Bengaluru, Oct 23: Former Prime Minister H DDeve Gowda and ex-Chief Ministers H D Kumaraswamy andSiddaramaiah welcomed the Delhi HighCourt order on Wednesday granting bail to Congress leader D K Shivakumar in a money laundering case, filed by the Enforcement Directorate.

As the news about Shivakumar getting bail broke, his supporters and Congress workers celebrated by bursting crackers and distributing sweets in Ramanagara, Belagavi, Tumakuru, Kanakapura, Mandya and near his Bengaluru residence.

"Delhi High Court granting bail to D K Shivakumar has increased common man's trust in country's judicial system. I welcome the court's decision," Gowda tweeted.

Shivakumar, a seven-time MLA, was arrested by the EDon September 3 under the Prevention of Money Laundering Act (PMLA).

"Getting bail from Delhi high court is happy news," Siddaramaiah told reporters at Bagalkote.

He alleged that Shivakumar was being politically targeted.

"...let them (ED) investigate, but sending to jail duringinvestigation is not right. On proving to be guilty one can besent to jail, but sending while the investigation is still onis not right. Vengeance politics is not right..," he added.

The 57-year-old Shivakumar is under judicial custody and presently lodged in Tihar jail.

Both the Congress and Shivakumar have claimed he was beingtargeted by the BJP-led government at the Centre by "misusing" investigating agencies.

"Delhi High Court granting bail to D K Shivakumar is a matter of happiness. On Monday I had met Shivakumar and tried to boost his courage, and expressed hope about him getting bail," Kumaraswamy tweeted.

The JD(S) leader who met Shivakumar at Tihar jail on Monday had said that the Congress leader was "bold" to fight "vengeance politics".

Shivakumar and Kumaraswamy, both Vokkaliga strong men, have been bitter political opponents in the old Mysuru region,until they came together for the formation of Congress-JD(S) coalition government, after 2018 assembly polls.

Shivakumar was a key minister in the Kumaraswamy cabinet and played a major rule in the stability of the coalition government until it collapsed in July, following resignation of several MLAs of the two parties, eventually leading to installation of the BJP government.

His arrest had lead to widespread protests, especially in Ramanagara, Bengaluru rural, Mandya and other parts of old Mysuru region.

It had even taken a caste colour with thousands of people belonging to the Vokkaliga community taking out a rally recently in Bengaluru protesting the arrest and expressing solidarity with him.

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Mumbai (PTI): The Reserve Bank of India on Friday decided to keep the policy rate unchanged for the 11th time in a row but sharply lowered the GDP growth forecast to 6.6 per cent for the current fiscal, as against earlier projection of 7.2 per cent.

The Reserve Bank of India (RBI) maintained the status quo on interest rate despite July-September quarter GDP growth falling to 7-quarter low of 5.4 per cent, as against its own projection of 7 per cent.

The rate increase cycle was paused in April last year after six consecutive rate hikes, aggregating to 250 basis points since May 2022.

Announcing the fifth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent while keeping policy stance unchanged at neutral.

He said MPC will remain watchful of incoming macroeconomic data for future action.

The RBI sharply cut the GDP growth projection to 6.6 per cent from the earlier level of 7.2 per cent, while raising inflation target to 4.8 per cent from the previous projection of 4.5 per cent for the current fiscal.

In a bid to make available more money with banks for lending so as to boost economic activity, the RBI slashed Cash Reserve Ratio to 4 per cent from existing 4.5 per cent. This would lead to release of Rs 1.16 lakh crore to banks and improve their lending capacity.

The CRR is the percentage of a bank’s total deposits that it is required to maintain in liquid cash with the RBI. The CRR percentage is determined by the RBI from time to time. Banks do not get any interest on this amount.

The government in October reconstituted the Reserve Bank's rate-setting panel -- Monetary Policy Committee (MPC). This was the second MPC meeting of the reconstituted panel with three newly appointed external members -- Ram Singh, Saugata Bhattacharya and Nagesh Kumar.