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RBI keeps repo rate unchanged at 6.5%

The standing deposit facility (SDF) rate remains at 6.5% and the marginal standing facility (MSF) and the bank rate are at 6.7 percent.

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RBI keeps repo rate unchanged at 6.5%

Reserve Bank of India Governor Shaktikanta Das announced that the Central Bank’s Monetary Policy Committee (MPC) has unanimously opted to maintain the key repo rate at 6.5 percent, considering the expectations of economists. Notably, this decision represents the fourth occasion on which the 6-member MPC has chosen to leave the key interest rates unchanged. 

Shaktikanta Das stated that following a detailed assessment of the evolving macroeconomic and financial development and the outlook, the Monetary Policy Committee unanimously decided to keep the policy repo rate unchanged at 6.5 percent. The standing deposit facility (SDF) rate remains at 6.5% and the marginal standing facility (MSF) and the bank rate are at 6.7 percent.

The RBI governor added that five out of six members of the MPC decided to remain focused on the withdrawal of accommodation to ascertain that the inflation progressively aligns with the target while supporting growth. Elaborating the MPC’s rationale behind the policy stance, Shaktikanta Das noted that the overall inflation outlook is clouded by the uncertainties from the fall in Kharif sowing for certain major crops like pulses and oil seeds, lower reservoir levels and volatile global food and energy prices. 

He continued that the MPC observed that the recurring incidents of large and overlapping food price shocks can impart generalisation and persistence to headline inflation. Taking into consideration the evolving inflation growth dynamics and the cumulative policy repo rate hike of 250 basis points, which is still working through the economy, the MPC decided to keep the policy repo rate unchanged at 6.5 per cent, Shaktikanta Das added.

He further mentioned that the Monetary Policy Committee remains highly alert to undertake timely policy measures, as may be necessary, in order to align inflation to the target and anchor inflation expectations. In addition, the central bank forecasted retail inflation at 5.4 percent for 2023-24.

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Delhi Police arrest 2 shooters from Goa in Nafe Singh Rathee’s murder case

Saurav and Ashish were arrested from Goa in a joint operation by the Haryana’s Police’s Special Task Force, the district police and the Delhi Police’s Special Cell. The police said the two shooters were arrested from a hotel where they had been staying and added that they will be brought to the national capital by afternoon.

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Delhi Police arrest 2 shooters from Goa in Nafe Singh Rathee’s murder case

A joint team of Jhajjar Police, Delhi Police Special Cell and Haryana STF have arrested 2 shooters Ashish and Saurav from Goa in connection with the murder of Indian National Lok Dal’s (INLD) Haryana unit chief Nafe Singh Rathee on Monday. Nafee Singh Rathee and party worker Jai Kishan were murdered after multiple rounds were fired on their vehicle in Bahadurgarh in the state’s Jhajjar district on February 25.

Saurav and Ashish were arrested from Goa in a joint operation by the Haryana’s Police’s Special Task Force, the district police and the Delhi Police’s Special Cell. The police said the two shooters were arrested from a hotel where they had been staying and added that they will be brought to the national capital by afternoon.

A senior Delhi Police officer said Atul, Nakul, Saurabh and Ashish were the four who opened fire on Rathee and Kishan’s vehicle on February 25. The Jhajjar Police said the investigation is undergoing to catch 2 more shooters. Earlier on Saturday, a senior Haryana Police officer said that 4 shooters allegedly involved in the murder of Nafe Singh Rathee had identified and efforts were on to catch them.

Jhajjar superintendent of Police Arpit Jain said the car used by the shooters was recovered from outside Rewari Railway Station. He said police teams in different states were conducting raids to catch them. Jain said the car had been rounded up and being asked how the vehicle reached the shooters. A forensic team lifted samples from the vehicles to carry out further investigation.

Nafe Singh Rathee who was the president of Indian National Lok Dal’s Haryana Unit had been shot dead by unidentified persons in Jhajjar’s Bahadurgarh on February 25. In the attack, INLD worker Jai Kishan who was travelling with Nafe Singh Rathee in the same vehicle also died.

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Delhi excise policy case: Arvind Kejriwal replies to ED summons, says ready to face virtually after March 12

Arvind Kejriwal said the summons is still illegal but still he is ready to answer.

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Delhi excise policy case: Arvind Kejriwal replies to ED summons, says ready to face virtually after March 12

Delhi Chief Minister Arvind Kejriwal responded to the Enforcement Directorate’s summons by saying that he is ready to respond to its summons via video conference in the now-scrapped Delhi excise policy case after March 12, according to Aam Aadmi Party sources on Monday.

Arvind Kejriwal has so far skipped eight Enforcement Directorate summonses, claiming that they were illegal and requested that the agency to hold off as the case is pending in court.

According to the sources, Arvind Kejriwal restated that the summonses are illegal, but he was prepared to respond to the investigation agency’s inquiries.

On March 16, the Delhi CM is also required to appear before a city court. In a complaint case filed by the investigation agency for not responding to its summonses, the court has requested that he appear in person.

In a money laundering investigation pertaining to irregularities in the Delhi excise policy 2021–22 case, the Enforcement Department (ED) sent Arvind Kejriwal an eighth summons on February 27. The ED requested that he appear in court on March 4.

After missing the seventh summons on February 26, the AAP national convenor received an additional one.

Earlier ED summonses from February 26, February 19, February 2, January 18, January 3, November 2, and December 22 have been skipped by Arvind Kejriwal, who has described them as illegal and politically motivated.

The ED wants to record Arvind Kejriwal’s statement on matters like the development of the excise policy, discussions that took place ahead of its completion, and charges of corruption. The ED filed a legal action against Arvind Kejriwal on February 3, one day after he skipped the fifth summons the agency had given for non-compliance with the summons.

The Delhi excise policy case is based on a formal complaint filed with the Central Bureau of Investigation (CBI) claiming various irregularities in the development and execution of the Delhi excise policy (2021–2022). The policy was rescinded in response to accusations of corruption.

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PM Modi contributes Rs 2,000 to BJP fund, urges everyone to donate ahead of Lok Sabha elections

PM Modi also urged everyone to be a part of the “Donation for National Building” through NamoApp.

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Prime Minister Narendra Modi on Sunday contributed a sum of Rs 2,000 as a party fund to the BJP and urged everyone to donate ahead of the upcoming Lok Sabha elections.

Taking to social media platform X, he expressed his happiness over contributing to the BJP and said it would strengthen the effort to build a “Viksit Bharat.” PM Modi also urged everyone to be a part of the “Donation for Nation Building” through NamoApp.

Earlier on March 1, the BJP National president JP Nada contributed a sum of Rs 1,000 to the party to kick off the donation campaign.

Nadda, taking to X, said that he has donated to the BJP to pledge his support to PM Modi’s visions for making India a ‘Viksit Bharat’. Let us all come forward and join the ‘Donation for Nation Building’ mass movement using the NaMo app, Nadda urged.

Recently, the data released by the Election Commission has revealed that the BJP received a total funding of Rs 719 crore in the fiscal year of 2022-2023, which is a 17% increase from the previous year’s funding of Rs 614 crore. However, the Congress party’s donations have decreased from Rs 95.4 crore in the fiscal year of 2021-2022 to Rs 79 crore in the fiscal year of 2022-2023.

The ruling party began a donation campaign several weeks after the Supreme Court struck down electoral bonds. The bonds were introduced by the BJP-led Central government and allowed political parties to receive anonymous funding. These electoral bonds constituted over 50 per cent of the BJP’s overall income.

The apex court delivered a unanimous verdict on a batch of pleas challenging the legality of the Centre’s electoral bonds scheme, allowing anonymous funding to political parties. The court directed the State Bank of India to cease issuing electoral bonds with immediate effect.

The SC further noted that the central government’s justification of monitoring black money through electoral bonds was not justified.

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