COMPANIES | PAGE 4 ECONOMY | PAGE 3 Navy adds 3 indigenous warships to its fleet INTERNATIONAL | PAGE 7 Hero to leverage its brand power CHENNAI/KOCHI, THURSDAY, JANUARY 16, 2025 ‘Soul ofAmerica’ at stake: Biden onTrump return FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL NO. XLV 215, 20 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E OVERNIGHTREPO RATE BACK INTO PLAYFROMTODAY Liquidity on tapvia dailyVRR auctions 2,09,199 2,20,515 2,23,557 2,25,017 2,50,062 1,81,607 1,44,350 97,826 28,958 40,111 67,445 2,00,938 RBI net liquidity injections (in ` crore) 38,614 IN A SIGNIFICANT reset to its liquidity management framework,the Reserve Bank of India (RBI) will conduct variable reverse repo (VRR) auctions on all working days until further notice amid tight liquidity. Liquidityinthebankingsystem stood at a deficit of `2.09 lakh crore as of January 14,RBI data showed. VRR auctions enable RBI to inject liquidity into the system. Accordingtobankingindustry experts, the daily VRR auctions will bring the overnight repo rate back into play once again and give confidence to marketsduringthecurrentuncertaintimes.Earlier,themultiple-dayVRRandVRRRauctions were targeted at the weighted MONEY MATTERS 1,04,974 ANUPREKSHA JAIN & SACHIN KUMAR Mumbai, January 15 01 02 03 04 05 06 07 08 09 10 11 12 13 14 Jan 2025 Source: RBI, Bloomberg average call rate (WACR). The VRRs,which will commence from Thursday for `50,000 crore, will be held between Mondayand Friday. Theauctionamountswillbe decided by the regulator,based on assessment of the liquidity conditions, and will be announced on the RBIwebsite. Re recovers on weaker $ AFTER FALLING FOR the past five trading sessions, the rupee on Wednesday recovered 28 paise, or 0.33%, against the dollar, markingitsbiggestgainin oversevenmonths,helped by a weaker dollar and a lower-than-expectedtrade deficit number, reports Sachin Kumar. Intervention from RBI also helped the rupee hold its ground. WWW.FINANCIALEXPRESS.COM READ TO LEAD CEAamong candidates for post ofRBI deputy guv VAnantha Nageswaran FE BUREAU New Delhi, January 15 The RBI has conducted six VRR auctions so far this month to help cash-strapped lenders. CHIEF ECONOMIC ADVISER (CEA) V Anantha Nageswaran and16thFinanceCommission secretary Ritvik Pandey were among the candidates interviewed on Wednesday by a selectionpanelheadedbyCabinet secretaryTV Somanathan for the post of a new deputy governor at the Reserve Bank of India (RBI). The appointee will replace Michael Patra,whose four-year termcametoanendonTuesday. Continued on Page 7 Continued on Page 10 ■ PAGE 6 GovtmayphaseoutoldI-Tregime Swiggy,Zomato may RUN-UP TO THE cut food discounts PRIYANSH VERMA New Delhi, January 15 FINANCE MINISTER Nirmala Sitharaman may announce a road map for a gradual phasing out of the old personal income tax regime over the next few yearsintheBudget.Shemayalso tweak the new regime introducedinFY21tomakeitthenaturallypreferredchoiceforalltax- BUDGET 2025-26 payers through the phase-out period.Over 72% of taxpayers have already adopted the new regime, which allows little exemptionsordeductionswhile the tax rates are more benign. According to sources, the Centrewon’tmakeanychanges to the old regime that provides for investment-linked exemptions and deductions.“Further simplification of the new tax regime, and tweaking the slab structure of tax rates,will automatically push more taxpayers to adopt it,” an official said. Continued on Page 7 ANEES HUSSAIN Bengaluru, January 15 FOOD DELIVERY GIANTS Swiggy and Zomato are expected to moderate discounts in their core business as competition in quick commerce — anothersegment theyare pre- sent in — intensifies, say industry experts. This shift reflects a strategic move towards sustainable pricing to balance profitability and maintain market leadership. Continued on Page 10 CHENNAI/KOCHI
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