After Elections, First Monetary Policy Announcement Today; WhatsApp AI To Assist Kirana Shop Owners

After Elections, First RBI Monetary Policy To Be Announced Today

RBI Governor Shaktikanta Das is set to announce the second bi-monthly monetary policy of the financial year 2024-25 later today, Livemint reported. 

This RBI policy will be the first one after the Lok Sabha election results 2024. The RBI Governor-headed six-member Monetary Policy Committee (MPC) is expected to keep the benchmark repo rate unchanged at 6.5 per cent for the eighth consecutive time and continue with its stance of ‘withdrawal of accommodation.' The MPC began its three-day meeting on June 5 and the decision is due today. The RBI Governor’s commentary on inflation and future interest rate cut trajectory will be keenly watched. Read more

SEBI Raps Overeager ICICI Bank Execs For Pestering Securities Shareholders

SEBI has issued a warning to ICICI Bank on the outreach undertaken by the bank’s executives to encourage ICICI Securities' (I-Sec) shareholders to vote for its delisting from the exchanges in a voting held in March, Livemint reported.

In the letter, the markets regulator also asked the bank to act against the errant employees who made the outreach, and submit an action taken report to its Board. In its disclosure to the stock exchanges on Thursday, the bank made the letter issued by SEBI public. The regulator had received complaints from I-Sec shareholders of multiple calls and messages from the bank to vote in favour of the delisting scheme. More here

Pharma Industry Protests Changes In Permissible Activities In Drug Production Units

The pharmaceuticals industry has raised concerns regarding the government's newly notified Schedule M that proposes a blanket ban on manufacture of any other article or product apart from drugs in the units licensed for drug production, the Economic Times reported.

The Federation of Pharma Enterprises (FoPE), which represents medium and small-scale enterprises, has written to the health ministry that setting up a new plant exclusively for cosmetic manufacturing is financially not viable. It sought that such units be permitted to manufacture cosmetics in the area dedicated for making topical products such as creams and lotions. 
The FoPE's representation said the changes in Schedule M has caused difficulties to its members. More here 

Railways Ministry Asks ICF To Make Two Trains That Can Run At 250 KMPH

The Ministry of Railways has asked its production unit, the Integral Coach Factory (ICF) in Chennai, to manufacture two trains that can run at 250 km per hour (kmph), the Business Standard reported.

In a letter dated June 4, the Railway Board asked the ICF to develop these two trains as part of its production programme for 2024-25. The trains will be built with a steel body and have a maximum speed of 250 kmph and a running speed of 220 kmph. It will be built on standard gauge. Officials said the trains will be based on the Vande Bharat platform as part of the transporter’s plan to increase the speed of future Vande Bharat trains. More here

WhatsApp To Get Latest Meta AI Features For Small Businesses To Delegate Work 

Facebook parent Meta wants to put its latest artificial intelligence (AI) capabilities, including AI agents, in the hands of every small business owner to help them run and scale their operations more efficiently, moneycontrol.com reported.

On June 6, Meta introduced the ability for small businesses that are using the WhatsApp Business app to activate an AI agent that can act on their behalf, answer questions and provide the necessary support to their customers, thereby helping business owners save a "lot of time and resources." Meta chief executive Mark Zuckerberg said the firm will be testing this feature with a select number of English language businesses in India and Singapore, with plans to expand to businesses in Brazil soon. More here

CCI To Hire Agencies To Keep Track of Big Tech Settlements, Commitments

The Competition Commission of India (CCI) plans to closely monitor implementation of settlement and commitment offered by companies such as Big Tech entities in antitrust cases by engaging monitoring agencies to oversee such implementation, the Business Standard reported. 

This is part of the draft regulations released by the competition regulator to overhaul the regulatory framework of CCI introduced in 2009, to bring it up to speed with the latest changes in the Competition Act passed by the government in April 2023. The areas which the CCI seeks to monitor relate to mergers, commitment and settlement applications. The report said the Commission has received good response to its settlement and commitment scheme. More here