Friday, 22 February, 2019

RBI Slashes Repo Rate by 25 Basis Points, Changes Stance to 'Neutral'

RBI Policy MPC Cuts Benchmark Rate RBI Governor Emphasises Growth RBI Policy: MPC Cuts Repo Rate by 25 Basis Points to 6.25%
Lloyd Bates | 08 February, 2019, 09:43

The surprise move also came after calls from a top adviser of Prime Minister Narendra Modi for rate cuts to fire up the economy.

The ruling Bharatiya Janata Party (BJP) is already in an election mode. In its budget on February 1, the government doled out cash to farmers and tax cuts to middle-class families, at the cost of a wider fiscal deficit and larger borrowing.

"The MPC also made a decision to change the monetary policy stance from calibrated tightening to neutral", RBI said.

"Must change from calibrated tightening to neutral, because risks are bi-directional", she told CNBC-TV18 but added that, "February would be too early to cut".

Besides cutting rates, the governor also made it easier for banks to lend to top-rated finance companies.

"Pronab Sen, former principal adviser of Planning Commission, also believes there is a compelling case for a rate cut now".

This was the first meeting of the monetary policy committee (MPC) under Shaktikanta Das who took over as the RBI governor in December after the sudden exit of Urjit Patel over differences with the Modi government. As headline inflation is way below target, MPC could have given 50 bps relaxation to industry. The global investment bank expects H1FY20 inflation at 3.8 percent compared to RBI's forecast of 3.3 percent.

Apex Legends Steam options revealed for PC Origin users
Be sure to let us know down in the comments. "We want this to be a ten-year game", design director Mackey McCandish tells VG247". We suspect that in the three hours leading up to the presentation we'll likely learn a few more key details about the game.

So What Did the Kate vs. Meghan Special Decide?
There are automated tools which help police the very inappropriate comments getting through, but there is also manual moderation. A source close to Mr Barr revealed: " Meghan has been having regular acupuncture sessions to help her unwind and relax".

Alphabet reports $39.3 billion Dollars revenue in Q4 2018 earnings
Alphabet is the last of the so-called Faang - Facebook, Apple , Amazon, Netflix and Google - to report its quarterly earnings. The company's operating margin, a closely watched measure of profitability, was 21 percent, down from 24 percent.

The RBI revised the projection for Consumer Price Index inflation downward to 2.8% in the fourth quarter of 2018-'19 financial year.Retail inflation declined from 3.4% in October 2019 to 2.2% in December, which the RBI said was the lowest in the last 18 months. The pace has steadily dropped since June's 4.92 percent. The next meeting of the MPC is scheduled from April 2 to 4.

The MPC also trimmed its economic growth forecast, to 7.2-7.4 percent during April-September, from its previous 7.5 percent estimate.

The central bank pegged the growth in Gross Domestic Product at 7.4% in 2019-'20.

The committee voted 4:2 to pare the repo rate by 25 basis points to 6.25 percent.

Deputy Governor Viral Acharya and another MPC member, Chetan Ghate, voted for status quo in interest rates, while Das and three others voted for a cut in interest rates.

RBI Governor Shaktikanta Das said, "we are constantly & continuously monitoring the liquidity situation and based on the requirement we will ensure that there is no liquidity scarcity".

Patel's exit prompted some to fret the RBI's independence was under threat, but some economists argued that Thursday's decision should not be read as a surrender to pressure.

Recommended

  • Health district reports possible measles case in western Bell County

    Health district reports possible measles case in western Bell County

    As many as 1 out of every 20 children with measles will get pneumonia, which can also be deadly, the agency reports. By 29th of January, only one case of this disease was confirmed across the Columbia River in Portland, Oregon .
    Pinpoint Weather Alert Day: Snow, cold temperatures move in Wednesday afternoon

    Pinpoint Weather Alert Day: Snow, cold temperatures move in Wednesday afternoon

    Some areas of drizzle are possible today, but a much better chance for rain comes late tonight and throughout the today Monday. Impacts to travel expected to increase for commuters on Interstate 80, Highways 287 and 789 this afternoon through Wednesday.
    Officials Say Power Restored to Federal Jail in NYC

    Officials Say Power Restored to Federal Jail in NYC

    It called for the appointment of a special master to inspect the lockup and unspecified damages. On Sunday, the low will be around 30 degrees and the high is expected to be in the lower 40s.
  • Brent price forecast to US$66 per bbl for 2019: Jadwa Investment

    Brent price forecast to US$66 per bbl for 2019: Jadwa Investment

    In gasoline, the authority reported a build of 500,000 barrels, with daily production at a little less than 9.9 million barrels. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.
    Sixers land forward Harris from Clippers in six-player trade

    Sixers land forward Harris from Clippers in six-player trade

    The Clippers are planning to pursue several All-NBA-caliber players, including Toronto Raptors forward Kawhi Leonard . Harris will move to the Wells Fargo Center as the centerpiece of a six-player, four-draft pick trade.
    Body recovered from plane carrying Emiliano Sala and pilot David Ibbotson

    Body recovered from plane carrying Emiliano Sala and pilot David Ibbotson

    Sala and his pilot David Ibbotson have been missing since shortly after their plane took off from France on January 21. Cardiff will honor the deal but have been reluctant to make a payment until they know " all the facts ".
  • Vaccinations skyrocket in 'anti-vaxxer' county amid measles outbreak

    Vaccinations skyrocket in 'anti-vaxxer' county amid measles outbreak

    The Northwest cases are among three ongoing measles outbreaks in the US that sickened 79 people in January, according to the CDC. As measles cases multiply in the Vancouver-Portland region, health officials emphasize the importance of vaccinations.
    Pompeo reassures allies of United States  commitment to defeat ISIL

    Pompeo reassures allies of United States commitment to defeat ISIL

    Mr Trump claimed in December that the group had been defeated, and reports suggested he wanted U.S. soldiers home within 30 days. His comments come amid renewed efforts in both the House and Senate to block USA support to the Saudi-led coalition.
    New Zealand vs India

    New Zealand vs India

    India will be buoyed following their 4-1 win in the recently-concluded ODI series but history doesn't favour the Asian giants. Dinesh Karthik is also expected to prove his mettle in order to retain his place in the World Cup squad.
  • Facebook Messenger will finally let you unsend your messages

    Facebook Messenger will finally let you unsend your messages

    Just recently , the social networking app was criticized for paying minors to access their phone data, the Deseret News reported. As of Tuesday, the ability to delete messages from one's chat history will be rolling out around the world on iOS and Android .
    China welcomes 'Year of the Pig'

    China welcomes 'Year of the Pig'

    The New Year's Eve dinner is considered an occasion for Chinese families to gather for the annual "reunion dinner". Qian's hometown, Suzhou in the Southern China , uses many traditional Chinese New Year customs from the region.
    Australian city threatened by tornadoes after devastating floods

    Australian city threatened by tornadoes after devastating floods

    She said the total damage bill was likely to cost "hundreds of millions of dollars because of the scale of it" in a long recovery. And Queensland environment minister Leeanne Enoch has even warned locals to watch out for snakes, who are very good swimmers.

Mavs trade Harrison Barnes mid-game, get bashed by LeBron Mavs trade Harrison Barnes mid-game, get bashed by LeBron Dallas Mavericks forward Harrison Barnes found out he was being traded Wednesday night. He's still there on the bench.' That's when I found out.

Korean boy band BTS to appear at Grammy Awards Korean boy band BTS to appear at Grammy Awards The 2019 Grammy Awards will be held at the Staples Center in Los Angeles and the show will air on February 10 at 8 p.m. BTS , also known as the Bangtan Boys, have become one of the few K-pop stars to gain a foothold on the U.S.

Marc Gasol headed to Raptors as trade deadline heats up Marc Gasol headed to Raptors as trade deadline heats up Memphis let Zach Randolph and Tony Allen leave in 2017 after the franchise's seventh straight postseason appearance. Memphis also reportedly traded JaMychal Green and Garrett Temple to the Los Angeles Clippers on Thursday.

Women in white: Democrat solidarity stands out at State of the Union Women in white: Democrat solidarity stands out at State of the Union Beyond job creation and electoral success, Trump announced an initiative to improve conditions for women in developing countries. The women in white jumped up for another ovation when Trump recognized the largest number of women elected to Congress.

Pochettino compares Tottenham to Fernando Alonso Pochettino compares Tottenham to Fernando Alonso However, Pochettino said the system has not been chosen because of Llorente's aerial threat. "Pochettino didn't want any players".

Democrat Schiff draws Trump ire with House intel probes Democrat Schiff draws Trump ire with House intel probes But Schiff said Wednesday morning that the interview had been postponed to February 28 "in the interests of the investigation". Cohen begins a three-year prison sentence in March after pleading guilty to campaign finance violations and lying to Congress.

Trail Blazers acquire Rodney Hood from Cleveland Trail Blazers acquire Rodney Hood from Cleveland Baldwin, the No. 17 pick by the Memphis Grizzlies in 2016, has mostly played a deep reserve role for Portland. Cleveland • Rodney Hood made minimal impact on the Cavaliers' postseason run last season.

Pope Francis Delivers First Papal Mass On Arabian Peninsula Pope Francis Delivers First Papal Mass On Arabian Peninsula This is being organised by the UAE Council of Elders where the pontiff will be projected as the "star of religous tolerance". Pope Francis' trip has been warmly welcomed by Filipino and Indian Catholics among the UAE's huge migrant workforce.

Instagram viral egg has big reveal plans during Super Bowl LIII Instagram viral egg has big reveal plans during Super Bowl LIII The person behind the World Record Egg photo is reportedly a British man who works in advertising named Chris Godfrey. If you or anyone you know is struggling with depression and thinking of suicide , know that someone is always there.

What the Boston Celtics could offer for Anthony Davis What the Boston Celtics could offer for Anthony Davis Unlike ripping off a band-aid, this decision will shape the future of the New Orleans Pelicans franchise for the next decade. I guess we'll just have to see what, if anything, Davis, Rich Paul and Klutch Sports have left up their sleeve.

United States to stay in Iraq to 'watch Iran' United States  to stay in Iraq to 'watch Iran' The militias fought alongside US -backed Iraqi troops against IS in recent years, gaining outsized influence and power along the way.

Trump Sends Out Another Tweet on Border Wall Trump Sends Out Another Tweet on Border Wall In 2017, the Trump administration announced it was reinstating a ban on transgender people serving in the USA military. Addressing the Venezuela crisis he will say: "We stand with the Venezuelan people in their noble quest for freedom".

LeBron James talks playoffs after flirting with triple-double in Lakers return LeBron James talks playoffs after flirting with triple-double in Lakers return The superstar almost recorded a triple-double as he scored 24 points, recorded 14 rebounds, and dished out nine assists. Earlier in the day, the Lakers great was listed as being iffy to "doubtful" to play this evening against the Clippers.

Enes Kanter admits it’s ’embarrassing’ to hear Knicks fans chant his name Enes Kanter admits it’s ’embarrassing’ to hear Knicks fans chant his name Porzingis refused to address his departure from NY or rumors he was offered first to the New Orleans Pelicans for Anthony Davis . Porzingis will be a restricted free agent this summer, after the Knicks declined to offer him a rookie extension last offseason.

Super Bowl TV ratings hit 10-year low for Patriots win Super Bowl TV ratings hit 10-year low for Patriots win Tom Brady is the oldest quarterback to win a Super Bowl at 41 years old, while Bill Belichick is the oldest coach at 66. They previously won by 3, 3, 3, 4 and 6 points.