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RBI surprise: Repo rate left unchanged; FY20 GDP forecast lowered to 5%
Posted on 5th December 2019
Springing a surprise, the monetary policy committee of the Reserve Bank of India (RBI) maintained the repo rate at 5.15 per cent points (bps) in its fifth bi-monthly monetary policy meeting of the financial year 2019-20 (FY20) on Thursday. However, GDP growth forecast for FY20 was slashed to 5 per cent from 6.1 per cent.

The three-day rate-setting meet started on Tuesday (December 3). In its October meet, the RBI had cut interest rate by 25 bps to 5.15 per cent.

Repo rate is the rate at which the RBI lends money to commercial banks, in case of any shortfall of funds. Consequently, the reverse repo rate stands unchanged at 4.90 per cent

Additionally, the CPI inflation projection has been revised upwards to 5.1-4.7 per cent for the second half of the financial year 2019-20 and 4.0-3.8 per cent for first half of 2020-21.

The committee maintained its accomodative stance. The status quo was voted unanimously by all the MPC members. While all 34 economists surveyed by Bloomberg News as of Wednesday had forecast a reduction, the majority expected a quarter-point cut, with the rest expecting reductions of 15 basis points to 50 basis points.

"At the RBI's 5 December policy meeting, we believe the Monetary Policy Committee (MPC) will look through the recent rise in food price inflation and deliver a 25bp rate cut, while downgrading growth and upgrading its inflation projections," analysts at Nomura had said in a recent note.

Those at Bank of America Merrill Lynch, too, had similar views and expected the central bank to slash rates by 25bps in December.

Other Latest News
Nirbhaya case: SC to hear curative petitions by two convicts on Jan 14
Posted on 11th January 2020

A five-judge bench of the Supreme Court will hear on January 14 curative petitions of two of the four death-row convicts in the Nirbhaya case.

A bench of Justices N V Ramana, Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan will hear the curative petitions filed by Vinay Sharma and Mukesh at 1.45 pm.


Goa police arrests 8 people with demonetised currency worth Rs 1.5 crore
Posted on 11th January 2020

Eight persons were arrested for allegedly possessing demonetised currency notes worth Rs 1.5 crore, Goa police said on Saturday.

The demonetised currency was seized during a routine search of vehicles at the Pollem border check post in South Goa on Friday, deputy superintendent of police (Canacona) Kiran Paudwal.


Illegal apartment complex in Kerala demolished; SC order implemented
Posted on 11th January 2020

A high rise apartment complex was brought down through controlled implosion method as authorities began implementing a Supreme Court order to demolish four illegal water-front structures in Maradu municipality here on Saturday.

The residential complex was demolished at 11.18 am.

The 60-meter high 19-storey building, known as "Holy Faith H20, was levelled in seconds in a spectacular implosion.


Panasonic Life to invest Rs 600 crore for electrical equipment near Chennai
Posted on 11th January 2020

Panasonic Life Solutions will invest Rs 600 crore in India, initially spending Rs 294.7 crore to set up an electrical equipment and wiring manufacturing plant in SriCity near Chennai.

The plant will start work by October 2021, becoming Panasonic’s eighth electrical equipment production base in India after facilities in north and west India.


Centre notifies Citizenship Act amid protests; SC to hear pleas on Jan 22
Posted on 11th January 2020

The Centre notified the Citizenship Amendment Act (CAA) on Friday. The notification comes nearly a month after Parliament passed it on December 11, and in the wake of sustained anti-CAA protests. The Supreme Court is set to hear petitions challenging the constitutionality of the law on January 22.

The Centre, by notifying the law, has indicated its resolve to implement it even as lawyers and retired judges, Opposition parties, activists, students and retired bureaucrats have criticised it as unconstitutional as it discriminates on the basis of religion.


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