Author: ruchitha

A Global Outage, But India Remains Insulated A massive Microsoft outage affected computer systems across the world, grounding flights and crippling banks, stock exchanges, payment systems, and emergency services. However, the Reserve Bank of India (RBI) has confirmed that the Indian financial sector remains largely unaffected by the global outage. RBI’s Assessment The RBI stated that critical systems of most banks are not in the cloud, and only a few banks are using the CrowdStrike tool. According to the RBI, only 10 banks and Non-Banking Financial Companies (NBFCs) had minor disruptions, which have either been resolved or are being resolved. The RBI…

Oil prices remained largely unchanged on Thursday as investors grappled with conflicting signals about crude demand. Concerns about a potential economic slowdown in the U.S. were balanced by rising expectations that the Federal Reserve might soon cut interest rates. The number of Americans filing new applications for unemployment benefits exceeded expectations last week. Initial claims for state unemployment benefits rose by 20,000 to a seasonally adjusted 243,000 for the week ending July 1. This data strengthens the case for the Fed to cut rates as early as this month, which could spur more spending on oil. However, the rising jobless claims also signal an…