Highlights of RBI monetary policy
Mumbai, Feb 7: Following are the highlights of the sixth bi-monthly monetary statement for 2018-19 by the RBI:
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RBI cuts key lending rate (repo) by 0.25 pc to 6.25 pc
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Reverse repo rate cut to 6 pc, bank rate to 6.5 pc, CRR unchanged at 4 pc
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Headline inflation estimates revised down to 2.8 pc in March quarter, 3.2-3.4 pc in first half of next fiscal and 3.9 pc in Q3 of FY'20
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Projects GDP growth to accelerate to 7.4 pc next fiscal, from 7.2 pc in 2018-19
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Pegs April-September growth in range of 7.2-7.4 pc, and 7.5 pc in Q3 of 2019-20
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Oil price outlook hazy, trade tensions to weigh on global growth prospects
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Union budget proposals to boost demand by raising disposable incomes
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To revise definition of bulk deposits as single rupee deposits of Rs 2 crore and above from Rs 1 crore currently
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To issue guidelines to harmonise major categories of NBFCs
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Proposes to set up a task force on Offshore Rupee Markets to ensure Rupee value stability
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Removes restrictions on Foreign Portfolio Investors investing in corporate debt market
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To come out with discussion paper on Payment Gateway Service Providers and Payment Aggregators
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Hikes limit of collateral-free agricultural loans to Rs 1.6 lakh from Rs 1 lakh, to help small and marginal farmers
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Constitutes Working Group to review agricultural credit
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Monetary policy committee votes 4:2 in favour of rate cut, unanimous on change in stance
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2 MPC members Chetan Ghate and Viral Acharya were for status quo in rates
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Next meeting of the MPC from April 2-4.
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Allahabad HC grants anticipatory bail to Swami Avimukteshwaranand in POCSO case
Prayagraj (PTI): The Allahabad High Court on Wednesday granted anticipatory bail to Swami Avimukteshwaranand Saraswati and his disciple Mukundanand Brahmachari in a case registered against them under the Protection of Children from Sexual Offences Act.
The order was passed by Justice Jitendra Kumar Sinha on the anticipatory bail applications moved by the seer and his disciple.
Earlier on Feb 27, the court had stayed the arrest of Avimukteshwaranand, directing that he would not be taken into custody till the pronouncement of the order in the matter related to alleged sexual harassment of minor children and other offences.
The court had also reserved its order after hearing the matter and directed the applicants to cooperate with the investigation.
The case pertains to an FIR lodged at Jhunsi police station in Prayagraj following directions from a POCSO court, alleging sexual exploitation of several 'batuks' (young disciples) by the accused.
