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  MPC Must Go Beyond Inflation  
  There are times when what one says is more important than what one does. And what it says could well be the litmus test of its significance. October 2018 is such a time for the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI). The six-member committee led by RBI governor Urjit Patel meets at a point when financial markets are grappling with an instability investors haven’t experienced for years  
 
  SBI Halves ATM Cash Withdrawal Limit to Rs.20K/Day  
  The country’s largest lender, State Bank of India (SBI), has lowered the ATM cash withdrawal limit to Rs.20,000 a day, from Rs.40,000. The lower limit will be effective from October 31. “In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless transactions, it has been decided to decrease the cash withdrawal limits of debit cards issued or being issued on ‘Classic’ and ‘Maestro’ platforms,” said a bank communiqué to offices.  
 
  IL&FS Lenders Seek Resolution Plan Before Mulling More Loans  
  Lenders to Infrastructure Leasing & Financial Services (IL&FS) have declined to provide additional loans of Rs.3,500 crore to the term-lending institution unless a resolution plan explaining how debt will be repaid is put in place, three senior bank officials told ET. The development comes as shareholders of the company have voted in favour of raising Rs.15,000 crore in the form of debt while the IL&FS bonds trustee had barred it from distributing any dividends.  
 
  ITC Shifts Focus to Higher Margins in Personal Care Space  
  In a change of strategy to maximise profit growth rather than just chasing volumes, cigarette-biscuit-hotel major ITC will no longer enter any low margin and low growth categories in personal and home care business, a senior company official said. Analysts said ITC failed to cut much ice in high competition and high volume categories like soaps and shampoos and wants profitable growth in personal care as part of its plans to become a market leader in India’s FMCG market.  
 
  GSK Shortlists Bidders For Indian Nutrition Business  
  Nestle, Unilever and Coca-Cola are among companies shortlisted by GlaxoSmithKline for the second round of bidding for its Indian nutrition business, which includes the prized Horlicks brand, people familiar with the development told ET. Negotiations for the GSK Consumer portfolio are set to intensify as fresh rounds of management committee meetings are scheduled in London next week, they said.  
 
  Coop Model Alternative to Socialism, Capitalism: PM  
  Prime Minister Narendra Modi has asserted that the cooperative movement in Gujarat has built a successful alternative model to both socialism and capitalism. Inaugurating Amul’s chocolate plant at Anand on Sunday, Modi said the seeds sown by Sardar Vallabhbhai Patel about a century ago “has blossomed as the third economic system, where neither the government nor the capitalists will have control. This cooperative movement will develop and grow with the participation of farmers and everyone will be a stakeholder in it.”