Today in History (June 9th, 1962)
On 9th June 1962, Spanish government suspended for 2 years the constitutional right of Spaniards to reside wherever they chose in Spain.
Summary of Today’s News
RBI holds rates, vows to keep price stability
The Reserve Bank of India’s Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.50% for the second consecutive meeting. This decision is aimed at ensuring price stability, as inflation remains above the target and is expected to continue in the near future. The MPC will closely monitor the inflation outlook, considering uncertainties such as the monsoon and El Nino. The focus will be on gradually withdrawing accommodation while supporting growth. The RBI has projected a real GDP growth of 6.5% for 2023-24 and expects CPI inflation to average 5.1% in the current fiscal year.
Canada is giving space to extremists, says Jaishankar
During a special briefing, India’s External Affairs Minister, S. Jaishankar, criticized Canada for “giving space” to extremists and separatists. His comments were prompted by a parade in the city of Brampton where a float commemorated the assassination of Indira Gandhi. Jaishankar also ruled out normalizing ties with Pakistan until it addresses cross-border terrorism. Additionally, he expressed dissatisfaction with the lack of progress in Sino-India relations, citing China’s coercive behavior towards India.
Cyclone’s effect on monsoon onset.
Global warming has significant impacts on monsoons, including the onset, withdrawal, seasonal rainfall, and extremes. It also affects cyclones in the Indian Ocean and typhoons in the north western Pacific. It can influence cyclone formation, and a warmer Arctic Ocean can lead to cyclone formations closer to the monsoon onset. These changes in cyclone patterns contribute to the overall impact on the monsoon system.
What was the requirement for limits on UPI transactions.
As transactions facilitated by the Unified Payments Interface (UPI) reach record highs, banks and apps have implemented daily transaction limits to ensure smooth functioning and security. While the standard limit is 20 transactions or ₹1 lakh in a day, specific categories may have higher limits. However, some banks and apps have set lower limits.
