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RBI monetary policy: Rates kept unchanged for continued support to economy

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RBI monetary policy: Rates kept unchanged for continued support to economy

The Reserve Bank of India’s Monetary Policy Committee (MPC) kept key interest rates unchanged for the tenth consecutive meeting on Thursday, maintaining an accommodative stance amid threats surrounding Omicron’s coronavirus variant.

Reserve Bank of India Governor Shaktikanta Das said in a statement after a three-day meeting of the Mumbai Committee that the repo and reverse repo rates remained unchanged at 4% and 3.35%, respectively.

“India is charting a different recovery path than the rest of the world to become the fastest growing economy,” Das said.

Das said the six-member rate committee, which has been suspended since August 2020, maintained its accommodative policy stance by a 5-1 vote, suggesting the economy needs continued support despite accelerating inflation. While maintaining his accommodative stance, he reiterated the “as long as necessary” phraseology used since October 2019.

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“Monetary policy actions will be calibrated and clearly communicated,” Das said, stressing that there would be no surprises.

The central bank has cut repo rates by a total of 115 basis points (bps) since March 2020 to soften the blow from the coronavirus pandemic and draconian containment measures. That rate is now 250 basis points below where it was at the start of the easing cycle in early 2019.

The Reserve Bank of India lowered its inflation outlook for the next fiscal year to 4.5% from 5.3% this year. The central bank expects gross domestic product growth to slow to 7.8% in the next fiscal year, down from the government’s 9.2% estimate for this year.

“Given the comfort from the inflation and growth outlook, especially the improved inflation outlook, and the uncertainty associated with omicron and global spillovers, the MPC believes that continued policy support is necessary for a durable and broad recovery,” Das said, according to Bloomberg.

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Respondents in the Feb. 2-4 Reuters poll were split on the timing of the next rise, with 17 of 32 respondents slightly more than half expecting a 25 basis point rise to 4.25% in April.

Of the remaining 15, 13 were nearly split between June and August. Only one economist said it would happen as early as the beginning of this month, while another said it would happen in October of this year.

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OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT

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OpenAI buys new domain chat.com for over  million, it redirects to ChatGPT

The previous owner of the domain turned out to be Dharmesh Shah, founder and CTO of software company HubSpot

OpenAI has bought the domain chat.com. Clicking on it automatically routes you to the ChatGPT website.

The AI giant’s CEO Sam Altman announced this on Thursday, November 7, 2024, by simply posting the URL on X (Formerly Twitter) without any description or reasoning.

Altman’s post has already gotten over 3 million views and nearly 15k likes. The domain purchase is likely part of a rebranding effort.

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The domain’s previous owner turned out to be Dharmesh Shah, founder and CTO of software company HubSpot. Shah announced this in posts on X and LinkedIn.

Also Read: Elon Musk’s net worth surges by $26.5 billion after Donald Trump wins US election; Bezos, Ellison, Buffett follow suit

In his post, he detailed how he had purchased the domain for $15.5 million earlier this year and sold it later to an undisclosed (at that time) buyer.

“Well, in an 8 character tweet (talk about brevity), Sam Altman, the CEO of OpenAI revealed that they were the buyer,” he wrote. ”If you visit the website now, it goes to ChatGPT.” Shah wrote he was not at liberty at that time to share who the acquirer was as he was “going to leave that to them, when they were ready.”

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He then went on to share GPT o1 prompt which reasoned the entire episode. “When he does sell a domain, it’s almost never at a loss,” and “Dharmesh doesn’t like profiting off of people he considers friends,” the prompt read, which could mean he did sell it for more than the $15.5 million he bought it for, since it also says he doesn’t like referring to himself in the third person.

However, its also indicated he got compensated in OpenAI shares since the prompt reads that he “always wanted to own OpenAI shares,” that “he doesn’t need the cash from a domain sale,” and that “he made a non-humble brag earlier this year that he’s now an investor in OpenAI.”

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