We can't keep on slashing policy rates every time: RBI governor Shaktikanta Das
Mumbai: After surprisingly holding the rates, Reserve Bank governor Shaktikanta Das on Thursday said the Reserve Bank cannot "mechanically" keep cutting interest rates every time.
He said the central bank will wait for the impact of the coordinated measures taken by the government and the RBI over the past few months to push growth to play out before taking a call on rates.
Official data showed growth has fallen to an over six-year low at 4.5 percent in the second quarter, and the RBI also sharply cut its FY20 estimate to 5 percent-a full 110 bps from its October revision, which again was a 90 bps downward revision from the August assessment.
The sharp decline in growth had many analysts assuming the RBI will deliver a rate cut on Thursday.
He also pointed towards a line in the monetary policy committee resolution, which makes it "explicitly" clear that there is a scope for further rate cuts.
Das said there are green-shoots in the economy, but it is too early to take a call on their sustainability said the recent measures initiated by the government will help reviving sentiment and spur domestic demand, which is being blamed as prime reasons for the slowdown.
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Man dies by suicide after being 'duped of ₹1.5 crore' in stock market scam
Jaipur (PTI): A 42-year-old man allegedly died by suicide after jumping in front of a Sikar-Rewari passenger train in Jhunjhunu district on Saturday morning, officials said.
Police launched a probe into allegations in a three-page suicide note in which the deceased allegedly blamed several individuals for his death, accusing them of cheating his family out of around Rs 1.5 crore through stock market investment.
The deceased cited mounting debts and alleged harassment by creditors as reasons that drove him to take the extreme step.
Kotwali police head constable Mahendra Singh said the deceased, Vimal Kumar Sharma, was identified using a mobile phone recovered from the spot near the New Housing Board police line crossing.
"We contacted numbers stored in the phone, which helped establish his identity. A suicide note was also found in the deceased's pocket," he said, adding that Sharma was engaged in share market trading.
In the suicide note, Sharma alleged that despite lodging a complaint at the Kotwali police station, police conducted no proper investigation and closed the case file without inquiry.
He claimed to possess evidence such as call recordings, a pen drive and bank statements.
Meanwhile, family members reached the hospital and demanded the arrest of the accused persons named in the suicide note, refusing to accept the body until action is taken.
Police said an investigation is underway.
(Assistance for overcoming suicidal thoughts is available on the state’s health helpline 104, Tele-MANAS 14416.)
