US to work closely with India to deepen bilateral ties, says State Department official after PM Modi's 'very successful' visit
Vedant Patel, the principal deputy spokesperson for the US Department of State, said, "This is not about just a moment in time. What this is about is steps and efforts to deepen and strengthen our relationship and our partnership with India. And we believe that last week's visit was very successful." Key Points
Business TodayBiggest Indian fund manager sees rupee climbing to 80 by 2023 end
The currency will probably strengthen to 80 per dollar by the end of the year, according to Namrata Mittal, chief economist at SBI Mutual Fund, its first annual appreciation since 2017. The rupee is up 0.8% this year, and is one of only two Asian currencies that has gained against the greenback. It closed 0.3% stronger on Wednesday at 82.1062. Key Points
Economic TimesRBI to harmonise Internal Ombudsman framework to strengthen customer grievance mechanism
The Reserve Bank of India (RBI) is implementing changes to strengthen its customer grievance redressal system. RBI Governor Shaktikanta Das announced the consolidation and harmonisation of the Internal Ombudsman guidelines into a single master direction. This move aims to enhance the customer complaint resolution process for regulated entities. The Internal Ombudsman mechanism was introduced in 2015 and has since been extended to various Non-Banking Financial Companies, Credit Information Companies, and Non-Bank System Participants. The RBI also plans to issue a framework for recognising Self-Regulatory Organisations to promote compliance culture and provide a consultative platform for policy-making. Stakeholder comments will be sought on the draft of the framework. Key Points
Economic TimesSamajwadi Party national general secretary Swami Prasad Maurya announces his resignation from the post
Senior Samajwadi Party leader Swami Prasad Maurya resigned from his position as the party's national general secretary on Tuesday, stating his intention to continue working to strengthen the SP without holding any official post. Maurya, 70, addressed a letter to Samajwadi Party chief Akhilesh Yadav regarding his decision, emphasizing his commitment to the party despite stepping down from his role. Key Points
Economic TimesAlleged video of Khalistanis clashing with Hindus on Diwali in Canada emerges
In the video, a group of men, carrying a Khalistani flag, are seen throwing stones. According to a social media user who shared the video on X, the incident took place at Westwood Mall in Malton. Key Points
India Today
India, Germany to strengthen bilateral ties, increase investments: German Vice Chancellor
India and Germany are looking to strengthen bilateral cooperation and increase investments and collaboration, according to Robert Habeck, Germany's Vice Chancellor and Minister of Economic Affairs and Climate Action. While China remains Germany's biggest trading partner, there is concern about being too reliant on a single market, and Habeck said de-risking and diversification is important. He noted that other partnerships, such as the Indo-German partnership, are gaining importance. Key Points
Economic TimesAmazon's iRobot deal in EU antitrust crosshairs
Amazon's (AMZN.O) $1.7 billion acquisition of robot vacuum cleaner maker iRobot (IRBT.O) may reduce competition and strengthen Amazon's position as online marketplace provider, EU antitrust regulators warned on Thursday. Key Points
ReutersRBI pushes for stronger governance at banks
The Governor also emphasized the need for banks to ensure continued financial and operational resilience, according to a statement from the RBI. Reuters had earlier reported, citing sources, that bank executives at the meeting were urged to focus on keeping risk in check amid a high growth in credit. Key Points
Economic Times