RBI opts for pause 2nd time in a row; keeps repo rate unchanged at 6.5%
Mumbai (PTI): The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.
The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the rate unchanged at 6.5 per cent.
While keeping the interest rate intact, Das said headline inflation still remains above RBI's target of 4 per cent and expected to remain so during the rest of the year.
Inflation projection has been slashed marginally to 5.1 per cent from earlier estimate of 5.2 per cent for current financial year.
He said retail inflation has been below the upper band of 6 per cent for the last two years.
The MPC meeting took place against the backdrop of consumer price-based (CPI) inflation declining to a 18-month low of 4.7 per cent in April. The Reserve Bank governor recently indicated that the May print would be lower than the April numbers. The CPI for May is scheduled to be announced on June 12.
The government has mandated RBI to ensure CPI inflation at 4 per cent with a margin of 2 per cent on either side.
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Film producer booked for 'cheating' model; duo clash at film premiere
Mumbai (PTI): An FIR was registered against the producer of Hindi film So Long Valley for allegedly cheating model Ruchi Gujjar of Rs 23 lakh, a Mumbai Police official said on Saturday.
Viral videos, meanwhile, showed Gujjar purportedly slapping the producer, Karan Singh, during the movie premiere event held on Friday night.
An Oshiwara police station official confirmed that an FIR was registered against Singh under various sections for cheating on a complaint lodged by Gujjar on Thursday.
The model alleged that Singh had taken money from her under the pretext of launching a movie project for a television channel, and promised her a share in the profit and on-screen credit, the official said.
"The complainant stated that the project never materialised and Singh didn't return her money," he said.
Gujjar's lawyer said a separate FIR would be lodged against Singh at Amboli police station for assaulting the actor.
So Long Valley is a Hindi-language crime thriller film starring Tridha Choudhury and Vikram Kochhar.
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