news – Urban Chronicle News https://urbanchronicle.in Thu, 26 Dec 2024 11:20:21 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://i0.wp.com/urbanchronicle.in/wp-content/uploads/2023/09/INSIDER-250-%C3%97-250-px.png?fit=32%2C32&ssl=1 news – Urban Chronicle News https://urbanchronicle.in 32 32 230938425 Jaipur Accident: How Did LPG Tanker Driver Survive Fire that Killed 13? https://urbanchronicle.in/2025/01/01/jaipur-accident-how-did-lpg-tanker-driver-survive-fire-that-killed-13/ https://urbanchronicle.in/2025/01/01/jaipur-accident-how-did-lpg-tanker-driver-survive-fire-that-killed-13/#respond Wed, 01 Jan 2025 11:06:24 +0000 https://urbanchronicle.in/?p=2711 A tragic accident occurred in Jaipur recently, leaving 13 people dead and several others injured when an LPG tanker collided with a vehicle, causing a massive fire. The gas, which the tanker was transporting, leaked out upon impact and triggered a ferocious blaze that engulfed over 30 vehicles, causing widespread devastation on one of the busiest roads in the city. Despite the intensity of the fire and the horror of the accident, the tanker driver managed to escape with his life, raising questions about how he survived the inferno.

The incident took place during peak traffic hours, making it even more disastrous as the fire spread rapidly, catching several vehicles in its path. According to eyewitnesses, the tanker, carrying liquefied petroleum gas (LPG), was traveling at high speed when it collided with a car, causing a massive explosion. The explosion released a huge plume of fire, which soon spread to nearby vehicles, trapping many in their cars. Panic ensued as people tried to escape, but the fire spread so fast that it left little time for rescue.

While the fire claimed the lives of 13 people, the tanker driver’s miraculous survival has left many puzzled. Authorities believe that the driver, who was initially seen fleeing from the vehicle, survived the blast due to a combination of luck and quick thinking. Reports indicate that the driver may have been able to escape before the fire fully consumed the tanker, either by jumping out of the vehicle or seeking refuge in a nearby area. Emergency responders, who arrived at the scene shortly after the explosion, managed to locate the driver and bring him to safety.

It is still unclear exactly how the driver managed to avoid being caught in the flames, but experts believe the heavy traffic on the road might have helped slow the spread of the fire, giving him the precious seconds needed to escape. Another possible factor is the protective design of the tanker, which may have offered some level of shielding from the full force of the explosion.

The incident has prompted authorities to launch a full investigation to determine the exact cause of the accident and to ensure stricter safety measures for transporting hazardous materials like LPG. Meanwhile, the tragic loss of life has left the community in mourning, and many are calling for better safety regulations to prevent such devastating accidents in the future.

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Average Speed of Freight Trains is Only 25 km/h, Increasing It is of Prime Importance: Standing Committee Report https://urbanchronicle.in/2024/12/31/average-speed-of-freight-trains-is-only-25-km-h-increasing-it-is-of-prime-importance-standing-committee-report/ https://urbanchronicle.in/2024/12/31/average-speed-of-freight-trains-is-only-25-km-h-increasing-it-is-of-prime-importance-standing-committee-report/#respond Tue, 31 Dec 2024 10:56:47 +0000 https://urbanchronicle.in/?p=2709 A recent report by the Standing Committee has highlighted a critical concern in the Indian railway sector – the slow average speed of freight trains. Currently, the average speed of freight trains in India stands at just 25 km/h, significantly lower than the global average. The report emphasizes that improving this speed is of paramount importance to enhance the efficiency of the freight sector, boost economic growth, and make Indian Railways more competitive in the global logistics market.

The Standing Committee, which oversees the performance of various government departments, has pointed out that the low speed of freight trains not only leads to delays but also affects the overall productivity of industries that rely on timely delivery of goods. With India being a major player in global trade, slow freight movement has an adverse impact on export and import timelines, pushing businesses to explore alternative, often more expensive, logistics solutions.

One of the key findings in the report is that the slow pace of freight trains is primarily due to outdated infrastructure, lack of dedicated freight corridors, and congestion on existing tracks. Freight trains often share tracks with passenger trains, leading to delays and slower movement. The report suggests that increasing the average speed would require significant investments in infrastructure upgrades, such as the construction of dedicated freight corridors, modern signaling systems, and improved railcar designs that can support faster movement.

The committee has recommended that the Indian government prioritize these infrastructure improvements to enhance the efficiency of the freight train network. It has also called for the implementation of technological innovations to streamline operations and reduce delays. Additionally, the report stresses the need for a coordinated effort between the Ministry of Railways, logistics companies, and other stakeholders to ensure that freight services are aligned with the demands of the modern economy.

Experts argue that boosting the speed of freight trains could result in numerous benefits, such as reduced transportation costs, improved supply chain efficiency, and a reduction in carbon emissions by promoting rail over road transport. Faster freight trains would also contribute to a more balanced transportation network, reducing pressure on highways and alleviating road congestion.

The Standing Committee’s report serves as a wake-up call for Indian Railways to focus on modernizing the freight sector, which plays a crucial role in the country’s economy. With the right investments in infrastructure and technology, India can improve its global standing as a logistics hub and bring down the cost of goods, benefiting both businesses and consumers alike.

The path to faster freight trains, however, will require significant time, effort, and capital. But with the proper focus on infrastructure upgrades, it is possible to achieve the ambitious goal of increasing freight train speeds, ultimately contributing to India’s long-term economic growth and competitiveness on the global stage.

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Pushpa 2 Worldwide Box Office Collection Day 16: Allu Arjun’s Blockbuster Becomes Fastest Indian Film to Break the Rs 1500 Crore Barrier https://urbanchronicle.in/2024/12/30/pushpa-2-worldwide-box-office-collection-day-16-allu-arjuns-blockbuster-becomes-fastest-indian-film-to-break-the-rs-1500-crore-barrier/ https://urbanchronicle.in/2024/12/30/pushpa-2-worldwide-box-office-collection-day-16-allu-arjuns-blockbuster-becomes-fastest-indian-film-to-break-the-rs-1500-crore-barrier/#respond Mon, 30 Dec 2024 10:09:56 +0000 https://urbanchronicle.in/?p=2702 Allu Arjun’s Pushpa 2: The Rule has become a phenomenal success at the global box office, achieving yet another milestone on its 16th day of release. The film has officially crossed the Rs 1500 crore mark, making it the fastest Indian film to reach this monumental figure. The movie, directed by Sukumar, continues to dominate the worldwide box office, further solidifying Allu Arjun’s status as one of the most bankable stars in Indian cinema.

The high-octane action thriller, which is the sequel to the 2021 hit Pushpa: The Rise, has surpassed expectations, becoming a major box office sensation. With Pushpa 2, Allu Arjun’s portrayal of the rebellious Pushpa Raj has once again resonated with audiences, drawing record-breaking numbers in both domestic and international markets.

On Day 16, the film’s worldwide collection crossed Rs 1500 crore, a feat previously unheard of for Indian films in such a short period. Pushpa 2 broke this barrier within just two weeks of its release, surpassing some of the biggest blockbusters in Indian film history, including films from the Hindi, Tamil, and Telugu industries. This remarkable achievement highlights not only the film’s massive popularity but also the growing global appeal of Indian cinema, especially Telugu-language films.

The movie’s success can be attributed to its gripping storyline, intense performances, striking visuals, and memorable music, all of which have contributed to its mass appeal. Allu Arjun’s performance as Pushpa Raj, a man rising against all odds, has particularly struck a chord with fans, creating an enormous fanbase for the actor. The film’s catchy songs, such as “Srivalli” and “Oo Antava,” have also become a cultural phenomenon, further driving the film’s box office numbers.

Pushpa 2 has also made waves internationally, with significant contributions from markets like the USA, the Middle East, and Australia. The film’s success marks a new era for South Indian cinema, showcasing its ability to compete with and even surpass major Bollywood releases in terms of box office performance.

Looking ahead, Pushpa 2 is expected to continue its stellar run, with the possibility of surpassing even more box office records. The film’s success has not only set a new benchmark for Indian cinema but has also made Allu Arjun one of the most sought-after stars in the industry. With the ongoing success of Pushpa 2, expectations are high for the third installment, which fans eagerly await, anticipating further adventures of the iconic Pushpa Raj.

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Ravindra Jadeja Reflects on R. Ashwin’s Retirement Plans: “We Spent the Entire Day Together and He Didn’t Even Give Me a Hint” https://urbanchronicle.in/2024/12/29/ravindra-jadeja-reflects-on-r-ashwins-retirement-plans-we-spent-the-entire-day-together-and-he-didnt-even-give-me-a-hint/ https://urbanchronicle.in/2024/12/29/ravindra-jadeja-reflects-on-r-ashwins-retirement-plans-we-spent-the-entire-day-together-and-he-didnt-even-give-me-a-hint/#respond Sun, 29 Dec 2024 09:57:01 +0000 https://urbanchronicle.in/?p=2699 Ravindra Jadeja, the renowned Indian cricketer, recently shared his thoughts on the retirement plans of his long-time teammate, R. Ashwin. The two spin bowlers have been crucial members of the Indian cricket team, especially in Test matches, where their combined expertise has often been instrumental in India’s success on foreign soil.

In a candid conversation, Jadeja revealed that despite spending an entire day with Ashwin, the latter didn’t drop a hint about his retirement plans. “We spent the entire day together, and he didn’t even give me a hint about his retirement,” Jadeja said with a chuckle. This revelation from Jadeja highlights the close bond and camaraderie shared between the two, who have often been seen bowling in tandem during crucial Test matches.

Ashwin, who is one of India’s most successful bowlers, has been in the cricketing spotlight for over a decade. Known for his brilliant off-spin bowling and cricketing intelligence, he has achieved numerous milestones in his career, including being one of the fastest bowlers to reach 400 Test wickets. His retirement has often been a topic of discussion among fans and pundits alike, but Ashwin himself has not yet given any official indication about the timeline of his departure from international cricket.

Jadeja, who has played alongside Ashwin in many memorable matches, expressed admiration for his colleague’s contribution to Indian cricket. “Ashwin is not only an exceptional bowler but also a wonderful teammate. His skills and mindset have been pivotal in so many of our victories,” Jadeja added. Despite his legendary status, Ashwin has maintained a low profile when it comes to discussing the end of his playing career, preferring to focus on the present.

The partnership between Jadeja and Ashwin has been a cornerstone for India’s spin attack, with both players complementing each other well. While Jadeja is known for his steady and consistent left-arm orthodox spin, Ashwin’s variations and sharp turn make him a potent threat. Their synergy on the field has been widely celebrated, and their combined presence in the squad has often led to successful outcomes in matches across different conditions.

As Ashwin continues to add to his illustrious career, Jadeja’s comments reflect the close-knit nature of the Indian cricket team, where camaraderie off the field often translates to success on it. While retirement remains a personal decision for Ashwin, Jadeja’s light-hearted remark indicates the deep mutual respect between the two, making it clear that regardless of the timeline of Ashwin’s retirement, their bond will continue to remain strong.

With Ashwin’s contributions to Indian cricket still significant, fans will continue to cherish the partnership between these two legendary spinners for years to come.

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‘Was Working on Myself Quite Extensively’: Ram Kapoor Shares Photos After Dramatic Weight Loss; Tips on Achieving Sustainable Fitness in Middle Age https://urbanchronicle.in/2024/12/27/was-working-on-myself-quite-extensively-ram-kapoor-shares-photos-after-dramatic-weight-loss-tips-on-achieving-sustainable-fitness-in-middle-age/ https://urbanchronicle.in/2024/12/27/was-working-on-myself-quite-extensively-ram-kapoor-shares-photos-after-dramatic-weight-loss-tips-on-achieving-sustainable-fitness-in-middle-age/#respond Fri, 27 Dec 2024 07:49:39 +0000 https://urbanchronicle.in/?p=2696 Actor Ram Kapoor, known for his roles in popular TV shows like Bade Achhe Lagte Hain and films such as Student of the Year, has recently stunned his fans with a remarkable transformation. The 50-year-old star, who has long been admired for his charismatic presence, took to social media to share photos of his dramatic weight loss. In his posts, Kapoor revealed the effort he put into transforming his body and health, emphasizing how much he had been working on himself “quite extensively.” The actor’s journey to fitness has sparked conversations about aging, health, and how to maintain a healthy lifestyle in middle age.

Ram Kapoor’s transformation showcases not only his physical change but also his commitment to a sustainable fitness routine. After months of dedication, Kapoor appears leaner and more energized than ever. His fans and followers have expressed admiration for his perseverance and discipline, with many sharing messages of support and encouragement. What stands out about his journey is the fact that it highlights a vital aspect of fitness: consistency. Kapoor’s photos reveal that sustainable fitness, particularly in middle age, is more about making small, meaningful changes over time than seeking rapid, short-term results.

In his posts, Kapoor opened up about the challenges he faced in maintaining motivation and discipline. He acknowledged that it wasn’t easy to prioritize fitness amidst a busy career and personal commitments but stressed the importance of taking care of oneself at any age. As he shared his journey, the actor gave insights into how he achieved his transformation, offering tips for those looking to embark on their own fitness journeys, especially in their 40s and 50s.

One of the key tips Ram Kapoor shared was the importance of consistency and patience. “It’s not about doing something extreme for a few weeks and then letting go,” he said. “It’s about making sustainable changes that you can stick with long-term.” He also recommended setting realistic goals that align with one’s lifestyle rather than aiming for unattainable standards. Kapoor emphasized that it’s crucial to focus on the process rather than obsessing over immediate results, a mindset that helps in creating lasting change.

Diet, of course, plays a significant role in sustainable fitness. Kapoor revealed that he worked closely with a nutritionist to design a balanced, healthy eating plan that included both discipline and indulgence in moderation. He highlighted the importance of understanding your body’s needs, avoiding extreme diets, and listening to one’s body.

For those in their middle ages, Kapoor’s journey also serves as a reminder that fitness is about more than just aesthetics. It’s about feeling good, being healthy, and improving one’s overall well-being. In his posts, Kapoor made it clear that fitness for him is not just about losing weight but also about maintaining a positive attitude, managing stress, and finding balance in all aspects of life.

Lastly, Ram Kapoor emphasized the importance of enjoying the journey, advising people not to be too hard on themselves. “Don’t focus on perfection,” he said. “Celebrate the progress you make, no matter how small.” His story is a testament to the fact that it’s never too late to take charge of your health and that with dedication, patience, and the right approach, anyone can achieve sustainable fitness, no matter their age.

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Dividend Payouts & Stock Splits: Vedanta, NMDC Lead Next Week’s Action https://urbanchronicle.in/2024/12/26/dividend-payouts-stock-splits-vedanta-nmdc-lead-next-weeks-action/ https://urbanchronicle.in/2024/12/26/dividend-payouts-stock-splits-vedanta-nmdc-lead-next-weeks-action/#respond Thu, 26 Dec 2024 07:48:05 +0000 https://urbanchronicle.in/?p=2693 As the year draws to a close, investors are closely eyeing several key corporate events that will take place in the coming week. Among the prominent companies set to take action are Vedanta Limited and NMDC Limited, which are poised to announce their dividend payouts and stock splits. These events are expected to stir significant market activity, as they represent crucial financial moves that could impact stock prices and investor sentiment.

Vedanta Limited, a global natural resources company, will be one of the major players next week. The company has declared a substantial dividend for its shareholders, and the payout is likely to attract considerable attention. Vedanta’s dividend history has been favorable, with the company regularly rewarding its investors. Given its strong performance in the metals and mining sector, particularly in copper, zinc, and aluminum, investors are optimistic about the company’s ability to continue delivering solid returns. The upcoming dividend payout could offer an attractive yield, making it an appealing choice for income-seeking investors. Additionally, Vedanta’s dividend declaration follows its recent positive earnings report, further boosting investor confidence in the company’s financial health.

Similarly, NMDC Limited, the country’s largest iron ore producer, is expected to announce a dividend as well. The company has shown resilience in the face of global market challenges, and its strong cash flow position allows it to reward shareholders. Like Vedanta, NMDC has a history of issuing dividends, and this payout is likely to reflect the company’s commitment to providing returns to its investors. The iron ore market has experienced price fluctuations, but NMDC has managed to maintain profitability, which is seen as a positive sign for the future. The company’s dividend policy has made it a favorite among income investors who value consistent payouts.

In addition to dividends, stock splits are another key focus for next week. Vedanta, in particular, is set to announce a stock split, which could make its shares more affordable and accessible to a broader base of retail investors. A stock split occurs when a company increases its number of shares by issuing more to shareholders, while reducing the nominal value of each share. This move is generally seen as a signal of confidence in the company’s future prospects and can lead to increased liquidity in the stock. Stock splits often generate excitement among investors, as they make the stock appear more attractive, especially for those with smaller investment budgets.

Meanwhile, NMDC is also expected to finalize a stock split, a move that could similarly enhance its stock’s appeal in the retail market. A lower share price following a stock split could encourage more participation in the stock, potentially leading to higher trading volumes. Given NMDC’s solid financial standing and its pivotal role in the iron ore industry, this event is likely to receive a positive reception from investors.

Overall, the upcoming week looks promising for dividend-seeking investors and those watching for stock splits. The actions of Vedanta and NMDC are likely to be pivotal in driving market sentiment, especially in the metals and mining sector. With dividends offering attractive yields and stock splits increasing accessibility, both companies are poised to remain in the spotlight, as investors look for opportunities in a dynamic market landscape.

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Haryana’s ‘All Under MSP’ Promise Faces Farmer Skepticism https://urbanchronicle.in/2024/08/08/haryanas-all-under-msp-promise-faces-farmer-skepticism/ https://urbanchronicle.in/2024/08/08/haryanas-all-under-msp-promise-faces-farmer-skepticism/#respond Thu, 08 Aug 2024 10:12:34 +0000 https://urbanchronicle.in/?p=1837 The Haryana government’s recent promise to procure 24 crops under the Minimum Support Price (MSP) scheme has met with skepticism from farmer organizations and opposition leaders. The announcement, made by the Nayab Singh Saini government ahead of the state Assembly elections, is seen by many as a politically motivated move, particularly given that many of the 24 crops listed are not widely cultivated in Haryana.

Out of the 24 crops included in the MSP scheme, around 10 are reportedly not extensively grown in the state. Among the newly added crops are ragi (finger millet), soybean, fennel, jute, copra, moong (green gram), niger seed, sunflower, barley, and jowar (sorghum). Current MSP procurement in Haryana primarily covers crops like wheat, mustard, barley, gram, paddy, maize, bajra, cotton, and sesame.

Opposition Leader and former Haryana Chief Minister Bhupinder Singh Hooda criticized the announcement as another attempt by the BJP to “mislead farmers.” He emphasized that the power to enforce MSP lies with the Centre, not the state government, and called for a legal guarantee on MSP from the central government. “The government is making these announcements with an eye on the upcoming polls, but farmers are not easily fooled,” Hooda told The Indian Express.

Sarwan Singh Pandher, president of the Kisan Mazdoor Sangharsh Committee (KMSC), also questioned the credibility of the government’s promise. He pointed out that no provisions for MSP procurement were included in the state budget and demanded detailed information about the funds and logistics required for such an initiative. “If the Haryana government is serious about MSP, they need to outline how they will fund and implement this scheme,” Pandher said.

Bharatiya Kisan Union (BKU) leader Gurnam Singh Chaduni added that the BJP government should introduce legislation in the Assembly to solidify the MSP promise. “The government’s announcement is a reaction to our demands for MSP, and they should back it with concrete legislative action,” Chaduni told The Indian Express.

In defense of the initiative, Additional Chief Secretary (Agriculture) Dr. Raja Shekhar Vendru stated that the goal was to include as many crops as possible in the MSP scheme, including those that might be grown in the future. He mentioned that the procurement would cost around ₹123.65 crore and that the state was equipped with the necessary facilities. “The aim is to ensure that crops potentially grown in Haryana are also covered under MSP,” Vendru said.

However, Retired Agriculture Director Suresh Gehlawat highlighted ongoing issues with the existing procurement system. He noted that while crops like mustard and sunflower are procured at MSP, the current system often falls short, forcing farmers to repeatedly visit procurement centers. In contrast, crops like cotton fetch higher prices from private players, while staple crops such as wheat, paddy, and maize receive more consistent government support.

As Haryana’s political landscape heats up, the effectiveness and sincerity of the government’s MSP promise will likely remain a point of contention among farmers and political analysts alike.

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IND vs SL: Rohit Sharma Reflects on Series Defeat, Signals Potential Personnel Changes https://urbanchronicle.in/2024/08/08/ind-vs-sl-rohit-sharma-reflects-on-series-defeat-signals-potential-personnel-changes/ https://urbanchronicle.in/2024/08/08/ind-vs-sl-rohit-sharma-reflects-on-series-defeat-signals-potential-personnel-changes/#respond Thu, 08 Aug 2024 10:00:14 +0000 https://urbanchronicle.in/?p=1834 Colombo, August 7, 2024 — Following a disappointing series against Sri Lanka, Indian captain Rohit Sharma acknowledged the team’s shortcomings and hinted at potential personnel changes to address issues with adapting to spin-friendly conditions.

India’s ODI series against Sri Lanka, which began with a tied match, ended in defeat after the team struggled in the subsequent games. The middle-order faltered against Sri Lanka’s four-pronged spin attack, leading to a series loss.

“We need to think about which players could perform better on these types of tracks,” Rohit Sharma said after his team was bowled out for 138 while chasing a target of 249 in the third ODI. “You also need to give consistent chances as it’s not easy to perform in one or two chances. It was a bad series, and we need to accept it.”

The Indian captain expressed frustration over the lack of intent and aggression from his side against the Sri Lankan spinners, who put relentless pressure on the batting lineup. Sharma admitted that the team’s failure to show adaptability and individual plans contributed to their poor performance.

“It’s about individual plans,” Sharma remarked. “We have had these issues in the past where the ball has spun a bit. I can see the guys training hard in the nets and trying to play different shots, but we need to know how to keep momentum. We failed thrice. We should have won that first game which ended in a tie.”

Rohit Sharma indicated that the team might consider making changes in personnel to better tackle challenging conditions. “We know what the problems are. We will let players know what we want, and if we need to be different in terms of choosing personnel, we will do that,” he asserted.

The captain acknowledged the team’s lack of bravery throughout the series and emphasized the need for improvement. “I don’t think we were brave enough throughout the entire series and hence we lagged behind throughout. We will address these issues,” Sharma concluded.

As India looks ahead, adjustments in the squad and strategies are expected to be made to better handle challenging conditions and improve performance in future series.

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India vs Spain Hockey Bronze-Medal Match: How to Watch Live https://urbanchronicle.in/2024/08/08/india-vs-spain-hockey-bronze-medal-match-how-to-watch-live/ https://urbanchronicle.in/2024/08/08/india-vs-spain-hockey-bronze-medal-match-how-to-watch-live/#respond Thu, 08 Aug 2024 08:29:33 +0000 https://urbanchronicle.in/?p=1831 Paris, August 8, 2024 — After a valiant effort that saw their gold medal hopes dashed, the Indian hockey team is set to battle Spain for the bronze medal at the Paris Olympics 2024. The match, scheduled to take place on August 8, promises to be a thrilling contest as India aims to match their performance from the Tokyo 2020 Games and secure a podium finish.

Match Details:

  • Date: August 8, 2024
  • Time: 5:30 PM IST
  • Venue: Yves-du-Manoir Stadium, Paris

Where to Watch:

  • Television: The match will be broadcast live on Sports18.
  • Live Streaming: Fans can follow the action live on Jio Cinema.

India’s hockey team, led by captain Harmanpreet Singh, has showcased exceptional skill throughout the tournament. After defeating Argentina, New Zealand, and Australia, and narrowly losing to Belgium, the team reached the semi-finals. Despite a strong performance against Germany, where they were edged out in the final moments, India has a chance to end their campaign on a high note.

The bronze-medal fixture is not just a chance for redemption but also an opportunity for veteran goalkeeper PR Sreejesh to bid farewell to international hockey with a medal. With India’s recent Olympic journey marked by a string of fourth-place finishes, this match is crucial for lifting spirits and achieving a long-awaited medal.

Make sure to tune in to witness this exciting clash and support the Indian team as they strive for bronze in Paris.

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UPI Transaction Limit for Tax Payments Raised to Rs 5 Lakh https://urbanchronicle.in/2024/08/08/upi-transaction-limit-for-tax-payments-raised-to-rs-5-lakh/ https://urbanchronicle.in/2024/08/08/upi-transaction-limit-for-tax-payments-raised-to-rs-5-lakh/#respond Thu, 08 Aug 2024 08:04:38 +0000 https://urbanchronicle.in/?p=1828 The Reserve Bank of India (RBI) has announced a significant increase in the Unified Payments Interface (UPI) transaction limit for tax payments, raising it from Rs 1 lakh to Rs 5 lakh. This new limit, effective immediately, is designed to simplify and facilitate higher-value tax transactions for consumers.

RBI Governor Shaktikanta Das stated, “Currently, the transaction limit for UPI is Rs 1 lakh except for certain categories of payments that have higher limits. We have decided to enhance the limit for tax payments through UPI to Rs 5 lakh per transaction. This will make it easier for consumers to make tax payments using UPI.”

The change comes as part of a broader review of the UPI transaction limits, which have been periodically adjusted for various types of transactions, including capital markets, IPO subscriptions, loan collections, insurance, medical, and educational services. With the new limit, tax payments, which are often substantial, will benefit from the increased threshold.

In addition to the raised transaction limit, the RBI introduced a new UPI feature called ‘Delegated Payments.’ This feature allows a primary user to authorize a secondary user to perform UPI transactions up to a specified limit from the primary user’s bank account. The secondary user does not need a separate UPI-linked bank account, making digital payments more accessible and convenient.

Governor Das also announced that the repo rate would remain unchanged at 6.5%. This decision follows a rise in inflation, which reached 5.08% in June, surpassing the RBI’s target of 4%. The inflationary pressure, particularly from rising food prices, has complicated the potential for rate cuts. Governor Das emphasized the importance of price stability for sustained economic growth, underscoring the RBI’s focus on controlling inflation.

In addition to the repo rate decision, the RBI revealed measures to enhance the digital lending ecosystem. A new public repository under a regulated entity will ensure accurate credit information, with lenders required to report credit information to Credit Information Companies (CIC) every two weeks for faster borrower updates. Additionally, the cheque clearing cycle will be reduced from two working days to just a few hours, significantly speeding up the process.

The announcement had an immediate impact on the financial markets. India’s bond market experienced a decline, with the 10-year yield rising by 2 basis points to 6.88%. The rupee remained stable, but the benchmark NSE Nifty 50 Index fell by up to 0.7%.

This policy decision comes amidst global market volatility, influenced by recent actions from central banks in advanced economies. The Bank of England recently reduced interest rates, and there is growing pressure on the Federal Reserve to lower rates to support economic growth.

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