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RBI keeps interest rates unchanged; cuts GDP growth forecast to 9.5 percent

Amid the growing uncertainty over the Covid-19 pandemic, the Reserve Bank of India (RBI) on Friday has kept the interest rates unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.

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Shaktikanta Das

Amid the growing uncertainty over the Covid-19 pandemic, the Reserve Bank of India (RBI) on Friday has kept the interest rates unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.

The central bank has kept the repo rate at 4 percent and the reverse repo rate unchanged at 3.35 percent. It has also projected real GDP growth of 9.5 percent for the financial year 2021-22, against the estimated rate of 10.5 percent, due to the impact of the second Covid wave. 

This is the sixth consecutive time rates have been unchanged. At the end of the three-day Monetary Policy Committee (MPC) meeting that started on Wednesday, RBI Governor Shaktikanta Das said the resilience of the agricultural sector, forecast of normal monsoon and the gathering global economic momentum will help the domestic economy as the second wave of the pandemic tapers off.

The MPC was of the view that at this juncture, policy support from all sides is required to regain the momentum of growth that was evident in H2:2020-21 and to nurture the recovery after it has taken root, the RBI governor said. The central bank will open a special liquidity window of ₹ 15,000 crore till March 30, 2022, with tenors of up to three years at the repo rate, the RBI Governor added.

Read Also: Amid Covid 3rd wave scare, AIIMS chief says Pfizer coming in India for kids will boost Covid vaccination for adults too

On inflation at 4.3 percent, RBI Governor Das said, it has brought with it some relief and policy elbow room. A normal south-west monsoon along with comfortable buffer stocks should help to keep cereal price pressures in check. On the other hand, the rising trajectory of international crude prices within a broad-based surge in international commodity prices and logistics costs is worsening cost conditions, he said.

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Gold smuggling case: Ranya Rao alleges ill-treatment by officers in custody, says she was slapped multiple times, forced to sign papers

Ranya Rao, originally from Chikmagalur, Karnataka, pursued engineering before venturing into the film industry. She made her acting debut in 2014 with the Kannada film Maanikya. Her current legal troubles have cast a shadow over her career, raising questions about her future in the entertainment industry.

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Kannada actor Ranya Rao has retracted her earlier admission of guilt in the high-profile gold smuggling case, claiming innocence in a letter addressed to the Additional Director General of the Directorate of Revenue Intelligence (DRI). Rao alleged that she was forced to sign confessional statements under duress following her arrest on March 3 at Kempe Gowda International Airport in Bengaluru. She was apprehended for allegedly smuggling over 14 kg of gold from Dubai.

In her letter, Ranya accused DRI officials of physically assaulting her and coercing her into signing documents. “From the moment of my arrest until I was presented in court, I was physically assaulted and slapped 10-15 times by officers whom I can identify. Despite the repeated assaults, I refused to sign the statements they prepared. However, my signatures were eventually obtained under intense pressure,” she stated. Ranya claimed she was made to sign 50 to 60 typed pages and 40 blank sheets. These allegations, however, have not been independently verified.

The DRI, opposing her bail application, argued that Ranya had traveled to Dubai 27 times since January 2025 and was allegedly part of an organized gold smuggling network. The agency claimed the operation utilized state police protocol officers to bypass security checks. The court denied her bail, citing her extensive travel history, the involvement of a sophisticated smuggling network, and the risk of evidence tampering.

Investigations into the case have uncovered allegations of Hawala transactions for fund transfers and the concealment of gold bars worth Rs 12.56 crore. The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are also probing the matter. Additionally, the Karnataka government had initially ordered an inquiry into the potential involvement of her stepfather, senior IPS officer Ramachandra Rao, but later withdrew the order.

Ranya Rao, originally from Chikmagalur, Karnataka, pursued engineering before venturing into the film industry. She made her acting debut in 2014 with the Kannada film Maanikya. Her current legal troubles have cast a shadow over her career, raising questions about her future in the entertainment industry.

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CEC Gyanesh Kumar calls for discussion with Home Secretary, CEO UIDAI on linking of EPIC and Aadhaar

Leader of the Opposition Rahul Gandhi recently echoed similar sentiments in the Lok Sabha, highlighting the issue as a significant concern for the integrity of the electoral process.

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Chief Election Commissioner (CEC) Gyanesh Kumar has called a high-level meeting with the Union Home Secretary and the Legislative Secretary to address the ongoing debate surrounding the linking of voter identity cards with Aadhaar. The move comes amid allegations of electoral roll data manipulation, with opposition parties accusing the Election Commission of India (ECI) of irregularities in the voters’ list.

The Trinamool Congress (TMC) has raised concerns over duplicate voter card numbers being allocated to electors across different states, alleging that the poll authority is tampering with the voters’ list to benefit the ruling Bharatiya Janata Party (BJP). Leader of the Opposition Rahul Gandhi recently echoed similar sentiments in the Lok Sabha, highlighting the issue as a significant concern for the integrity of the electoral process.

In response, the Election Commission has described the duplicate card numbers as a “legacy issue” and assured that the matter will be resolved within the next three months. The ECI has clarified that duplicate numbers do not necessarily indicate the presence of fake voters and emphasized its commitment to ensuring the accuracy and transparency of the electoral rolls.

The meeting, scheduled for March 18, will include discussions with the Home Secretary, Legislative Secretary, and the CEO of the Unique Identification Authority of India (UIDAI). The focus will be on addressing the technical and administrative challenges associated with the Aadhaar-voter ID linking process.

Under the current legal framework, the seeding of voter rolls with the Aadhaar database is voluntary. The government has informed Parliament that the linking exercise is “process-driven” and that no specific targets or deadlines have been set for its completion. It has also assured that the names of individuals who choose not to link their Aadhaar details with their voter IDs will not be removed from the electoral rolls.

The legal basis for the Aadhaar-voter ID linking is provided under Section 23 of the Representation of the People Act, 1950, as amended by the Election Laws (Amendment) Act, 2021. The provision allows electoral registration officers to request Aadhaar numbers from existing or prospective voters on a voluntary basis for identity verification.

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Amit Shah inaugurates Lachit Barphukan Police Academy in Assam, lays foundation for next phase

Amit Shah inaugurated the revamped Lachit Barphukan Police Academy in Assam, featuring cutting-edge police training facilities, smart classrooms, and weapon training simulators.

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Union Home Minister Amit Shah inaugurated the first phase of the Lachit Barphukan Police Academy at Dergaon in Golaghat district on Saturday. The academy, spread over 340 acres, is undergoing a major revamp at an estimated cost of ₹1,024 crore in two phases.

Accompanied by Assam Chief Minister Himanta Biswa Sarma and Union Minister Sarbananda Sonowal, Shah also laid the foundation stone for the second phase of the project.

State-of-the-art police training facilities

Officials stated that the ₹167.4-crore first phase includes a five-story building with modern police training infrastructure. Key highlights include:

  • Smart classrooms with interactive digital boards and personal computers.
  • Weapon training stimulator to enhance combat preparedness without real-world risks.
  • Research labs, administrative offices, and a library.
  • A modern parade ground and a museum showcasing law enforcement history.

The academy aims to provide a seamless blend of theoretical and practical training to recruits. The weapon training stimulator is particularly designed to train officers in real-world combat scenarios, enabling cost-effective and risk-free firearm practice.

Second phase to boost housing infrastructure

The second phase, estimated at ₹425.48 crore, will focus on housing infrastructure for personnel. It will include:

  • Residential quarters for 240 families.
  • Hostels for 312 officers and 2,640 trainees.

The revamped academy is expected to significantly strengthen Assam’s police training capabilities and provide cutting-edge resources for law enforcement personnel.

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