"On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) chose to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.50% to 6.25% with immediate effect", the RBI said in a statement.
The RBI concluded that India needs some higher monetary policy intervention, and reduced the benchmark policy rate by 25 basis points (bps) on Thursday.
Deputy Governor Viral Acharya and another MPC member, Chetan Ghate, voted for status quo in interest rates, while Das and three others voted for a cut in interest rates. The 25 bps rate cut has come after a period of one-and-a-half years (the last one was in August 2017). Earlier, when Urjit Patel took charge as the RBI Governor, he shifted from the usual practice of announcement at 11 am and presented the fourth bi-monthly (his maiden) monetary policy review at 2:30 pm after the MPC meeting.
The repo rate is the rate at which the Reserve Bank lends short-term money to the banks, while the reserve repo rate is the rate at which the central bank borrows money from commercial banks. Policymakers predict inflation will rise this year but remain within the RBI's target range. Most polled respondents expected the central bank to only change the stance, to neutral.
Speculations were there that the six-member MPC, headed by RBI Governor Shaktikanta Das, will announce repo rate cut to ease pressure on banks.
The year over year change in consumer price inflation dropped from 3.4 percent in October to 2.2 percent in December, its lowest level in eighteen months. In its budget on Feb 1, the government doled out cash to farmers and tax cuts to middle-class families, at the cost of a wider fiscal deficit and larger borrowing. The Financial Sector regulator, also says the Country's economic growth forecast at 6.3%, largely supported by public investments, credit growth and improved agricultural output is feasible.
Meghan, the Duchess of Sussex during a visit to the Smart Works career centre in West London, Thursday, Jan. 10, 2019. Follow us on Instagram and Facebook for non-stop inspiration delivered fresh to your feed, every day.
There are automated tools which help police the very inappropriate comments getting through, but there is also manual moderation. He further adds that this is a piece of prime evidence that indicates how Kate and Meghan do not share a healthy relationship.
However, Maduro retained the support of a small, but powerful, group of countries including Russia , Cuba, China and Turkey. Government estimates reach 4 million by 2021 if the crisis in Venezuela is not resolved.
"If nothing was accomplished and he feels for his career he wants to go elsewhere to win, then that's his decision, honestly". Porzingis, who will become a restricted free agent this summer, was asked if he plans to re-sign with Dallas .
We see a break from precipitation much of Wednesday before the next approaching area of low pressure arrives Thursday . The Poconos even has a chance to see some light icing, says meteorologist Ed Vallee of Empire Weather.
Participants in a group conversation receive a message saying "This message was deleted" to alert them of the change. When that option is chosen, the message will be removed for you , but not for anybody else in the chat.
Showering praise on young stumper Rishabh Pant , India opener Shikhar Dhawan on Tuesday termed Pant as "an asset" for the team. The visitors will now play three T20Is against the Kiwis, the first of which will be played tomorrow at Wellington.
Research has found that a diet high in processed food (especially processed meats) can raise the risk of colorectal cancer . In addition, they proposed that there be more support offered to children who have a parent battling cancer .
EA is planning Apex Legends to go mobile, cross-play
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Wizards' Wall tears Achilles in fall, out 12 months
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Also dampening market sentiment still were worries about weaker global economic growth and the US-China trade dispute. Meanwhile, imports are set to drop further as the U.S. slapped sanctions on Venezuelan state oil company PDVSA.
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When President Obama pulled out of Iraq in theory we had Iraq. "We spent a fortune on building this incredible base". He played down the danger of an extremist resurgence, but said, "We'll come back if we have to".