Odisha News Today

Mumbai, Sep 5: Confronted with an unprecedented cash surplus in the banking system, the Reserve Bank of India (RBI) has moved to tighten liquidity conditions by announcing a 30-day variable-rate reverse repo auction worth Rs7 lakh crore ($74.1 billion). The step comes as foreign-currency inflows from overseas Indians swell rupee liquidity to record highs, posing fresh challenges for monetary management. The longer-tenor auction marks a departure from recent short-duration operations of up to 15 days, signaling the central bank’s intent to keep excess funds locked away for an extended period. By absorbing surplus liquidity, the RBI aims to exert firmer control over short-term money-market rates, though the reverse repo mechanism remains voluntary for banks. India’s banking system is currently awash with excess cash estimated at around Rs10.5 lakh crore, according to Bloomberg Economics. The glut stems largely from the RBI’s conversion of foreign-currency deposits mobilised by banks into rupee liquidity. Also Read: RBI appoints Suman Ray as Executive Director The central bank’s special drive to attract deposits from the Indian diaspora proved highly successful, raising a record $127 billion before the scheme closed ahead of schedule in August. Alongside subsidised overseas borrowings by banks and state-owned firms, total inflows reached $136.4 billion, strengthening India’s external financing position but complicating domestic liquidity management. While the inflows bolstered reserves, policymakers now face the delicate task of withdrawing surplus rupee liquidity without unsettling financial markets. The RBI’s focus remains on containing inflationary pressures even as money-market rates reflect the impact of abundant cash. The weighted average call rate has already slipped below the policy rate, underscoring the urgency of corrective measures. (With inputs from IANS)

New Delhi, Sep 5: Prime Minister Narendra Modi will participate in the centenary celebrations of Shri Ram College of Commerce (SRCC) on Saturday, marking 100 years of the prestigious institution’s contribution to higher education in India. The event is scheduled to begin at around 7 p.m. on the college campus, where the Prime Minister will also address the gathering and speak on the significance of the institution’s century-long journey. Shri Ram College of Commerce, University of Delhi, is regarded as one of India’s premier institutions of higher education and has established itself as a distinguished centre of learning, particularly in the fields of Commerce, Economics and Management. Founded in 1926 by eminent industrialist and philanthropist Sir Shri Ram, the college has, over the past century, played an important role in shaping generations of scholars, professionals, administrators, entrepreneurs, policymakers and nation-builders. The institution traces its origins to 1926, when the Commercial College became affiliated with the University of Delhi. Six years later, in 1932, it was upgraded to the status of a Degree College and began awarding its graduates the B.A. (Pass) (Commerce Group) degree of the University. In 1951, on the occasion of its Silver Jubilee, the Commercial College took a decision to specialise in the fields of commerce and economics. It was subsequently renamed Shri Ram College of Commerce (SRCC) in recognition of the significant contribution made by its founder, Sir Shri Ram. Over the decades, SRCC has continued to build its reputation as a leading institution for commerce and economics education, with its alumni going on to contribute across a wide range of fields, including business, public administration, policymaking, entrepreneurship and academia. The centenary celebrations of SRCC coincide with Teachers’ Day, which is observed across the country on September 5 every year. The occasion therefore assumes additional significance as the nation celebrates and acknowledges the contribution of teachers and educators in shaping generations and strengthening the foundations of society. The centenary event will provide an opportunity to reflect on SRCC’s long academic journey, its contribution to the country’s educational landscape and its role in preparing students for leadership and professional responsibilities. PM Modi had last visited Shri Ram College of Commerce in 2013, when he was serving as the Chief Minister of Gujarat. (IANS)