RBI maintains status quo; leaves benchmark lending rate unchanged at 4%
Mumbai(PTI): Reserve Bank of India (RBI) on Friday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance despite rising inflation.
This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das has maintained the status quo. RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting the interest rate to a historic low.
MPC has decided to keep benchmark repurchase (repo) rate at 4 per cent, Das said while announcing the bi-monthly monetary policy review.
Consequently, the reverse repo rate will continue to earn 3.35 per cent interest for banks for their deposits kept with RBI.
This is the first MPC meeting of the current financial year.
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Four killed, one critically injured as tractor-trolley collides with bike in UP's Kaushambi
Kaushambi (UP) (PTI): Four people were killed and another man was critically injured after a tractor-trolley collided head-on with a motorcycle near a village here on Thursday, police said.
Five people were riding on a single motorcycle when the accident took place at around 9 pm near Arka village in the Karari area, they said.
The deceased were identified as Rahul (14), Akash Saroj (25), Aman (22) and Chhotu (20), while Vikas Kaithwal (18) sustained critical injuries. All the victims were residents of Dhanpara village.
The victims were taken to the district hospital, where doctors declared four of them dead. The injured person is undergoing treatment, police said.
Following the accident, the driver fled with the tractor, leaving the trolley behind, they said.
Police are now examining CCTV footage along the route taken by the motorcycle riders.
The Circle Officer of Manjhanpur has been asked to probe the functioning of police pickets and Police Response Vehicles deployed on the route, a senior police official said.
The families of the deceased have been informed, and post-mortem examinations are being conducted, he added.
