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RBI Maintains Status Quo As Repo Rate Unchanged At 6.5%, Flags Inflation Concern

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Mumbai: The monetary policy committee of the Reserve Bank of India (RBI) in its October review meeting unanimously decided to keep the policy repo rate unchanged at 6.5 per cent, thus maintaining status quo for the fourth straight occasions.

While deliberating the policy statement Friday morning, RBI Governor Shaktikanta Das said the central bank is concerned and it has identified high inflation as a major risk to macro-economic stability and sustainable growth.

Das added the monetary policy committee is committed to align India’s headline inflation at 4 per cent level.

Also, the governor noted 5 out of the 6 MPC members are for remaining focused on “withdrawal of accommodation” in monetary policy stance so as to ensure the inflation progressively aligns with the target, while supporting growth.

The three-day bi-monthly monetary policy committee (MPC) meeting of the RBI began on Wednesday, with financial market participants closely monitoring the outcome and the policy stance of the central bank for fresh cues.

RBI typically conducts six bi-monthly meetings in a financial year, where it deliberates interest rates, money supply, inflation outlook, and various macroeconomic indicators.

RBI in its past three meetings – April, June, and August — held the repo rate unchanged at 6.5 per cent. The repo rate is the rate of interest at which RBI lends to other banks.

A relative decline in inflation, barring the latest spike, and its potential for further decline may have prompted the central bank to put the brake on the key interest rate. Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well.

Barring the latest third straight pause, the RBI raised the repo rate by 250 basis points cumulatively to 6.5 per cent since May 2022 in the fight against inflation. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.

Headline inflation in India rose to 7.8 per cent in July due to a surge in prices of food items like wheat, rice and vegetables, including tomatoes, to later fall to 6.8 per cent in August. Inflation data for September is due in next few days

Maharashtra

Mumbai: Ahead of Diwali, citizens beam with smiles… Goods worth over 1 crore returned, police performance praised, and people in a joyous mood.

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Mumbai: Mumbai Police has brought back the happiness of the citizens before Diwali by returning their lost and stolen goods and spreading smiles on their faces. DCP Manish Kalwaniya in Zone 8 of Mumbai has today returned the lost and other belongings of the citizens before Diwali, worth more than one crore, including 2000 mobile phones. The DCP said that the people’s joy has doubled after the return of stolen and lost goods because most of them had given up hope of their belongings, but the police have brought smiles back to their faces. Mumbai Police has started a process of returning people’s belongings at various police stations. This process has been started on the initiative of Mumbai Police Commissioner Deven Bharti. After the return of stolen and lost goods, the trust of the people in the police in Mumbai has been further strengthened and now the police is performing better in such cases in which people’s belongings have been stolen or have disappeared. The police have now brought smiles to the faces of many people who had forgotten their belongings or did not expect that their belongings would be available to them again.

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Maharashtra

Mumbai: Harassment of ordinary Muslims in the name of Bangladeshis should stop, Abu Asim makes serious allegations against the government over Home Minister Amit Shah’s statement

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abu azmi

Mumbai: Maharashtra Samajwadi Party leader Worker Assembly Abu Asim Azmi criticized the statement of Home Minister Amit Shah and said that it is the responsibility of the Home Minister and the Central Government to take action against Bangladeshi and Pakistani infiltrators. The population of Muslims in India has increased due to Bangladeshis. This is completely wrong. The residents of West Bengal and ordinary Muslims are being targeted under the guise of Bangladeshi and Pakistanis. He said that the government is yours in many states and at the center, so how do Bangladeshi infiltrators enter from the border? What action has the government taken against those who forge their documents so far? He said that targeting Muslims under the guise of Bangladeshi should be stopped, just as Karat Soumya is trying to fake the certificates and documents of every Muslim and is targeting Muslims. He said that the government should pay attention to how Bangladeshi infiltrators infiltrate from the Indian border. This is not the job of Congress, SP or other parties. It is the job of the government to take action against Bangladeshi and Pakistanis and to bring them to justice. But Muslims should not be harassed or disturbed. He said that action is being taken against those officers who are preparing documents for Bangladeshis.

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Mumbai Press Exclusive News

Crores of rupees were defrauded in the name of government jobs, the accused was arrested from Delhi… The accused had received money from hundreds of unemployed people

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Mumbai: The Mumbai Economic Wing has claimed to have arrested the accused in a case of cheating in the name of getting government jobs in the central and state governments in several districts of Maharashtra. Santosh Ganpat, a businessman from Navi Mumbai, filed a complaint that the accused Nilesh Kanshi Ram Rathore had charged him Rs 5 lakh for a government job and Rs 5 to 15 lakh for medical tests and appointment letters. The EOW has registered a case against him because he has cheated him of Rs 2.88 crore by promising him a job and during the investigation it was revealed that he has cheated him of Rs 10 crore. The Economic Wing has formed a team to arrest the absconding accused and searched him in Akola and other areas. The accused cheated hundreds of youths for recruitment in RCF in 2022. His complaint was filed with the EOW. The EOW received information that the accused was trying to escape from Delhi, on which the police arrested him from Delhi. The accused has been booked in Mumbai EOW and Pune Deccan. A criminal case has been registered and further investigation is underway. This operation has been carried out under the leadership of EOW chief Nisht Mishra.

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