RBI hikes interest rate by 50 bps to tame inflation
Mumbai (PTI): Reserve Bank of India (RBI) on Wednesday raised the interest rate by 50 basis points to a two-year high of 4.9 per cent as it doubled down to tame inflation that has surged in the last couple of months.
The rate hike comes on the back of a 40 bps increase effected by RBI at an unscheduled meeting on May 4.
All the six members of the Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted for the latest rate hike.
Consumer Price Index (CPI) based inflation, which RBI factors in while arriving at its monetary policy, galloped for the seventh straight month to touch an 8-year high of 7.79 per cent in April.
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Mob ransacks 25 shops, sets vehicles on fire in Nagamangala
Mandya: On Wednesday night, Nagamangala witnessed a wave of violence as looters targeted over 25 shops, vandalising properties and setting stolen motorcycles ablaze. The unrest followed clashes between two groups the previous day.
CCTV footage revealed the extent of the destruction, showing men breaking into a bike showroom, damaging vehicles before setting them on fire. Miscreants also dismantled surveillance cameras before looting several shops, including a textile store and a scrap materials shop, both of which were reduced to ashes.
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The fire department received its first alert at 9:15 PM, with units from Nagamangala, KR Pet, Mandya, and Channarayapatna joining forces to extinguish the blaze. Around 50 firefighters battled the flames until early Thursday morning.
Nagamangala police have registered 10 FIRs, including charges of arson and theft. In response, the Vishwa Hindu Parishad and Bajrang Dal announced a bandh in the town on Friday.
