RBI hikes lending rate by 50 bps to 4.90 per cent amid surging inflation

News Network
June 8, 2022

The Reserve Bank of India on Wednesday hiked benchmark lending rates by 50 basis points in its bid to tame the surging inflation, governor Shaktikanta Das announced as the Monetary Policy Committee (MPC), which started its deliberations on Monday, concluded its review.

RBI raised the repo rate, or the rate at which the central bank lends short-term cash to other banks, by 50 basis points to 4.90 per cent from 4.40 per cent.

The Consumer Price Index (CPI) based inflation, which RBI factors in while arriving at its monetary policy, is on the rise since October 2021. Retail inflation has remained above RBI's upper tolerance level of 6 per cent since January. 

It had soared to an 8-year high of 7.79 per cent in April. The government has tasked the central bank to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side.

Last month, in an off-cycle review MPC raised the key policy rate (repo) by 40 basis points to 4.4 per cent in a bid to curb soaring prices and inflation. It was the first rate hike after August 2018.

With an aim to cushion the impact of lockdown, RBI had slashed the repo rate by 75 basis points to 4.40 per cent in March 27, 2020 from 5.15 per cent.

On May 22, 2020, RBI again cut the repo rate by 40 basis points and brought it down to 4 per cent. Thereafter, it maintained status-quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022.

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News Network
November 21,2024

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The International Criminal Court (ICC) has issued arrest warrants for Israeli prime minister Benjamin Netanyahu and his former minister of military affairs Yoav Gallant over war crimes against Palestinians in the Gaza Strip.

The court’s Pre-Trial Chamber I issued warrants of arrest for Netanyahu and Gallant "for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest”, it confirmed in a statement Thursday.

It is the first instance in the court's 22-year history it has issued arrest warrants for Western-allied senior officials.

In its statement, the ICC's Pre-Trial Chamber I, a panel of three judges, said it has rejected appeals by Israel challenging its jurisdiction. 

The chamber said it has decided to release the arrest warrants because "conduct similar to that addressed in the warrant of arrest appears to be ongoing", referring to Israel's ongoing onslaught on Gaza.

Netanyahu and Gallant, it said, “each bear criminal responsibility” for “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts,” as well as “intentionally directing an attack against the civilian population.”

All 124 states that signed the Rome Statute, the treaty that established the court, are now under an obligation to arrest the wanted individuals and hand them over to the ICC in the Hague. 

The court relies on the cooperation of member states to arrest and surrender suspects. The Netherlands' foreign minister quickly said his country was prepared to enforce the warrants while 93 nations earlier reiterated their support for the ICC.

Triestino Mariniello, a lawyer representing Palestinian victims at the ICC, called the warrants "a historic decision".

He noted that the court had endured "pressure and threats of sanctions" from the US government, but acted nonetheless.

As expected, the Tel Aviv regime rejected the rulings, with its security minister Itamar Ben Gvir calling the warrants “anti-Semitic through and through.”

The ICC said Israel’s acceptance of the court’s jurisdiction was not required.

Israel and its major ally, the United States, are not members of the court. 

Israel unleashed its bloody Gaza onslaught on October 7, 2023. So far, it has killed at least 43,985 Palestinians, mostly women and children, and injured 104,092 others, according to the Gaza Health Ministry.

Israel faces an ongoing South Africa-led genocide case at the International Court of Justice (ICJ).

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News Network
November 19,2024

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News Network
November 14,2024

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Bengaluru: The Prime Minister Narendra Modi led union government has requested the Karnataka High Court to direct the Mandya district administration and the state government to clear a madrasa operating within the premises of the historic Jama Masjid in Srirangapatna.

The Waqf Board, opposing this move, has claimed the mosque as its property and defended the right to conduct madrasa activities there.

The matter was brought before a division bench headed by Chief Justice N V Anjaria following a public interest litigation filed by a person named Abhishek Gowda from Kabbalu village in Kanakapura taluk. The petition alleged “unauthorised madrasa activities” within the mosque.

Representing the Central government, Additional Solicitor General of India for High Court of Karnataka, K Arvind Kamath argued that the Jama Masjid was designated as a protected monument in 1951, yet unauthorised madrasa operations continue there.

He noted that concerns over potential law and order issues have so far prevented any intervention. Kamath urged the court to direct the Mandya district administration to take action and vacate the madrasa from the mosque.

In defence, lawyers for the state government and the Waqf Board contested this request, stating that the Waqf Board had been recognised as the owner of the property since 1963 and, thus, conducting madrasa activities there is lawful.

After hearing both sides, the bench adjourned the case for further arguments, scheduling the next hearing for November 20.

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