Fodder Scam Update: Lalu Yadav's Bail Hits Roadblock!

Good Morning ☕

Well, it looks like the CBI is really turning up the heat in the kitchen of justice, trying to make sure the "fodder" of this case doesn't become too easy to digest for Lalu Prasad Yadav! Let's see if the Supreme Court thinks this case is as "appetizing" as the Jharkhand High Court did. Mark your calendars for August 25th – it's going to be a legal feast! 🕵️‍♂️

Important News of the Day

1. CBI challenges Lalu Prasad Yadav's bail in Supreme Court in fodder scam case

The Central Bureau of Investigation (CBI) has challenged the bail granted to Lalu Prasad Yadav in the fodder scam case. The CBI lodged a legal petition with the Supreme Court opposing the bail granted to Yadav. The Supreme Court has agreed to list the plea and will hear the appeal. The CBI is challenging the orders of the Jharkhand High Court, which granted bail to Yadav in four cases related to the multi-crore fodder scam. The Supreme Court hearing on this matter is scheduled for August 25.

2. RBI issues guidelines to reset floating rate loan EMI

The Reserve Bank of India (RBI) has issued detailed guidelines for resetting floating interest rates on Equated Monthly Installments (EMI). These guidelines allow borrowers to change the tenure, EMI, or even switch to a fixed rate. The RBI emphasizes the need for clear and transparent communication between lenders and borrowers regarding potential changes in interest rates. The aim of these guidelines is to provide flexibility to borrowers and ensure that they are well-informed about the implications of changes in benchmark interest rates.

3. Route Mobile to partner with Vodafone Idea on A2P SMS monetization through AI

Route Mobile has signed an exclusive partnership with Vodafone Idea to provide A2P (Application-to-Person) SMS monetization solutions. Route Mobile's complete range of A2P monetization solutions will be deployed across the entire Vodafone Idea network on an exclusive basis. Route Mobile's UK subsidiary will deploy its end-to-end application-to-person monetization solutions for international SMS traffic on Vodafone's SMS services. The partnership aims to introduce and execute Route Mobile's complete range of A2P monetization solutions, catering to Vodafone Idea's international A2P SMS traffic.

4. Aadhaar update: UIDAI warns against sharing documents via email or WhatsApp

The UIDAI (Unique Identification Authority of India) has issued a warning against sharing identity or address proof documents over email or WhatsApp for the purpose of updating Aadhaar cards. They caution users about potential scams and advise them to be cautious when receiving messages asking for their documents to update their Aadhaar card. It is important to note that a viral message claiming to be from UIDAI warning Aadhaar cardholders not to share their information is a hoax.

5. Debt quality in financial sector declined marginally in July

According to a report by CARE Ratings, the quality of debt in the Indian financial sector declined marginally in July. The report stated that the gross non-performing assets (GNPAs) of banks rose to 7.5% in March 2023 from 7.2% in September 2022. The report also noted that the credit growth of banks slowed down to 5.8% in March 2023 from 6.7% in September 2022. The report attributed the decline in debt quality to the impact of the COVID-19 pandemic on the Indian economy

6. RBI stops banks, NBFCs from compounding penal interest on loans

The Reserve Bank of India (RBI) has stated that banks cannot add penal charges on loans to the interest rate and there should be no compound interest on these charges. The purpose of penal interest or charges is to promote credit discipline among borrowers. This decision aims to protect borrowers from excessive charges and ensure fair lending practices. The RBI has issued a draft circular to enforce this rule. This move by the RBI is part of its efforts to regulate lending operations and promote transparency in the banking sector.

7. NLC India signs pact with Rajasthan govt for 300 MW solar power supply

NLC India has signed a pact with Rajasthan Urja Vikas Nigam for the supply of 300 MW of solar power over the next 25 years. This agreement will contribute to the renewable energy goals of both entities and promote the use of clean energy sources. The partnership between NLC India and Rajasthan Urja Vikas Nigam aims to enhance the availability of solar power and reduce dependence on non-renewable energy sources. This collaboration is a significant step towards sustainable and environmentally friendly power generation in the region.

8. Moody's affirms India's Baa3 rating, maintains ‘stable’ outlook on the economy

Moody's Investors Service has affirmed India's long-term local and foreign-currency sovereign ratings at Baa3 and retained the outlook as stable. Despite the impact of the Russia-Ukraine conflict, higher inflation, and tightening global financial conditions, Moody's believes that India's ongoing recovery from the pandemic will not be derailed in 2022 and 2023. The stable outlook reflects the view that the risks from negative feedback between the economy and the financial system are receding. Effective implementation of fiscal policy measures and improvements in debt affordability would further support India's credit profile.

9. Indian Railways: Revamped orange-coloured Vande Bharat train likely to be introduced on August 19

The new orange-colored Vande Bharat train is set to be officially unveiled on August 19 in Chennai. The train, which will also feature grey and white colors, is expected to make its debut from the Integral Coach Factory in Chennai. This revamped train will have enhanced safety and technical features. The orange color scheme will make it the first semi-high-speed express train in the country. The unveiling of the train is highly anticipated and marks an exciting development in the Indian Railways.

World News 🌎

• South Africa gears up for BRICS Summit as China's Xi Jinping confirms to attend.

• Russian spacecraft adjusts moon orbit in preparation for landing

• China confirms Xi will attend an economic summit in South Africa followed by state visit

• US Prez Biden to ramp up three-way Japan, South Korea ties in sign to China

• Pakistan to seek friendship with all and enmity with none: Foreign Minister Jilani

• Investment scams are everywhere on social media.

• Pak elections delayed as ECP decides to conduct fresh delimitation of Constituencies

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