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Repo rate, reverse repo rate remain unchanged, accomodative policy stance to continue: RBI

Reserve Bank of India Governor Shaktikanta Das on Wednesday announced that the key interest rates will remain unchanged and the accommodative policy stance will continue as long as necessary to mitigate the impact of Covid-19 pandemic.

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Shaktikanta Das

Reserve Bank of India Governor Shaktikanta Das on Wednesday announced that the key interest rates will remain unchanged and the accommodative policy stance will continue as long as necessary to mitigate the impact of Covid-19 pandemic.

The six-member Monetary Policy Committee kept the repo rate unchanged at 4 percent and reverse repo rate at 3.35 percent for the fifth time in a row since May.

The central bank Governor said the MPC voted unanimously for the accommodative policy stance and interests rates to maintain growth on a durable basis and continue to mitigate the impact of Covid-19 on the economy while ensuring that inflation remains within the target going forward.

The recent surge in infections has imparted greater uncertainty to the outlook. It needs to be closely watched especially as localised lockdowns could dampen the improvements in the demand conditions and delay the return of normalcy, said the Governor.

At its 3-day review meeting, the MPC has noted that the economic activities are normalising, rural demands remain buoyant, urban demand has gained traction. The committee also expressed concerns over the fresh surge in the number of Covid-19 infections but hopes the vaccination drive will give a fillip to the growth. Taking into consideration all these factors, the MPC has kept the Gross Domestic Product (GDP) growth forecast unchanged at 10.5 percent for FY22, according to the central bank.

In order to support the debt markets, the central bank has announced a new secondary market bond purchase of Rs 1 lakh crore in Q1. As part of the programme, the RBI will commit to purchase a definite amount of government securities to sustain congenial financing conditions, said Das.

The MPC has projected the CPI inflation at 5 percent in Q4FY2, 5.2 percent in Q1FY22, 5.2 percent in Q2, 4.4 percent in Q3 and 5.1 percent in Q4,  noting  that the supply-side pressures on inflation could persist even as demand-side pull remains moderate. 

Read Also: Man, whose mask slipped from nose, beaten mercilessly by policemen in Madhya Pradesh

Meanwhile, the central bank has last cut its policy rates on May 22, 2020 during the first wave of dreaded Covid-19 pandemic. Since March 2020, it has slashed its repo rate by 115 basis points to support the economy amid the coronavirus crisis.

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Ex-shooter of Mukhtar Ansari gang shot dead in Barabanki, 15 rounds fired

A former shooter linked to Mukhtar Ansari’s gang was killed in Barabanki after attackers fired 15 rounds at his vehicle during a 10-minute assault.

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A former shooter linked to the gang of Mukhtar Ansari was shot dead in Uttar Pradesh’s Barabanki district after unidentified attackers opened fire on his vehicle.

The deceased, Shoaib alias Bobby, had earlier been associated with Ansari’s criminal network. He was also an accused in the 1999 murder case of Lucknow jailer RK Tiwari.

Attack in Asaini area

According to police officials, the incident took place in the Asaini area when Shoaib was travelling from Barabanki towards Lucknow. A total of 15 rounds were fired at his vehicle during the attack.

Authorities said the firing continued for nearly ten minutes. Eyewitnesses reported hearing multiple gunshots as the vehicle came under sustained fire, creating panic in the locality. The scale of the assault and the number of bullets discharged indicate that more than one attacker may have been involved, police added.

Background of the deceased

Shoaib Bobby had been identified in the past as a shooter for the Ansari gang. He was named as an accused in the 1999 killing of jailer RK Tiwari in Lucknow.

About Mukhtar Ansari

Mukhtar Ansari, who was 63 at the time of his death in 2024, had been booked in 65 criminal cases over the years, including charges of murder and extortion. Despite his criminal record, he was elected five times as a Member of the Legislative Assembly from different political parties.

Born in 1963 into an influential family, Ansari entered organised crime during a period when contract mafia activities were prevalent in parts of Uttar Pradesh. From 2005 until his death, he remained lodged in various jails in Uttar Pradesh and Punjab.

Ansari died of cardiac arrest after being hospitalised in 2024. According to a medical bulletin issued in Hindi, he was shifted from jail in Banda to Rani Durgavati Medical College at around 8.25 pm after complaining of vomiting and being found unconscious.

Police are continuing their investigation into the Barabanki shooting.

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Rahul Gandhi faces expulsion demand in Lok Sabha over trade deal remarks

BJP MP Nishikant Dubey has moved a notice seeking Rahul Gandhi’s expulsion from the Lok Sabha. Here is how the disqualification and expulsion process works.

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Rahul Gandhi

Nishikant Dubey, a Member of Parliament from the Bharatiya Janata Party, has sought the expulsion of Congress leader Rahul Gandhi from the Lok Sabha. Dubey has submitted a notice calling for a substantive motion against Gandhi over his remarks concerning the India–US trade deal.

The BJP MP has demanded cancellation of Gandhi’s Lok Sabha membership and has also called for a lifetime ban on him from contesting elections. The development has raised questions about the procedure for removing a sitting Member of Parliament from the House.

How can a Lok Sabha MP be expelled

The process for expelling a Member of Parliament involves several procedural steps within the House:

Submission of complaint
The process begins when a member or political party files a formal complaint against a sitting MP.

Reference to committee
The Lok Sabha Speaker may refer the matter to the Committee of Privileges for examination. The committee is tasked with conducting a detailed inquiry into the allegations.

Investigation and findings
The committee can examine evidence, call witnesses, and allow the concerned MP to present a defence. After completing its review, it submits a report outlining its findings and recommendations.

Consideration by the House
The committee’s report is tabled in the Lok Sabha. If it recommends expulsion, a motion is moved in the House to adopt the recommendation.

Voting on expulsion
For the motion to pass, it must secure a majority of members present and voting. If approved, the MP stands expelled from the House.

Rahul Gandhi’s disqualification in 2023

In 2023, a court in Surat sentenced Rahul Gandhi to two years in prison in a criminal defamation case related to a remark about the “Modi surname”. Under Section 8(3) of the Representation of the People Act, 1951, any MP convicted and sentenced to two years or more faces automatic disqualification from Parliament.

Following the conviction, Gandhi was disqualified as a Member of Parliament. However, he later challenged the verdict in the Supreme Court of India, which stayed his conviction. After the stay order, his Lok Sabha membership was restored and he resumed his role as an MP.

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Amit Shah to visit India-Bangladesh border in Assam on February 21

Amit Shah is scheduled to visit the India-Bangladesh border in Assam’s Cachar district on February 21 and participate in the Vibrant Villages Programme event.

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Amit Shah

Union Home Minister Amit Shah is set to visit the India-Bangladesh international border in Assam’s Cachar district on February 21, in a move that carries political and administrative significance ahead of the upcoming Assembly elections.

According to party sources, Shah will arrive in Assam on February 20 and travel the following morning to Natanpur village in the Katigorah area, located close to the international border. During his visit on February 21, he is scheduled to participate in an event under the Vibrant Villages Programme (VVP).

The visit is notable as action against illegal immigrants from Bangladesh has remained a key electoral issue for the Bharatiya Janata Party (BJP) in the state.

Ahead of the Home Minister’s arrival, State minister Kaushik Rai, Cachar district commissioner Ayush Garg, and senior officials of the Border Security Force (BSF) and police reviewed security arrangements and preparedness in Natanpur village.

Natanpur, situated along the international boundary in Cachar district, has witnessed the apprehension of over 200 illegal migrants in recent years, including individuals from Bangladesh and Myanmar.

The Vibrant Villages Programme, organised by the Home Ministry, focuses on strengthening border areas through livelihood generation, tourism promotion, preservation of cultural heritage, skill development, and support for agriculture and allied sectors.

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