Highlights of RBI's monetary policy statement
Mumbai: Following are the highlights of the second bi-monthly monetary policy announced by the RBI on Thursday:
►Repo rate reduced by 25 bps to 5.75 pc for third time in a row
►Reverse repo rate now stands at 5.50 pc, marginal standing facility (MSF) rate 6 pc
►RBI changes policy stance to accommodative from neutral
►Cuts GDP growth forecast to 7pc from 7.2 pc for FY20
►Raises retail inflation forecast for Apr-Sept to 3-3.1 pc and 3.4-3.7 pc in Oct-Mar
►Projects upward bias in food inflation in near term due to rising prices of food items
►Forecast risks to inflation trajectory from monsoon uncertainties, unseasonal spike in vegetable prices, crude oil prices, financial market volatility and fiscal scenario
►Waives RTGS and NEFT charges to promote digital transactions
►Sets up a panel to review ATM charges, fees levied by banks
►To issue draft guidelines for 'on tap' licensing of small finance banks by Aug
►Flags sharp slowdown in investments, moderation in private consumption growth as concern
►All six MPC members voted in favour of 0.25 pc policy rate cut
►Average daily surplus liquidity in the system at Rs 66,000 crore in early June
►Foreign Exchange Reserves stood at USD 421.9 billion on May 31, 2019
Next monetary policy statement on August 7.
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Time to give half of country's population its rights: PM Modi to LS MPs on women's quota bill
New Delhi (PTI): Prime Minister Narendra Modi on Friday appealed to all Lok Sabha members to vote in favour of the women's reservation bill and not do anything that might hurt the sentiments of the country's 'nari shakti'.
Hours before the voting on the Constitution (131st Amendment) Bill, which provides for 33 per cent reservation for women in the Lok Sabha and state assemblies, Modi also said that for four decades, a great deal of politics has been played on the issue of women's quota and it is now time that half the country's population gets its rights.
Members of the Lower House will also vote on the Delimitation Bill and the Union Territories Laws (Amendment) Bill for the delimitation of constituencies and increasing the strength of the Lok Sabha to 816 to implement the proposed amended women's quota law.
"In just a short while, voting will take place in the Lok Sabha. I urge all political parties... I appeal...Please, after due consideration and with complete sensitivity, take a decision and vote in favour of women's reservation.
"On behalf of the country's 'Nari Shakti', I also plead to all members... please do not do anything that might hurt the sentiments of 'Nari Shakti'," Modi said in his appeal in Hindi posted on X.
He said this is a great opportunity to extend service to the women of the country and to honour them, and the MPs should not deprive them of new opportunities.
"I would say to all the members of Parliament... Keeping in mind your mother, sister, daughter and wife at home, listen to your conscience. If this amendment is passed by consensus, the women of the country will become even more empowered. The democracy of the country will become even more empowered," he said.
"Come, let us together create history today. Give the women of India, the country's half population, their rightful due," the PM said.
