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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Bihar hooch tragedy toll rises to nine as three more persons die
Motihari (PTI): The toll in the hooch tragedy in Bihar's East Champaran district rose to nine on Sunday after three more people who had consumed spurious liquor died, officials said.
The first death was reported on Thursday, they said.
A total of 15 people have been arrested in connection with the deaths in the Turkauliya and Raghunathpur areas of Motihari, District Magistrate Saurabh Jorwal said.
A case of murder has already been registered on the basis of complaints filed by the family members of the deceased, police said.
Jorwal said one person is still in the hospital and his condition is reported to be critical.
"Seven persons have already been discharged after treatment," he told PTI.
"The bodies of the deceased have been sent for post-mortem examination. The exact cause of the deaths can only be known after the reports arrive," he said.
The SHO of Turkauliya police station has already been suspended on charge of dereliction of duty, and a special investigation team has been constituted to probe the incident, officials said.
The deaths have led to a political slugfest in the state, where the sale and consumption of alcohol has been banned since 2016.
