RBI cuts interest rates for third time this year to boost growth
Mumbai: Slashing benchmark lending rates for the third time this year, the Reserve Bank of India cut its repo rate by 0.25 per cent Thursday and said its future monetary policy stance will be more accommodative.
Amid concerns of a slow down in the economy, the central bank lowered its gross domestic product (GDP) forecast to 7 per cent for the current fiscal from 7.2 per cent projected earlier.
The repo rate, at which the the central bank lends to the system, will come down to 5.75 per cent after the cut.
While marginally increasing its inflation projection to 3-3.1 per cent for the first half of the fiscal year 2019-20, which is within the comfort range of 2-6 per cent set by the government, RBI cut the GDP growth targets sharply to 7 per cent for FY20 on weak global scenario and dip in private consumption.
"The MPC (monetary policy committee) notes that growth impulses have weakened significantly A sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern," read the policy resolution.
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Defamatory post against Dharmasthala Veerendra Heggade: Case registered against Girish Mattannavar
Belthangady: A case has been registered at Dharmasthala police station against Girish Mattannavar over a complaint regarding alleged defamatory posts on social media against Dr. D. Veerendra Heggade, Dharmadhikari of Sri Kshetra Dharmasthala.
The complaint was filed by Subrahmanya Prasad, a resident of Dharmasthala.
The complainant stated that Mattannavar posted content on Instagram making allegations against Dr. Heggade and allegedly affecting his reputation.
Based on the complaint, a case was registered under Section 353(2) of the Bharatiya Nyaya Sanhita (BNS), which is related to spreading false information, rumours, or alarming news, on April 18, and the investigation is in progress.
Following information about Mattannavar’s appearance at the SIT office on May 7, a police officer from Dharmasthala police station issued a notice directing him to appear at the station within a week.
