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RBI cuts repo rate by 0.25% to bring it to 5.15%, reverse repo rate at 4.9%; fifth cut this year

The Reserve Bank of India cut its repo rate by 25 basis points to 5.15 percent, the fifth cut this year, in a bid to boost the flow of credit and reverse economic slowdown.

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RBI Governor Shaktikanta

[vc_row][vc_column][vc_column_text]The Reserve Bank of India (RBI) today – Friday, Oct 4 – cut its repo rate by 25 basis points to 5.15 percent, the fifth time this year, in a bid to boost the flow of credit and reverse economic slowdown. [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1570179377756{border-top-width: 10px !important;border-right-width: 10px !important;border-bottom-width: 10px !important;border-left-width: 10px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #b2b2b2 !important;border-radius: 10px !important;}”]Repo rate is the rate of interest at which the RBI lends money to commercial banks, reverse repo rate is the rate at which it borrows. 

One basis point is a hundredth of a percentage point and 25 basis points means 0.25%.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]The central bank also decided to continue with an accommodative stance “as long as it is necessary” to revive growth, while ensuring inflation remains within the target.

All members of the six-member Monetary Policy Committee (MPC), that met on October 4 to review interest rates, voted to reduce the policy rate, the RBI said.

With this cut, the repo rate, which serves as the MPC’s policy rate, has been reduced for the fifth consecutive time this year, the total coming to 135 basis points. Lower interest rates are expected to make home and vehicle loans cheaper. However, banks have passed on only a fraction of these cuts so far, said reports.

The MPC meeting comes in the backdrop of RBI’s mandate to banks to link their loan products to an external benchmark, like repo rate, for faster transmission of reduction in policy rates to borrowers, from October 1.

The MPC also sharply reduced its growth forecast for the fiscal year 2019-2020 to 6.1% from 6.9% earlier. The committee noted that risks to growth have emerged due to weak domestic demand and sagging export prospects on account of continuing trade tensions. MPC on the other hand retained its consumer price inflation forecast for the second half of the fiscal year 2019-202 as expected at 3.5%-3.7%

The RBI said that while these measures are likely to help strengthen private consumption and spur private investment activity, the continuing slowdown warrants intensified efforts to restore the growth momentum.

The Indian economy grew at the pace of just 5 percent in the June-ended quarter, it’s slowest since 2013. This triggered a slew of measures by the government and the central bank in past few months, including a corporate tax rate cut and setting up loan melas to encourage fresh investments.

Inflation has remained well within the MPC’s target of 4 percent for the past 13 months, giving room for the central bank to respond with policy rate cuts.

“With inflation expected to remain below target in the remaining period of 2019-20 and first quarter of 2020-21, there is policy space to address these growth concerns by reinvigorating domestic demand within the flexible inflation targeting mandate,” RBI said.

The MPC was largely expected to vote in the favour of a rate cut and back government’s efforts to address the current economic slowdown.

The MPC is next scheduled to meet during December 3-5, 2019.

The announcements from the six-member Monetary Policy Committee (MPC) came after a three-day meeting. The rate cut comes at a time when the Indian economy is facing its worst slowdown since the dip in economic activity following the global financial crisis of 2008-09.[/vc_column_text][/vc_column][/vc_row]

Delhi news

Watch: Parents request BJP MP Ramesh Bidhuri to resolve local school issues, Bidhuri replies why they birthed their kids | Watch

One parent, in the video, stated that the during the time of elections these BJP leaders implore and ask for votes from us, and do not ask such questions because our votes hold value.

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Delhi BJP MP Ramesh Bidhuri’s video has emerged on the internet where the BJP MP, in response to the problems in a local school, can be seen asking the parents why have they birthed their children. The parents after hearing his remarks can be seen to be infuriated.

In the video, the BJP MP can be heard asking why did the parents birth their kids, the parents while talking to the press were enraged at the uncouth way the BJP leader dealt with the situation. One parent, in the video, stated that the during the time of elections these BJP leaders implore and ask for votes from us, and do not ask such questions because our votes hold value.

Another parent remarked that now we have to ask permission from these leaders before birthing and raising a child, whereas another parent urged and promised the MP to start the school and resolve all the issues in the school, promising, if he can resolve all the issues, the member of the parents association will garland and praise the BJP MP for his task.

Twitter users, while being enraged by the statement made by Bidhuri, trenchantly remarked on the incident as one user came forward and wrote and highlighted the type of people the BJP gives tickets to run in the elections.

Whereas, another Twitter user remarked that this is the representative of the people and instead of finding solutions to the problem, the MP himself has problems with people’s issues. The user further proclaimed that despite this, the people will still vote for him, suggesting the hero-worship culture of voting which is followed by some factions of the country.

Another incident of a similar nature transpired in Bihar where a girl asked IAS Harjyot Kaur, Bihar Women Development Corporation’s Managing Director for the sanitary pads to be made available for free. To this request, IAS Harjyot Kaur, asked if there is an end to the demands made by the public and further asked that right now you are asking for sanitary pads and tomorrow you will ask for condoms.

The statement by the official enraged Twitter as many people came to check the official’s remark and asked if India is a welfare state, then why are people’s demands being dismissed and becoming a taboo topic for her.

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India News

Jamia Millia Islamia student shot at inside Holy Family Hospital, shifted to AIIMS Trauma Centre

Nauman Ali, the student who was shot at, has a superficial injury on the scalp and has been shifted to the AIIMS Trauma Centre.

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Jamia Millia Islamia

Another Jamia Millia Islamia incident has taken over the headlines. Reportedly, a student was shot at and injured by another Jamia student on Thursday inside the Holy Family Hospital in southeast Delhi’s Jamia Nagar area.

The incident took place around 8.50 pm on Thursday, when police received information regarding a quarrel at Jamia Millia Islamia University library. After rushing at the spot, the officials came to know that a fight had ensued between two groups of students.

A 26 year old student names, Noman Chaudhary had sustained a blunt injury on his head and was later taken to the Holy Family Hospital for treatment by another Jamia student, Nauman Ali, an associate of Nauman Chaudhary, The officer further told media that the student is a resident of Meerut district in Uttar Pradesh.

Read Also: Congress party files complaint against Filmmaker Ashoke Pandit, allegations of spreading fake news and creating enmity between groups

Meanwhile, one student of the second group, Zalal, a resident of Mewat in Haryana, accompanied by his friends came to the hospital and fired at Nauman Ali outside the emergency ward.

Police officials told media that Nauman Ali, the person who was shot at, has a superficial injury on the scalp, hence, he has been shifted to the AIIMS Trauma Centre. The Delhi Police’s crime team is still inspecting the scene of crime and Legal action has been initiated accordingly at Jamia Nagar and New Friends Colony police stations.

Few days back during the crackdown against PFI in Delhi, the police had warned the Jamia Millia University students against holding any protests inside and outside the university campus. For the unversed, the Jamia Millia University and Shaheen Bagh were centers of anti-CAA protests in Delhi in December 2019.

In order to keep the law and order situation in check, the Delhi Police had also imposed Section 144 in Delhi’s Okhla region which includes areas of Shaheen Bagh and Jamia Nagar, where Jamia Millia Islamia University is situated from September 19 till November 11.

Delhi Police also warned the Jamia Millia Islamia students and teachers not to assemble in and around the campus as police have imposed restrictions under section 144 of the CrPC in the entire Okhla area. However, Section 144 of the CrPC prohibits the assembly of four or more people in an area. Violation of the order is punishable under section 188 of the IPC.

Bihar: Shoot-out in Patna leaves 4 dead, 9 injured

Viral: Another Bihar mobile thief hangs from moving train’s window, internet applaud passengers | Watch

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Bihar news

Viral: Another Bihar mobile thief hangs from moving train’s window, internet applaud passengers | Watch

The video has been making rounds on the internet as many users came forward to remark on the scene of the thief getting to deal with instant Karma. One user slyly remarked how this is the new India, where a thief will be caught, as well as will be punished, implying the trend of people taking the law into their own hands.

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Bihar mobile thief

A video from Bihar’s Bhagalpur has gone viral where a thief, who tried to snatch the phone from a moving train’s window was caught by the passengers. The passengers grabbed onto the arms of the thief and kept the thief held to the train’s window for approximately five kilometers. The passengers didn’t just stop there as they thrashed the thief later on as well.

In the video, the thief can be seen being held onto the train’s window as he flails and nearly misses a lot of train pillars and poles. The train can be seen moving at a very high speed which makes the video more horrific. The passenger in the adjacent compartment can be seen making a video of the thief.

The video has been making rounds on the internet as many users came forward to remark on the scene of the thief getting to deal with instant Karma. One user slyly remarked how this is the new India, where a thief will be caught, as well as will be punished, implying the trend of people taking the law into their own hands.

Read Also: Bihar: Shoot-out in Patna leaves 4 dead, 9 injured

Another user added to the conversation by imparting his opinion of how if India needs a crime-free society, the society themselves needs to take the initiative and has to decide whether to fear the criminals or rather instill fear into the brains of the criminals.

A similar incident had taken place in Bihar’s Begusarai where, similarly, a thief tried to snatch the phone of a passenger from a moving train, however, to his surprise, the thief was not able to pull off the bold theft as the passenger managed to save his phone while also grabbing on to his one arm and pulling him along the moving train.

Read Also: Jamia Millia Islamia student shot at inside Holy Family Hospital, shifted to AIIMS Trauma Centre

Another passenger also followed suit and clutched onto the thief’s second arm which led to the passenger holding him along the train window for 10 kilometers. The man in the video can be seen pleading and imploring to be left as he continued to say that his hand will be broken or worse, he could die.

The passengers didn’t stop and continued to make him subjected to the frightful train journey where he was dangling from the train’s window. Subsequently, after reaching the next stop, the thief was handed over to the Railway police.

Kriti Sanon shares Adipurush poster along with Bhediya teaser

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