remained Gujarat Chief Minister until 2014, when he moved to national politics after leading the BJP to victory in the Lok Sabha elections.
He subsequently became Prime Minister and has since completed three terms in office.
Welcomed With Slogans, Flowers
As Modi arrived at the event, supporters welcomed him with flowers and BJP flags while raising slogans including ‘Bharat Mata ki Jai’ and welcoming the Prime Minister.
Several people were also seen recording his arrival on their mobile phones.
Earlier in the day, Modi visited the Shri Vinayak Mandir in Delhi’s Sarojini Nagar, where he offered prayers and sought blessings on the completion of 25 years in public office.
He said he prayed for the happiness, prosperity and good health of people across the country, whom he described as members of his extended family.
Modi also expressed his gratitude to participants of the Seva Jyoti Yatra.
Over the past 25 years, his political journey has also coincided with a more prominent international profile for India, with the government placing greater emphasis on diplomatic engagement, relations with major global powers and India’s role in the Global South.
7, Oct 2026
RBI Raises Repo Rate by 25 Bps to 5.50% Amid Rising Inflation and Global Uncertainty
New Delhi, Oct 7: The Reserve Bank of India (RBI) on Wednesday raised the benchmark repo rate by 25 basis points to 5.50 per cent, marking a significant shift in its monetary policy stance amid rising inflation, elevated crude oil prices and growing global economic uncertainties.
The decision was taken by the six-member Monetary Policy Committee (MPC) headed by RBI Governor Sanjay Malhotra after a three-day review of the domestic and global economic situation.
Following the hike, the Standing Deposit Facility (SDF) rate has been adjusted to 5.25 per cent, while the Marginal Standing Facility (MSF) rate and Bank Rate have been raised to 5.75 per cent.
Inflation, Crude Prices Drive Rate Decision
The RBI’s decision comes against the backdrop of intensifying inflationary pressures and a sharp rise in international crude oil prices, with benchmark prices moving above $100 a barrel amid the ongoing West Asia crisis.
The central bank had maintained the repo rate at 5.25 per cent for an extended period. The latest increase marks the first hike since February 2023, according to the policy assessment.
The MPC’s decision also reflects concerns over the global inflation outlook, with major central banks facing renewed pressure to tighten monetary policy.
Inflationary Risks Mount
India’s retail inflation has been moving higher, with Consumer Price Index (CPI) inflation rising to 4.82 per cent in August from 4.45 per cent in July.
Economists have warned that inflationary pressures could strengthen further due to higher energy costs and weather-related risks. Strong El Niño conditions and below-normal rainfall during October could also affect Rabi crop production, potentially adding to food-price pressures.
Rising global bond yields and tighter financial conditions have further complicated the RBI’s policy choices.
SBI Research Backs Pre-Emptive Action
SBI Research had projected a 25-basis-point rate increase, citing broadening inflationary pressures, worsening global macroeconomic conditions, changing liquidity dynamics and renewed repricing of risks in international markets.
“It would be prudent for us to act pre-emptively rather than be behind the curve,” SBI Research economists said.
With inflation approaching the 5 per cent mark and global uncertainties persisting, economists expect monetary policy to remain closely focused on price stability in the coming months.
The latest rate increase underscores the RBI’s effort to contain emerging inflation risks while navigating a volatile global economic environment.
