Paris Olympics 2024 Medal Tally, India Medal Tally in Olympics

Featured

Paris Olympics 2024 Medal Tally, India Medal Tally in Olympics

Paris Olympics 2024 Medal Tally

China’s Liu Yukun won a gold medal, helping China stay at the top of the medal table. France is in second place, and Japan is in third. This is the 33rd Summer Olympics. It started on Friday and will end on August 11. The Paris Olympics has 32 sports. These include 28 main sports, plus some newer ones like breakdancing, skateboarding, surfing, and sports climbing. India won its third medal in the Paris 2024 Olympics. Swapnil Kusale got a bronze medal in the men’s 50m rifle 3 positions event. This happened in Chateauroux on Thursday.

Paris Olympics 2024 Medal Tally (Full List)

China leads with the most gold medals (11), but the United States has the highest total medal count (31). The top 5 countries by gold medals are China, France, Japan, Australia, and the United States.

Rank	Country	Gold	Silver	Bronze	Total
1	China	11	7	3	21
2	France	8	10	8	26
3	Japan	8	3	4	15
4	Australia	7	6	4	17
5	United States of America	6	13	12	31
6	Great Britain	6	7	7	20
7	South Korea	6	3	3	12
8	Italy	3	6	4	13
9	Canada	2	2	3	7
10	Germany	2	2	2	6
11	Netherlands	2	2	1	5
11	New Zealand	2	2	1	5
13	Romania	2	1	1	4
14	Hong Kong	2	0	2	4
15	Sweden	1	1	2	4
16	Georgia	1	1	0	2
17	Belgium	1	0	2	3
17	Ireland	1	0	2	3
17	Kazakhstan	1	0	2	3
17	South Africa	1	0	2	3
21	Croatia	1	0	1	2
21	Guatemala	1	0	1	2
23	Argentina	1	0	0	1
23	Azerbaijan	1	0	0	1
23	Ecuador	1	0	0	1
23	Serbia	1	0	0	1
23	Slovenia	1	0	0	1
23	Uzbekistan	1	0	0	1
29	Brazil	0	2	3	5
30	Hungary	0	2	1	3
31	North Korea	0	2	0	2
32	Poland	0	1	2	3
32	Spain	0	1	2	3
34	Kosovo	0	1	1	2
34	Mexico	0	1	1	2
34	Switzerland	0	1	1	2
34	Turkey	0	1	1	2
34	Ukraine	0	1	1	2
39	Fiji	0	1	0	1
39	Mongolia	0	1	0	1
39	Tunisia	0	1	0	1
42	India	0	0	3	3
43	Moldova	0	0	2	2
44	Austria	0	0	1	1
44	Egypt	0	0	1	1
44	Greece	0	0	1	1
44	Slovakia	0	0	1	1
44	Tajikistan	0	0	1	1

Updated 01-08-2024

MRP Full Form, Everything You Want to Know About It

The Maximum Retail Price (MRP) is a pricing mechanism introduced in India to prevent overcharging by retailers and protect consumers from exploitation. It ensures that manufacturers set a cap on the price of packaged goods, which retailers cannot exceed. MRP was first introduced in 1990 under the Standards of Weights and Measures Act and later revised with further regulations to adapt to market changes. Despite its good intentions, the concept has been criticized as outdated and rigid, particularly in today’s more liberalized market economy.

Full Form of MRP

The full form of MRP is Maximum Retail Price. It represents the highest price that can be charged for a product in India, including all taxes. MRP ensures that consumers are not overcharged, as retailers cannot sell the product for more than this printed price.

What is MRP?

MRP, or Maximum Retail Price, is the highest price that can be charged for a product in India. It includes the cost of production, shipping, and applicable government taxes. Although retailers can sell the product at a price lower than the MRP, they cannot charge more than what is printed on the package. This rule was introduced to protect consumers from being overcharged by retailers, especially in tourist areas and regions with fewer product choices.

How is MRP Determined?

Manufacturers set the MRP after considering all the costs involved in making and selling the product. Here are the main factors that affect MRP:

Production Costs: This includes the cost of raw materials, labor, and equipment needed to produce the item.
Transportation and Storage: The cost of moving the product from the factory to the store and keeping it in storage.
Profit Margins: Both the manufacturer and the retailer need to make some profit, so they add a margin to cover their costs.
Taxes: MRP includes all taxes applied to the product, so you don’t have to pay extra later.

Factors Influencing MRP

Manufacturing Costs: The cost of making the product, including materials and labor, directly affects the MRP.
Packaging and Branding: Products with attractive packaging or well-known brands may have a higher MRP because of the added value.
Transportation and Logistics: The cost of transporting the product to different locations is included in the MRP.
Taxes and Duties: Government taxes and duties on the product are also factored into the MRP.
Profit Margin: Manufacturers and retailers need to make a profit, so they add a margin to the MRP.
Market Demand and Competition: If the demand for a product is high or if there is less competition, the MRP might be set higher.
Regulatory Compliance: Government regulations may require certain standards that affect the production cost and, in turn, the MRP.

Key Features of MRP

Protecting Consumers: MRP helps protect consumers by showing the highest price they can legally be charged for a product. It helps people know how much they should pay when shopping.
Price Transparency: The MRP printed on the product makes it easy for customers to see the maximum price they’ll pay. This helps them make smarter shopping choices.
Prevents Price Overcharging: MRP stops shops from unfairly raising prices, especially on important everyday items.

Effects and Importance of MRP

Protecting Consumers: MRP ensures that consumers aren’t overcharged and helps stop sudden price hikes.
Consistent Pricing: With MRP, prices for the same product stay similar across regions and sellers.
Helps in Comparing Prices: Consumers can use MRP to compare prices of different brands and products, making it easier to choose based on value.
Legal Protection: If manufacturers or retailers break MRP rules, they can face legal action, ensuring fair pricing.

Criticism of MRP, Maximum Retail Price

Limits Free Market: Some believe MRP restricts free competition because manufacturers set prices, limiting how much profit shops can make.
Workarounds and Hidden Costs: Shops might add extra charges, like a cooling fee for cold drinks, raising the price above the MRP. Some manufacturers also set high MRPs, much higher than what the product normally sells for.
Challenges in Rural Areas: In rural areas, higher transportation costs might mean shops struggle to make profits if they can’t charge a bit more than the MRP.

New AI Initiative Launched for a Safer Cricket Community Ahead of Women’s T20 World Cup 2024

The ICC (International Cricket Council) has launched a new software as part of a social media moderation programme for the Women’s T20 World Cup to help protect the cricket community from “toxic content” to safeguard the mental health of individuals and “ensure a safer, kinder and healthier online community for the sport.”

Aim

This programme is designed to identify and filter out toxic comments, including hate speech, harassment, and misogynistic content, ensuring a safer, more respectful environment for everyone involved in the tournament.

Key Features of the ICC Digital Rollout

In addition to this social media programme, fans of the ICC Women’s T20 World Cup 2024 will have access to several exclusive features on the ICC’s official website and app.

Live and free radio commentary from the ICC Audio World Feed will be available globally for every match through the ICC Match Centre.
Live streaming of matches, available free in select territories, including Southeast Asia, continental Europe, and the Pacific Islands, through ICC.tv on the ICC website and app. Fans can check the full list of countries to see if they can access this service.
Interactive fan engagement features, such as the chance to win prizes by predicting the Aramco Player of the Match.
Exclusive content, including match highlights, behind-the-scenes footage, live scores, stats, schedules, and team standings. Fans can follow and join the conversation with the official event hashtag.

Partnering with GoBubble

To carry out the social media moderation, the ICC has partnered with GoBubble, a leading provider of AI-powered technology and human resources for content moderation.
GoBubble’s cutting-edge solution will monitor and moderate the ICC’s official social media platforms, including Facebook, Instagram, and YouTube, as well as the social media accounts of participating players who have signed up for the service.
Harmful comments will be hidden from public view, allowing fans to engage with the World Cup without exposure to negativity.

Empowering Players in a Safer Digital Space

Players can opt into the moderation service to have harmful content filtered from their personal social media channels, enabling them to promote their sport and personal brand without fear of online abuse.
The initiative also provides a safeguard for younger players, who may be more vulnerable to the impact of negative comments on their mental health.

Remarks on importance of the programme

ICC Head of Digital Finn Bradshaw

We are dedicated to fostering a positive and inclusive environment for all participants and fans of the ICC Women’s T20 World Cup.
It’s been great to see so many of the players and teams embrace our new initiative.

South African cricketer Sinalo Jafta

She praised the initiative, stating, “For me, social media protection takes a lot of weight off players, especially during World Cup campaigns when the pressure is at its peak.
There’s nothing worse than opening your phone after a loss—or even a victory—and seeing degrading comments.”
Jafta emphasized how crucial this protection is for younger players who are more engaged with social media.
That protection is huge because it allows players to share their lives with the world without fear of being judged or criticized.
I’m excited to see how this helps players feel free and truly express who they are.

A New Era of Safe Digital Engagement

With the launch of this social media moderation programme, the ICC is taking proactive steps to ensure that cricket remains a positive and supportive space for everyone involved.
The initiative marks an important moment in sports, where the mental health and safety of players and fans are given priority both on and off the field.

ICC Women’s T20 World Cup 2024

The 2024 ICC Women’s T20 World Cup is the ninth edition of the ICC Women’s T20 World Cup.

In August 2024, the ICC announced that the 2024 Women’s T20 World Cup would be played in the United Arab Emirates, with the Bangladesh Cricket Board remaining the official hosts.

Participating Nations

In Group A, Australia, India, Pakistan, New Zealand, and Sri Lanka.
In Group B, Bangladesh, West Indies, England, Scotland, and South Africa.

Dates

Group Stage : October 3 to October 15, 2024
Semi-finals : October 17 and 18, 2024
Final : October 20, 2024

Prize Money

Winner of the tournament : $2,340,000
Runner-up in final : $1,170,000
Losing semi-finalists : $675,000 to both teams

Top-10 Emerging Startups in India as of 2024

India’s startup ecosystem has seen significant growth in recent years, with numerous startups making an impact across various sectors. In 2024, several Indian startups are emerging as key players, offering innovative solutions and driving the country’s economic progress. Here’s a look at the top 10 emerging startups in India in 2024.

Startup Ecosystem in India

India has emerged as the third-largest startup ecosystem globally, growing 15% year-on-year since 2018. The Department for Promotion of Industry and Internal Trade (DPIIT) also notes an 11% rise in incubators and accelerators. From January to August 2024, Indian startups raised $7.5 billion through venture capital. According to S&P Global, India’s nominal GDP is expected to nearly double to over $7 trillion by 2030, positioning it as the world’s third-largest economy.

Top-10 Emerging Startups in India as of 2024

Zepto, a fast-growing e-grocery startup founded in 2021, became India’s first startup in 2023 to reach a billion-dollar valuation after nearly a year. Based in Mumbai, it leads as LinkedIn’s top Indian startup of 2024, providing quick grocery delivery through its technology-driven platform.

Here is the list of top-10 emerging startups in India as of 2024:

Top-10 Emerging Startups in India as of 2024
Rank	Startups	Headquarter	Year Founded	Industry
1.	Zepto	Mumbai	2021	Technology, Information and the Internet
2.	Sprint	Bengaluru	2019	Software Development
3.	Lucidity	Bengaluru	2021	Software Development
4.	GrowthX	Pune	2021	Social Networking Platforms
5.	Jar	Bengaluru	2021	Financial Services
6.	Wiingy	Bengaluru	2021	Internet Marketplace Platforms
7.	SourceBae	Indore	2019	Internet Marketplace Platforms
8.	Biofuel Café Circle	Pune	2020	Software Development
9.	Supersourcing	Indore	2020	Technology, Information and the Internet
10.	Battery Smart	Gurugram	2019	Transportation, Logistics, Supply Chain and Storage

ICC Women’s Cricket World Cup Winners List (1973-2023)

The ICC Women’s Cricket World Cup is one of the most important tournaments in women’s cricket. Since 1973, the competition has seen teams from all over the world battle for the top spot. Explore the list of winners of Women’s Cricket World Cup from 1973 to 2023.

ICC Women’s Cricket World Cup

The Women’s Cricket World Cup is the international championship of women’s One Day International (ODI) cricket. The tournament is organized by the International Cricket Council (ICC) and has been held every four years since 1973. The current champions are Australia, who won the 2023 World Cup

The Women’s Cricket World Cup is one of the most prestigious tournaments in women’s sport, and it is always keenly contested by the top teams in the world. The tournament has a long and rich history, and it has been won by some of the greatest women’s cricketers of all time.

List of Women’s World Cup Winners from 1973 to 2023

The Women’s Cricket World Cup is a global event, and it is always watched by millions of people around the world. The tournament is a great opportunity to showcase the talent and skills of the world’s best women cricketers, and it is also a great way to promote the sport of cricket to a wider audience.

Australia (8 times): 1978, 1982, 1997, 2005, 2013, 2017, 2022, 2023
England (4 times): 1973, 1993, 2009, 2017
New Zealand (1 time): 2000
West Indies (1 time): 1979

Year	Winner	Margin Won By	Runners Up	Top Run Scorer	Highest Wicket Taker	Host Country	Finals Venue
2023	Australia	19 Runs	South Africa	Laura Wolvaardt	Sophie Ecclestone	South Africa	Newlands, Cape Town
2022	Australia	71 Runs	England	Alyssa Healy	Sophie Ecclestone	New Zealand	Hagley Oval, Christchurch
2017	England	9 Runs	India	Tammy Beaumont	Dane van Niekerk	England	Lord’s, London
2013	Australia	114 Runs	West Indies	Suzie Bates	Megan Schutt	India	Brabourne Stadium, Mumbai
2009	England	4 Wickets	New Zealand	Sarah Taylor	Laura Marsh	Australia	North Sydney Oval‎, ‎Sydney
2005	Australia	98 Runs	India	Charlotte Edwards	Neetu David	South Africa	SuperSport Park, Centurion
2000	New Zealand	4 Runs	Australia	Karen Rolton	Charmaine Mason	New Zealand	Bert Sutcliffe Oval in Lincoln
1997	Australia	5 Wickets	New Zealand	Debbie Hockley	Katrina Keenan	India	Eden Gardens, Kolkata
1993	England	67 Runs	New Zealand	Jan Brittin	Karen Smithies	England	London
1988	Australia	8 Wickets	England	Lindsay Reeler	Lyn Fullston	Australia	Melbourne Cricket Ground
1982	Australia	3 Wickets	England	Jan Brittin	Lyn Fullston	New Zealand	Lancaster Park, Christchurch
1978	Australia	8 Wickets	England	Margaret Jennings	Sharyn Hill	India	Lal Bahadur Shastri Stadium, Hyderabad
1973	England	92 Runs	Australia	Enid Bakewell	Rosalind Heggs	England	Edgbaston

Find More Sports News Here

SEBI Imposes ₹12 Lakh Fine on NSE Data And Analytics for Regulatory Violations

The Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹12 lakh on NSE Data And Analytics Ltd due to multiple regulatory infractions identified during an inspection. This fine highlights ongoing concerns about compliance within financial institutions and the importance of maintaining stringent operational standards in the market.

Key Findings of SEBI’s Inspection

SEBI’s inspection, conducted on September 6-7, 2023, scrutinized NSE Data And Analytics’ operations as a KYC Registration Agency from April 2022 to July 2023. The regulator found significant irregularities, including:

Lack of IT Infrastructure Segregation: SEBI noted that there was no segregation of IT infrastructures and manpower between NSE Data And Analytics and its parent organization, the National Stock Exchange (NSE).
Delayed Acknowledgment Letters: The company failed to send acknowledgment letters to investors in 61 cases, exceeding the mandated 10-day limit.
Cybersecurity Lapses: Irregularities in cybersecurity audits were noted, including unaddressed vulnerabilities and deficiencies in data center security practices.

Compliance and Corrective Measures

NSE Data And Analytics asserted that it had taken corrective steps in response to SEBI’s findings, but the regulator emphasized that as a separate legal entity, the company bears full responsibility for its compliance.

Implications for the Future

This ruling serves as a reminder of the stringent standards expected from financial institutions in India, particularly regarding cybersecurity, KYC processing, and corporate governance. The imposed fine underscores the need for rigorous compliance measures to protect investor interests and maintain market integrity.

Top-10 Most Innovative Global Economies 2024

Innovation is key to driving economic growth and shaping the future. In 2024, several countries have emerged as global leaders in innovation, excelling in research, technology, and development. These nations invest heavily in cutting-edge industries, fostering environments where startups thrive and breakthroughs are constant. From advanced technology to clean energy, here are the top 10 most innovative global economies making significant strides in 2024.

Innovative Economies in the World 2024

Most Innovative Economies in 2024: Following rapid growth in 2020 and 2022, global research and development (R&D) growth has decelerated to 3%. Moreover, venture capital investments have dropped by 39%, and international patent applications have seen a decline. This data comes from the World Intellectual Property Organization (WIPO), which recently released the Global Innovation Index (GII) 2024.

Top-10 Most Innovative Economies in the World as of 2024

Switzerland continues to be the most innovative economy in the world in 2024, with a score of 67.5 in the Global Innovation Index, followed by Sweden, United States of America and Singapore.

Here is the list of top-10 most innovative economies in the world as of 2024:

Top-10 Most Innovative Economies in the World 2024
Rank	Country	Score	Region Rank 2024	Income Group Rank 2024
1.	Switzerland	67.5	1	1
2.	Sweden	64.5	2	2
3.	United States of America	62.4	1	3
4.	Singapore	61.2	1	4
5.	United Kingdom	61	3	5
6.	South Korea	60.9	2	6
7.	Finland	59.4	4	7
8.	Netherlands	58.8	5	8
9.	Germany	58.1	6	9
10.	Denmark	57.1	7	10

Position of India on the List of Most Innovative Economies

India has made impressive strides in the Global Innovation Index (GII), climbing from 81st in 2015 to 39th in 2024. Leading the lower middle-income group, India also holds the top position in the Central and Southern Asia region for knowledge and technology outputs (22nd), creative outputs (43rd), institutions (54th), and business sophistication (54th).

India’s innovation strengths include ranking 1st in ICT services exports, 6th in venture capital received, 7th in intangible asset intensity, and 8th in the number of unicorn companies.

Small Savings Scheme Interest Rates Unchanged for Q3 FY25

The government has announced that interest rates on various small savings schemes, including the Public Provident Fund (PPF) and National Savings Certificate (NSC), will remain unchanged for the third consecutive quarter, starting from October 1, 2024, to December 31, 2024. According to a finance ministry notification, the rates for this quarter will match those from the previous quarter (July 1, 2024, to September 30, 2024).

Key rates include 8.2% for the Sukanya Samriddhi scheme, 7.5% for Kisan Vikas Patra (maturing in 115 months), 7.1% for PPF, and 4% for post office savings deposits. The NSC retains a rate of 7.7%, while the Monthly Income Scheme will continue to offer 7.4%. This decision follows a trend of stability, as rates have remained unchanged for the last three quarters, with the last revisions occurring in the fourth quarter of the previous fiscal year.

Key Rates Overview

Sukanya Samriddhi Scheme: 8.2%
Kisan Vikas Patra: 7.5% (115 months maturity)
Public Provident Fund (PPF): 7.1%
National Savings Certificate (NSC): 7.7%
Post Office Savings Deposit: 4%
Monthly Income Scheme: 7.4%

Historical Context

The government notifies interest rates on these small savings schemes, which are primarily operated by post offices and banks, every quarter. The last significant changes were made in the fourth quarter of the previous fiscal year, indicating a trend of stability in the current economic environment.

Interest rates for various small savings schemes for the specified periods

Scheme	Rate of Interest (01.04.24 to 30.06.24)	Rate of Interest (01.07.24 to 30.09.24)	Compounding Frequency
Senior Citizens Savings Scheme (SCSS)	8.20%	8.20%	Paid Quarterly
Public Provident Fund (PPF)	7.10%	7.10%	Annually
Sukanya Samriddhi Account Scheme (SSA)	8.20%	8.20%	Annually
Kisan Vikas Patra (KVP)	7.50% (matures in 115 months)	7.50% (matures in 115 months)	Annually
National Savings Certificate (NSC)	7.70%	7.70%	Annually

The rates for SCSS, KVP, and NSC are applicable only for newly opened accounts during the period from 01.07.2024 to 30.09.2024.

India Names Delhi Road ‘Jamaica Marg’, Strengthening Diplomatic Ties

Paris Olympics 2024 Medal Tally, India Medal Tally in Olympics_19.1

In a significant diplomatic gesture, Prime Minister Narendra Modi announced on Tuesday that the road in front of the Jamaica High Commission in New Delhi has been officially named ‘Jamaica Marg‘. This announcement came during a joint press conference with Jamaican Prime Minister Andrew Holness, highlighting the deepening ties between the two nations.

Cultural Connections Transcend Geographical Distance

Despite being separated by vast oceans, PM Modi emphasized the strong cultural and historical connections between India and Jamaica. In a lighthearted moment that captured the spirit of the meeting, Modi expressed his optimism that the relationship between the two countries would grow “faster than Usain Bolt” – a reference to the legendary Jamaican sprinter that resonated with both delegations.

Sports Diplomacy: Cricket as a Common Ground

The leaders acknowledged the significant role of sports in bilateral relations, with Modi highlighting that both nations are “cricket-loving countries“. This shared passion for cricket serves as another bridge between the two cultures, fostering people-to-people connections.

Indian Diaspora: A Living Bridge

180 Years of Indian Presence in Jamaica

A crucial aspect of the India-Jamaica relationship is the Indian diaspora in Jamaica, which Modi praised extensively:

Approximately 70,000 people of Indian origin call Jamaica home
The Indian community has been present in Jamaica for about 180 years
They are considered a “living example of cultural heritage“

PM Modi expressed gratitude to the Jamaican government for taking care of the Indian community, acknowledging their role as a vital link between the two nations.

Bilateral Talks and Future Cooperation

The leaders held comprehensive discussions at Hyderabad House in New Delhi, focusing on:

Various aspects of the India-Jamaica partnership
Enhanced cooperation in sports
Increased cultural exchanges

Historic Visit

This visit marks several significant firsts:

The first official trip to India by PM Holness
The first-ever bilateral visit by a Jamaican Prime Minister

PM Modi welcomed Holness as a “long-standing friend of India“, noting their previous meetings and Holness’s consistent commitment to strengthening relations with India.

Visit Details

Prime Minister Holness’s official visit to India spans from September 30 to October 3, 2024, during which both leaders aim to:

Infuse fresh energy into bilateral relations
Explore new areas of cooperation
Strengthen existing partnerships

Cultural Exchange Program

As part of the visit, a cultural exchange program is being held to further reinforce the mutual ties between the two nations, emphasizing the importance of cultural diplomacy in international relations.

Withdrawal of ₹2,000 Notes: 98% Returned, RBI Reports

In a major update, the Reserve Bank of India (RBI) announced that 98% of the ₹2,000 notes have been returned since their withdrawal in May 2023. This has led to the total value of the denomination in circulation dropping significantly from ₹3.56 lakh crore to ₹7,117 crore as of September 2023. The withdrawal was initiated due to concerns about the quality of the notes, introduced after the 2016 demonetization.

Background of ₹2,000 Notes

The ₹2,000 note was introduced post-demonetization in November 2016 to manage cash shortages. By 2023, the RBI deemed its purpose fulfilled and moved to withdraw it, citing concerns about the denomination’s quality.

Current Status and Legal Tender

Although withdrawn from circulation, ₹2,000 notes remain legal tender. These can be exchanged physically at 19 RBI issue offices or sent via post for credit into bank accounts.

How to Deposit or Exchange ₹2,000 Notes

Despite their withdrawal, ₹2,000 notes remain legal tender and can be exchanged at any of RBI’s 19 issue offices across India. Citizens can either visit these offices or send the notes by post for deposit into their bank accounts. While the exchange facility at bank branches ended on 7 October 2023, RBI continues to accept ₹2,000 notes for deposit at its offices located in cities like Ahmedabad, Bengaluru, Mumbai, and more. From 9 October 2023, notes can also be sent via Indian Post to RBI offices for direct deposit into bank accounts.

Government Reconstitutes Monetary Policy Committee Ahead of RBI Rate Review

The central government has reconstituted the Monetary Policy Committee (MPC) ahead of the Reserve Bank of India (RBI) monetary policy review scheduled for October 7-9. This decision comes as part of the RBI’s mandate to maintain consumer price index (CPI) inflation within a target range of 2-6% and aims to stabilize inflation at 4% on a durable basis. The newly appointed external members are Ram Singh from the Delhi School of Economics, Saugata Bhattacharya, and Nagesh Kumar, each serving a four-year term. The MPC also includes RBI officials, with the RBI Governor serving as the chairperson.

Background and Context

The MPC has been pivotal since its first formation on September 29, 2016, following amendments to the RBI Act in 2016, which established the committee’s role in setting the benchmark interest rate. Previously, the committee faced dissenting views from some members regarding monetary policy decisions, notably during the August review when the repo rate was left unchanged at 6.5% for the ninth consecutive time due to high food inflation concerns.

Recent Appointments

The new members bring diverse expertise:

Ram Singh holds a PhD in economics from Jawaharlal Nehru University and has a postdoctoral fellowship from Harvard.
Saugata Bhattacharya is an economist with extensive experience in financial markets, having previously served as Chief Economist at Axis Bank.
Nagesh Kumar, with a PhD from the Delhi School of Economics, has experience in international economic organizations, including the UNESCAP.

Implications for Monetary Policy

The reconstitution may influence future policy stances, especially in light of the committee’s previous disagreements. The upcoming review on October 9 is expected to maintain the repo rate at 6.5% amid ongoing inflationary pressures, highlighting the importance of the MPC in shaping India’s economic landscape.

Overview of the RBI Act, 1934

The Reserve Bank of India (RBI) was established under the RBI Act of 1934, which laid the legal foundation for its operations, starting on April 1, 1935. Originally headquartered in Kolkata, the RBI’s central office was permanently moved to Mumbai in 1937. The Act aimed to provide a structured framework for overseeing banking firms in India, transitioning the RBI from a shareholders’ bank to a nationalized entity in 1949.

Key Objectives

The RBI Act, 1934, outlines the following primary objectives for the Reserve Bank:

Regulation of banknotes and currency issuance.
Management of the currency and credit system for national benefit.
Maintenance of monetary stability through adequate reserves.

Key Functions

The RBI’s main functions include:

Issuing banknotes and overseeing their design, form, and material, with approval from the central government.
Handling the exchange of torn or disfigured banknotes, though this is a discretionary function, not a right.
Managing the legal tender status of currency, as outlined in the Act.

Scheduled Banks

The Act defines scheduled banks as those included in the Second Schedule, requiring a minimum capital of ₹5 lakhs. This category includes scheduled commercial and cooperative banks.

Important Sections

Several key sections of the RBI Act are critical for understanding its operations:

Section 3: Establishment of the Reserve Bank.
Section 21A: Government transactions facilitated by the RBI.
Section 26(2): Withdrawal of legal tender notes.
Section 24: Demonetization of notes.
Section 27: Re-issuance of notes.
Section 45(u): Definitions of repo, reserve, and money market instruments.