RBI cuts key interest rate by 0.25 pc to 6%
Mumbai: The Reserve Bank of India Thursday cut benchmark interest rate by 0.25 per cent for the second time in a row to bring interest rate to the lowest level in one year on softening inflation.
The central bank, however, kept monetary policy stance at 'neutral'.
In the second policy review under Governor Shaktikanta Das, the six-member Monetary Policy Committee voted 4:2 in favour of the rate cut.
The benchmark interest rate was cut by 0.25 per cent to 6 per cent, a move that will result in lower cost of borrowing for the banks that are expected to transmit the same to individuals and corporates.
The RBI had on February 7 had last cut interest rate to 6.25 per cent from 6.5 per cent.
Last time repo rate stood at 6 per cent was in April 2018.
The rate cut is in consonance of achieving the medium term objective of maintaining inflation at the 4 per cent level while supporting growth, RBI said in a statement.
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Punjab CM Mann meets President Murmu, seeks cancellation of membership of 6 RS members
Chandigarh (PTI): Chief Minister Bhagwant Mann on Tuesday met President Droupadi Murmu, demanding the termination of the membership of six Rajya Sabha MPs from Punjab who defected to the BJP and also pressed for the introduction of a constitutional provision allowing for the recall of members.
Accompanied by party MLAs and ministers, Mann visited Rashtrapati Bhavan in Delhi.
This meeting followed a significant setback for the Aam Aadmi Party (AAP) on April 24, when seven of its 10 Rajya Sabha MPs -- Raghav Chadha, Ashok Mittal, Sandeep Pathak, Harbhajan Singh, Rajendra Gupta, Vikramjit Sahney and Swati Maliwal -- quit and merged with the BJP, alleging that the party had strayed from its principles, values and core morals. Six of the seven MPs who left AAP hailed from Punjab.
After he met with the President, Mann addressed the media here, describing the departure of the seven MPs as a "murder" of the Constitution. He stated, "Seven MPs merging with another party is completely unconstitutional. I spoke to Rashtrapati ji in detail."
Mann pointed out that he told the President that the BJP holds only two MLA seats (in Punjab), yet now has six MPs in the Rajya Sabha. He questioned, "How can this be possible? Isn't it a mockery of the Constitution?
"If they are such revolutionaries at heart, then they should have resigned from their six seats. The AAP could have sent someone else," Mann said, taking a swipe at them.
He emphasised the need for a recall provision in the Constitution, referencing MP Raghav Chadha's previous demands for such a measure when members fail to meet public expectations.
"Have you lived up to the expectations of the people?" Mann challenged the MPs during his statement.
Mann also presented a letter to the President, signed by all AAP MLAs. He differentiated between the terms 'elected' and 'selected,' stating, "They were 'selected.' Therefore, their membership should be cancelled."
The President assured Mann that she would consult constitutional experts before responding.
Earlier in the day, Mann, along with party MLAs, departed for Delhi from Chandigarh.
Speaking to reporters in Chandigarh, Mann affirmed that all AAP MLAs stand united with the party. "Only I have been given time for the meeting," Mann said.
"The President is the guardian of the Constitution. She is the constitutional head of the country," he added.
Later in a post on X in Hindi, Mann said, "Our struggle to protect Punjab's rights and interests continues. Today, along with all AAP MLAs, I have left to discuss Punjab's burning issues and present the state's strong voice before the President.
As your public servant, our government remains fully committed to Punjab's prosperity and the safeguarding of the rights of every section of society."
The MLAs and ministers gathered at the chief minister's residence in the morning before heading to Delhi, carrying placards that read 'Punjab Mann De Naal' and 'Punjab's Traitors.'
The legislators left for Delhi in buses.
Mann had previously sought an appointment with the President to meet with party MLAs and demand the "recall" of the Rajya Sabha MPs who defected to the BJP. However, only Mann was given a time slot for the meeting.
