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Nagpanchami procession attacked in Bagaha when it reached a mosque, reports media; Bihar police say situation peaceful, no mosque attacked as claimed

OpIndia Staff
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Nagpanchami procession attacked in Bagaha when it reached a mosque, reports media; Bihar police say situation peaceful, no mosque attacked as claimed

On Monday, August 21, on the occasion of Nagpanchami, Hindu religious processions taken out by the Mahaviri Akhada came under vicious attacks in Bihar’s Bagaha, Motihari and other districts. As per reports, severe stone pelting, vandalism, and clashes have been reported in these areas. Videos of the incident showed mobs, standing on rooftops and in the middle of the road, pelting stones at the procession. 

At least a dozen people, including three policemen and a journalist, were injured alone in the clash that occurred in Bihar’s Bagaha district.

Now, according to the latest information that has emerged, the religious procession in the Bagaha district had come under brutal attack, when it reached a mosque in the Ratanmela area.

According to a Bhaskar report, (an archive version of the report can be viewed here) the procession was heading along its scheduled path. Muslims in the neighbourhood of Ratanmela began to outrage as the procession passed by a mosque. They said that the Mahaviri flag cannot pass through the area. This enraged the Hindus and an altercation broke out between the two sides. Soon thereafter, stones started raining at the procession from the roofs and across the road.

Meanwhile, the Bagaha police took to X, formally Twitter to issue a statement on the incident on August 21. It confirmed that the situation in the area has returned to normalcy. They added that neither any mosque nor any member belonging to the particular community had been attacked in this clash. “Bagaha police appeals to all of you not to pay attention to all the rumours,” the post read.

To delve further into the details of the incident, OpIndia spoke to a Bajrang Dal activist from Bagaha in Bihar. Speaking on condition of anonymity, he also confirmed that the procession being taken out by the Hindu outfit was attacked when it was passing the mosque in the Ratanmela area in the Bagaha district.

Stone pelting in Bihar on Hindus during religious procession from OpIndia Videos on Vimeo.

Sharing a video of the incident, the Bajrang Dal activist said that though the procession was taken out with prior police approval the frenzied mob brutally attacked the Hindus participating in the procession.

Other videos of the incident that emerged on social media showed mobs standing on rooftops and pelting stones at the procession. Even police personnel can be seen running here and there to save themselves from the onslaught of stones from adjacent rooftops.

A Zee News report has stated that despite adequate police presence, the stone pelting attack was so severe that even police personnel scattered to save their own lives. Incidents of vandalism and arson have been reported too.

In the Motihari district, similar incidents of clashes were reported from 3 different places. In Mehsi, Kalyanpur and Darpa, religious processions by Hindus were attacked by stone pelters. As per a report by Jagran, when policemen tried to control the situation by lathi charge, they were attacked too. Several policemen have been injured.

In Darpa, a procession in Pipra was attacked by some elements in Pachiyari Tola. Bricks and stones were hurled between two groups. Darpa SHO Dharmendra Yadav was reportedly injured in the incident.

China’s stocks hit nine-month lows amid the weakening Chinese yuan and a floundering economy

ANI
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China’s stocks hit nine-month lows amid the weakening Chinese yuan and a floundering economy

As China’s currency continues to weaken, Chinese stocks hit nine-month lows and the yuan fell on Monday as the authorities’ efforts to revive demand failed to inspire investors, reported Channel News Asia. 

These investors are now showing less confidence in Beijing’s ability to restore momentum in the economy. 

Moreover, a smaller-than-expected-cut in a key lending benchmark disappointed markets. It, however, emphasized the constraints Beijing faces in reviving the demand through monetary easing amid broader worries about collapsing currency and capital flight.

China, the world’s second-largest economy is currently dealing with an unprecedented debt crisis in its massive property sector. It has also soured investor sentiment in the country as growth stalls, Channel News Asia reported. 

Since late November last year, China’s blue-chip index and Hong Kong’s Hang Seng Index both fell to the lowest level, disappointed by the measures announced on Friday by China’s securities regulators which aimed at strengthening investor confidence. 

Charu Chanana, market strategist at Saxo in Singapore said, “China’s corporates and households are in a deleveraging mode, and rate cuts will not be enough to change that. Authorities are likely starting to realise that.”

“Rate cuts only put more pressure on banks, and broader measures to address capital adequacy and solvency issues will be needed to revive sentiment and activity levels,” she added. 

The onshore yuan eased roughly 0.3 per cent to about 7.30 per dollar, reported Channel News Asia. 

The currency fell even after Beijing vowed to stabilise the currency and much stronger than expected central bank guidance, as investors struggled to shake broader worries about weak exports, sluggish consumption and property market vows. 

However, China lowered its one-year benchmark lending rate on Monday. But, it shook the markets by not changing the five-year rate on which mortgage rates are based. 

According to Channel News Asia, analysts say Monday’s modest rate cut shows authorities are concerned about the risks of a major yuan selloff and capital flight, with any easing likely to widen the yawning gap between interest rates in China and its major trading partners. 

Such concerns could limit the scope policymakers have to loosen monetary settings which would only contribute to investors’ disappointments about Beijing’s response to the current economic slowdown. 

Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui DS Asset Management said, “Probably China limited the size and scope of rate cuts because they are concerned about downward pressure on the yuan. Chinese authorities care about currency market stability.”

Furthermore, Goldman Sachs on Monday cut its forecast on Chinese stocks and expected a lower trading range until more forceful responses to the housing market woes. 

The Chief Economist at GROW Investment Group, Hong Hao said that China needs policy goals that include specific numbers such as the size of infrastructure stimulus, or how many flats will be redeveloped under the urban village revamp programme, reported Channel News Asia. 

“To boost confidence, what we need now is a ‘flood-irrigation’ approach rather than targeted, piecemeal policies,” he added.

(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)

India becomes the fifth country with a homegrown crash testing program as Nitin Gadkari launches Bharat NCAP: All you need to know

OpIndia Staff
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India becomes the fifth country with a homegrown crash testing program as Nitin Gadkari launches Bharat NCAP: All you need to know

On Tuesday (22nd August), the Union Minister of Road Transport and Highways Nitin Gadkari launched the much-awaited Bharat New Car Assessment Programme (Bharat NCAP or BNCAP). It is India’s first homegrown crash testing program also known as the vehicle safety rating system launched with the aim to improve safety features in vehicles and develop a ‘safety-sensitive car market’ in India. 

With the launch of BNCAP, India has become only the fifth country in the world to have its dedicated car crash safety program. The other four countries include the United States, China, Japan, and South Korea.

The new safety assessment program is for passenger vehicles that can carry up to eight people and weigh less than 3.5 tonnes. Apart from petrol and diesel vehicles, Bharat NCAP could also offer tests and safety ratings for CNG and hybrid cars. It will be implemented from the 1st of October, this year. 

Hailing the program, Gadkari expressed concerns stating that the country is facing two challenges namely, road accidents and air pollution. He stressed that every year around five lakh accidents take place in India and 1.5 lakh deaths because of these accidents.

The Union Minister said that the Bharat NCAP mechanism has been prepared in a systematic way taking into account the views of all stakeholders. The Union Ministry of Road Transport and Highways had approved the draft for such a programme way back in June last year. 

Gadkari said, “This is the time when we have the highest priority for how we can save lives of the people, and road safety is the most important thing for that. Road engineering is a big problem somewhere; out total process of making detailed project reports is a completely wrong methodology. We are trying our level best to educate our engineers about the types of mistakes we are repeating in road engineering.”

Taking to the social media platform X, formerly known as Twitter, Gadkari wrote, “BNCAP as a revolutionary step that will drive India towards safety.” He shared a video explaining the steps taken so far by his ministry to reduce the number of fatalities in road accidents. The video also gives in-depth details of the newly launched BNCAP programme and how it will work.

What is BNCAP and how it will create a safety-sensitive car ecosystem in India

As per the BNCAP mechanism, car manufacturers can voluntarily offer their vehicles for testing as per the Automotive Industry Standard (AIS) 197. The vehicle will be awarded star ratings on a scale of 0-5 with a five-star rating being the highest safety standard. The star ratings will be based on the performance of the car in these crash safety tests. 

After a manufacturer voluntarily submits a vehicle for safety test under Bharat NCAP, the vehicle will have to undergo a series of tests. This includes a frontal crash test which will be conducted at a speed of 64 kmph and side and pole-side tests which will be done at 50 kmph and 29 kmph respectively. 

The ratings will be given based on two main criteria namely adult safety for front passengers and child safety for rear occupants. In the Bharat NCAP safety rating system, a vehicle will have to score a minimum of 27 out of 32 possible points to get a five-star rating for adult safety. Similarly, a score of 41 out of 49 points will be needed to get five stars for child safety. 

Additionally, the vehicles can earn extra points by including features like ISOFIX anchorages, which are crucial for enhancing child restraint systems. These crash safety tests will help assess to what extent a car may suffer damage in case it is struck in an accident. They will help educate consumers to make informed choices before purchasing a new car.

According to data, in 2021, 1.54 lakh people reportedly lost their lives and 3.84 were injured in road accidents. In 2020, 1.31 lakh people died and 3.49 lakh were injured. In view of the same, the Bharat NCAP will result in a reduction in the surging numbers of fatalities and injuries owing to road mishaps.

Further, BNCAP will make India self-reliant in the sense that currently several cars in India are crash-tested by Global NCAP, which was developed by the USA.

According to Ministry’s official statement, with high safety standards, Indian cars will be able to compete better in the global market and it will increase their export worthiness.

Meanwhile, the automobile sector has responded positively to this development. As per news agency PTI, auto manufacturing giants like Maruti Suzuki, Mahindra & Mahindra, and Toyota wholeheartedly embraced the introduction of Bharat NCAP. They lauded this as a bold step in the right direction for the domestic industry.

ED raids residence of Kerala CPM MLA AC Moideen in the 312 crore fraud case at the party-controlled Karuvannur Cooperative Bank

OpIndia Staff
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ED raids residence of Kerala CPM MLA AC Moideen in the 312 crore fraud case at the party-controlled Karuvannur Cooperative Bank

On Tuesday, August 22, the Enforcement Directorate raided the residence of CPM MLA AC Moideen at Wadakkancherry in Thrissur district as part of an investigation in a money laundering case linked to the Rs Rs 312 crore fraud at Karubannur Co-operative Bank, which is controlled by the ruling CPM.

Moideen, who is reportedly under ED scanner over benami assets, was a State Minister in the first Pinarayi Vijayan government-2016-21.

The ED is raiding over six places linked to the MLA and others in the state under the provisions of the Prevention of Money Laundering Act (PMLA). The ED teams are being escorted by central paramilitary force personnel.

Moideen is reportedly present at his home while the 12-person team continues the raid.

According to reports, after the scam was unearthed it was revealed that Moideen, who is a senior CPI(M) leader who represents the Kunnamkulam constituency in the state Assembly, shares a close relationship with those who ran the bank.

Notably, the raids are being carried out after ED registered cases against 18 people, including director board members and staff of the popular Cooperative bank. As part of the same probe, a 75-member team had yesterday (Monday, August 21) carried out raids at the houses of the Karubannur Co-operative Bank president, secretary and other accused persons.

The scam was unearthed in Kerala in 2021. On July 14, 2021, the Irinjalakuda police registered a complaint against the accused persons. Soon after, the case was handed over to the state crime branch. There have been allegations that board members of the bank were aware of the ongoing fraud, and rampant forgery of signatures and documents was carried out.

Hyderabad: Eight men barge into minor’s house, three intoxicated men gang-rape the Dalit girl at knifepoint

OpIndia Staff
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Hyderabad: Eight men barge into minor’s house, three intoxicated men gang-rape the Dalit girl at knifepoint

In a harrowing incident, a minor Dalit girl was allegedly gang-raped by three men at her house at knifepoint in Hyderabad, Telangana. The accused, under the influence of ganja, took turns raping the 16-year-old who was at her elder sister’s house at the time. The incident reportedly took place on Sunday (20th August) in Nandanavanam Colony which falls in the jurisdiction of Meerpet Police Station of Rachakonda Police Commissionerate.

A group of at least eight men barged into the house and threatened her brother and three other children of the family. Four of these eight men took the minor Dalit girl to the third floor of the house and three men gang-raped her while holding a knife to her. Four other accused were also present inside the house threatening the brother and the three children. The incident occurred at around 9.30 am on Monday.

Narrating the incident, the brother of the victim said, “We returned to work at 5.30 am. At around 9.30 am, a group of eight persons carrying knives barged into our home. They took my sister upstairs. About 30 mins later when they left, my sister came to us crying saying they assaulted her and asked us to take her to the police station.” 

The accused fled the scene of the crime after the victim screamed loudly for help. A complaint was filed at the Meerpet police station by the victim’s elder sister. A case under the Protection of Children from Sexual Offences (POSCO) Act, 2012 has been filed. Subsequently, after the medical examination, the victim was sent to Sakhi Center for rehabilitation. 

The Rachakonda Police Commissioner DS Chauhan visited the crime scene and the Mirpet Police Station. The police said that some of the accused are history sheeters. While four suspects have reportedly been detained and are being questioned, the police have constituted as many as seven different teams to arrest the main accused in the case. CCTV footage is also being analysed to track the culprits.

The minor Dalit girl originally hails from Hyderabad’s Lalbazar area and had reportedly shifted to her elder sister’s house two weeks ago along with her 14-year-old brother following the death of their parents. She is employed at a garment shop in Dilsukhnagar. Her younger brother works as a helper in a local shop.

Mamata Banerjee increases the monthly allowance of Imams and purohits: Here is how Hindu priests are given half as much as Islamic clerics

OpIndia Staff
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Mamata Banerjee increases the monthly allowance of Imams and purohits: Here is how Hindu priests are given half as much as Islamic clerics

On Monday (August 21), the Mamata Banerjee-led West Bengal government increased the monthly honorarium of Islamic clerics (Imams) and Hindu priests (purohits) by ₹500.

As such, the effective monthly increase of allowance to Imams and purohits has increased to ₹3000 (up from ₹2500) and ₹1500 (up from ₹1000). Muslim individuals who give Islamic call to prayer (Azaan), popularly called muezzins, will be paid an honorarium at par with Hindu priests i.e. ₹1500 per month.

While speaking about the matter in the Netaji Indoor stadium in Kolkata, Mamata Banerjee said, “Wakf board used to give the allowance of imams and muezzins. Our capacity is limited. I would request to increase their monthly allowance by Rs 500. We are also increasing the monthly allowance of purohits by Rs 500.”

As such, the allowance given to the Imam has doubled in comparison to the Hindu priests. The development comes at a time when the State is reeling under a financial crunch. A senior member of the Finance Department told The Indian Express, “We do not know how we can manage this burden.”

It must be mentioned that the West Bengal government under Mamata Banerjee introduced the scheme of honorarium for Muslim clerics and muezzins within just a year of coming to power.

In a notification released on April 19, 2012, by the Department of Minority Affairs and Madrasah Education, the government announced, “The District Magistrate will also requisition funds for a period of 2(TWO) months, initially, on the basis of the number of imams of the District @ Rs. 2500/- per IMAM per month.”

Balancing act by Mamata Banerjee

Eight years after the honorarium scheme for Imams and Muezzins came into force, Mamata Banerjee announced a monthly allowance for Hindu priests in September 2020.

It is important to mention that the number of Hindu beneficiaries was just 8000, compared to 55,000 Imams. To add salt to the wound, their pay now is ₹1500 per month, which is 50% less than that of Imams.

This is despite the West Bengal CM’s claim of working for all communities. “As long as I am alive and my party is in power, I will be there for everyone and work for all communities. Never think that I have forgotten you,” she said on Monday (August 21).

The issue of discrepancy in monthly honorarium was raised by BJP leader Suvendu Adhikari in February 2021. Mamata Banerjee has often been accused of Muslim appeasement. It must be mentioned that she imposed restrictions on the immersion of Durga idols in 2016 and 2017 to make way for Muharram processions.

Actor and propagandist Prakash Raj booked in Karnataka for his tweet mocking Chandrayaan-3 mission after Hindu organisation files complaint

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Actor and propagandist Prakash Raj booked in Karnataka for his tweet mocking Chandrayaan-3 mission after Hindu organisation files complaint

Actor Prakash Raj has been booked in a police station of Karnataka’s Bagalkot district over a social media post, in which he allegedly mocked India’s ambitious third lunar mission– Chandrayaan-3, police said on Tuesday.   

“A complaint has been filed against actor Prakash Raj for his post on the Chandrayaan-3 mission,” police said.  

“Hindu organisations leaders filed a complaint against the actor in Banahatti police station of Bagalkote district and have demanded action,” they added.  

The veteran actor on Sunday took to microblogging site X, sharing a caricature of a man in a shirt and lungi pouring tea.  

Sharing the picture, he wrote, “First view just arrived from Chandrayaan .. #VikramLander #justasking.” 

Prakash Raj has been facing heavy backlash since then with people saying that the Chandrayaan-3 mission is linked to the country’s pride.  

Faced with social media outrage Prakash Raj clarified on X that his comments were only intended as a joke. “Hate sees only Hate…I was referring to a joke of #Armstrong times celebrating our kerala Chaiwala-which Chaiwala did the Trolls see? if you dont get a joke then the joke is on you..GROW UP #justasking” he posted. 

According to Indian Space Research Organisation (ISRO), the Chandrayaan-3 is set to land on the moon on August 23, around 18:04 hours IST. 

Live action will be available on the ISRO website, its YouTube channel, Facebook, and public broadcaster DD National TV from 17:27 IST on Aug 23, 2023. 
India will be the fourth country in the world to achieve this feat after the United States, Russia, and China, but India will be the only country in the world to land on the lunar south pole. 

The primary objectives of Chandrayaan-3 mission are threefold — to demonstrate safe and soft landing on lunar surface; to demonstrate rover roving on the moon, and to conduct in-situ scientific experiments. 

Chandrayaan-3’s development phase commenced in January 2020 with the launch planned sometime in 2021. However, the Covid-19 pandemic brought an unforeseen delay to the mission’s progress. 

Chandrayaan-3 mission was launched on July 14, 2023 via the GSLV Mark 3 (LVM 3) heavy-lift launch vehicle from the Satish Dhawan Space Centre in Andhra Pradesh’s Sriharikota at 2:35 PM. 

‘Muslims won’t remain passive observers’: Congress’ Aziz Qureshi issues a veiled threat, calls installing idols of Hindu Gods at party offices shameful

OpIndia Staff
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‘Muslims won’t remain passive observers’: Congress’ Aziz Qureshi issues a veiled threat, calls installing idols of Hindu Gods at party offices shameful

Senior Congress leader and former governor of Uttarakhand Aziz Qureshi on Tuesday said it was a matter of great shame that party leaders chanted slogans of “Jai Ganga Maiyya, Jai Narmada Maiyya.” He further added that it was shameful that Congress leaders installed idols of Hindu Gods at party offices.

“Some of the members of Congress carry out Hindutva rallies. They raise slogans of Jai Ganga Maiya, Jai Narmada Maiya. It is a matter of great shame. They are installing idols of Hindu Gods in party offices. What could be a greater shame than this? Qureshi said.

“I have no fear, remove me from the party. Today Nehru’s heirs, Congress people take out religious processions, say ‘Jai Ganga Maiya’, and say proudly that I am a Hindu. They install idols in the PCC office,” he added.

With a firm demeanour, ex-Governor Aziz Qureshi emphasized that every political party in the nation, Congress included, ought to comprehend that Muslims are not subservient to anyone. “The rationale behind Muslim votes demands consideration: If employment opportunities are scarce, if representation within the police, army, and navy is lacking, then what reason is there for the Muslim community to align their votes with you?” he argued.

Issuing a veiled threat, Aziz Qureshi expressed that the demise of one or two crore Muslims out of the total 22 crore would not pose an issue. He said, “When the water surpasses its threshold, Muslims won’t remain passive observers.”

During an interaction with Aaj Tak regarding this matter, he reaffirmed his position, stating, “I adhere to my statement.” Aziz Qureshi said, “I made this statement because Muslims across the country are residing in an environment of apprehension, facing intimidation.”

Addressing the religious undertakings of the Congress, he remarked, “The Congress party intermittently embraces Hindutva. Acts like conducting worship in the Congress office, installing idols, and chanting slogans of Jai Shri Ram are contrary to Nehru’s vision. The essence of Congress being a secular party is being undermined by certain individuals, and I am striving to counteract this drift.”

Delhi Police’s Economic Offences Wing approaches court to cancel protection from arrest to NewsClick’s Prabir Purkayastha, Delhi HC issues notice to editor-in-chief

ANI
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Delhi Police’s Economic Offences Wing approaches court to cancel protection from arrest to NewsClick’s Prabir Purkayastha, Delhi HC issues notice to editor-in-chief

The Delhi High Court on Tuesday issued notice to news portal NewsClick’s Editor in Chief Prabir Purkayastha on a plea filed by Delhi Police’s Economic Offences Wing (EoW), seeking direction to vacate its interim order asking the probe agency not to take any coercive action against the news site.  

The high court, on July 7, 2021, passed an order directing that Prabir Purkayastha shall not be arrested, adding, however, that he will have to cooperate with the investigation as and when required by the investigating officer. 

The bench of Justice Saurabh Benrajee on Tuesday sought a response from Purkayastha in the matter. 

According to the EOW FIR, a case was registered under IPC sections 406, 420 and 120-B and an investigation was launched. During the probe, the sleuths gathered evidence indicating criminal acts. 

The accused persons, in conspiracy with their accomplices based abroad, devised a deceitful scheme to obtain and receive funds for undertaking activities as per instructions received from their foreign-based benefactors, by disguising the funds received as Foreign Direct Investment. 

The accused persons, in furtherance of their scheme, converted their entity into a private limited company and got their valuation inflated through manipulation of the valuation criteria and process, so as to use the inflated valuation to get foreign investment purportedly in lieu of dilution of their shareholding in favour of the foreign investors, stated the EOW. 

After seeking protection from arrest the petitioner Prabir Purkayastha joined the investigation and he merely provided the balance sheets of PPK Newsclick Studio Pvt. Ltd. for the financial year 2017-2018, 2018-2019, 2019-2020 but failed to provide closures of the balance sheets to check their source of revenue, expenditures, end use of funds FDI, and fund/revenue from foreign entities stated EOW. 

The petitioner or accused also failed to provide information on what kind of export services were provided by their company PPK Newsclick Studio Pvt. Ltd. to the foreign entities against the fee/remittances paid by them, stated EOW. 

Recently, the ED also moved Delhi High Court against Newsclick and its editor-in-chief through a fresh application stating that it was a case of grave criminal conspiracy for paid news. 

The high court, on June 21, 2021, had directed the ED not to take coercive action against the news portal and on July 29, 2021, directed the agency not to take any coercive action against the portal’s founder Purkayastha in connection with a money laundering case subject to his joining the investigation. 

The ED plea stated that in light of further investigation in the matter, additional material has been revealed which discloses the commission of the offence of money laundering as well as the commission of a scheduled offence, which has been intimated to the predicate agency as well, by way of an appropriate communication u/s 66(2) of the PMLA. 

“In light of the facts, the present application is being filed bona fide and in the interest of justice, seeking vacation of the interim orders dated June 21, 2021 and July 29, 2021,” the ED said in its plea.  

The agency, in February 2021, raided the premises of NewsClick and the residences of its editors in connection with a case of alleged money laundering and conducted search and seizure operations. Its case related to alleged foreign funding is based on an FIR registered by Delhi Police’s Economic Offences Wing. 
Earlier this month, Information and Broadcasting Minister Anurag Thakur hit out at the Congress and NewsClick over their alleged Chinese funding.

(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)

BRICS bank plans to issue first ever Indian Rupee bond by October, plans to tap Indian market

OpIndia Staff
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BRICS bank plans to issue first ever Indian Rupee bond by October, plans to tap Indian market

On Monday (21 August), the Chief Operating Officer of the New Development Bank (NDB) stated that the bank founded by the BRICS countries is aiming to issue its first Indian Rupee bond by October, as reported by Reuters. 

Apparently, the COO of NDB Vladimir Kazbekov shared the bank’s plan while addressing a press briefing ahead of the BRICS Summit in Johannesburg which is currently underway and will continue till the 24th of August. 

During his press briefing, he said, “We’re going to tap (the) Indian market – rupees – maybe by October in India.”

However, Kazbekov declined to give a target size for the Indian rupee bond program. Previously, media reports stated that the process for this decision was underway. 

Going ahead, Kazbekov highlighted that NDB issued its first rand bond in South Africa last week and added that it could consider local currency issuance in members Brazil, Russia, and the United Arab Emirates. 

He said, “Now we start thinking seriously… to use one member country’s currency to finance projects with that currency in another member. Let’s say, a project in South Africa to be financed in CNY (Chinese yuan), not with USD (U.S. dollar).”

Speaking with Reuters, Chief Financial Officer Leslie Maasdorp said that the bank aims to increase local currency lending, from about 22% to 30% by 2026, but that there were limits to de-dollarisation. Most of this lending has so far been in the Chinese yuan.  

NDB was founded in 2015 and is hailed as one of the most concrete achievements of the BRICS countries – Brazil, Russia, India, China, and South Africa. The bloc is seen as a counterweight to the West. However, its lending process is comparatively slower which has hampered its plan. 

The NDB has been working towards enhancing its ability to expand its raising and lending capabilities, with a particular focus on local currencies.

Kazbekov stated that the NDB is also ready to fulfill a commitment made two years ago to provide $3 billion of financing for South Africa’s “Just Transition” from mostly coal power to renewable energy. He added that the commitment is still there, but no projects. That’s why we are trying to find projects. 

The 15th BRICS Summit is currently underway in Johannesburg, South Africa.

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