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 11,2024

Udupi, Nov 11: A traveller reportedly lost ₹4.1 lakh after attempting to book a cab online in Udupi. 

At around 1:30 PM on November 7, the man from West Bengal searched for car rentals on Google and selected a website named "Shakti Car Rentals." Shortly after, he was contacted by someone claiming to be "Rohit Sharma," who directed him to pay a registration fee of ₹150 on the site.

After unsuccessful payment attempts via both his Canara Bank debit card and SBI credit card (without receiving an OTP), "Rohit Sharma" instructed him to pay the driver directly. But at 1:47 PM, he received messages showing deductions of ₹3.3 lakh from his SBI credit card and ₹80,056 from his Canara Bank debit card, totaling ₹4.1 lakh.

The complainant alleges fraud through a deceptive link disguised as a booking token fee. A case has been registered at Udupi Town Police Station.

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News Network
November 11,2024

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Udupi, Nov 11: The Karkala town police in Udupi have arrested Krishna Naik, the sculptor responsible for installing a 33-foot Parashurama statue at Umikkal Hill in Bailur, Karkala taluk. 

Naik, the owner of Krish Art World and a resident of Bengaluru's Visvesvaraya Layout, was apprehended in Mahe, part of the Union Territory of Puducherry, for allegedly substituting a look-alike statue in place of a genuine bronze figure at the Parashurama Theme Park in Karkala.

Udupi Superintendent of Police Dr. Arun K confirmed the arrest, stating that Naik faces charges under Sections 420 (cheating) and 409 (criminal breach of trust) of the Indian Penal Code. 

This legal action followed a complaint lodged in June by Krishna Shetty, a resident of Nallur village, Karkala. Shetty claimed that Naik had received a payment of ₹1,25,50,000 from Udupi Nirmithi Kendra for the installation of a bronze Parashurama statue. However, Naik allegedly deceived the government by installing a replica instead.

The statue was unveiled on January 27, 2023, by then Chief Minister Basavaraj Bommai. Current Chief Minister Siddaramaiah has since ordered a CID investigation to probe deeper into the alleged fraud surrounding the statue's installation at the theme park.

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News Network
November 12,2024

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The Taliban regime has appointed Ikramuddin Kamil as the acting consul in the Afghan mission in Mumbai, Afghan media has reported.

It is the first such appointment made by the Taliban set up to any Afghan mission in India.

There was no immediate comment from the Indian side on the appointment that came.

The Ministry of Foreign Affairs of Afghanistan has announced the appointment of Kamil as the acting consul in Mumbai, the Taliban-controlled Bakhtar News Agency reported on Monday, citing unnamed sources.

"He is currently in Mumbai, where he is fulfilling his duties as a diplomat representing the Islamic Emirate," it said.

The appointment is part of Kabul's efforts to strengthen diplomatic ties with India and enhance its presence abroad, the media outlet said

Kamil holds a PhD degree in international law and previously served as the deputy director in the department of security cooperation and border affairs in the foreign ministry, it said.

He is expected to facilitate consular services and represent the interests of Afghanistan in India, the report added.

Kamil's appointment comes days after the external affairs ministry's point-person for Afghanistan held talks with the Taliban's acting defence minister, Mullah Mohammad Yaqoob, in Kabul.

Sher Mohammad Abbas Stanikzai, the Taliban's deputy foreign minister for political affairs, also posted on X about Kamil's appointment.

The appointment of Kamil is seen as part of efforts to facilitate consular services to the Afghan population in Mumbai.

There has been almost negligible presence of diplomatic staff at the Afghan missions in India.

Most of the diplomats appointed by the Ashraf Ghani government have already left India.

In May, Zakia Wardak, the seniormost Afghan diplomat in India, resigned from her position after reports emerged that she was caught at the Mumbai airport for allegedly trying to smuggle 25 kg of gold worth Rs 18.6 crore from Dubai.

Wardak had taken charge as the acting ambassador of Afghanistan to New Delhi late last year, after working as the Afghan consul general in Mumbai for more than two years.

She took charge of the Afghan embassy in New Delhi last November, after the mission helmed by then ambassador Farid Mamundzay announced its closure.

Mamundzay, who was an appointee of the Ghani government, had moved to the United Kingdom.

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