1. Home
  2. RBI hikes interest rate on inflation concerns

RBI hikes interest rate on inflation concerns

Agencies
June 6, 2018

Mumbai, Jun 6: The Reserve Bank for the first time in four-and-half-years raised key interest rate today by 25 basis points to 6.25 percent on inflation concerns arising from surge in international oil prices.

In the second bi-monthly monetary policy for the current fiscal, the central bank revised upwards the retail inflation range to 4.8-4.9 percent in the first half of 2018-19, and 4.7 percent in the second half.

It includes the impact from HRA for central government employees, with risks tilted to the upside.

With all the six members voting for an increase in policy rates, the Monetary Policy Committee raised "repo rate by 25 basis points and kept the stance neutral", RBI said in a statement here.

Excluding the impact of HRA revisions, CPI-based inflation is projected at 4.6 percent in first half of 2018-19, and 4.7 percent in H2, RBI said.

RBI retained the GDP growth for the financial year 2018-19 at 7.4 percent.

“The resulting pick-up in the momentum of inflation excluding food, fuel and HRA has imparted persistence into higher CPI (Consumer Price Index) projections for 2018-19,” RBI said in the policy.

“Crude oil prices have been volatile recently and this imparts considerable uncertainty to the inflation outlook – both on the upside and the downside,” it said.

The April policy RBI had projected CPI inflation for 2018-19 to be at 4.7-5.1 percent in H1 and 4.4 percent in H2, which included the HR impact for central government employees.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 5,2020

New Delhi, May 5: India registered the biggest jump in numbers of COVID-19 cases and deaths, with 3,900 new cases and 195 deaths being reported in the last 24 hours, according to the Ministry of Health and Family Welfare on Tuesday.

"3,900 COVID-19 cases and 195 deaths have been reported in the last 24 hours, the largest spike till now in both," according to the Ministry of Health and Family Welfare.

The total number of confirmed coronavirus cases in India reached 46,433, including 1,568 deaths, according to the Union Ministry of Health and Family Welfare on Tuesday.

According to the latest update by the MoHFW, 12,727 patients in the country have been cured and discharged, or have migrated, as of today morning. At present, there are 32,138 active cases in the country.

Maharashtra with 14,541 cases is the worst-affected state by the disease, while Gujarat with 5,804 cases is second on the list.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 27,2020

New Delhi, Mar 27: The death toll due to COVID-19 rose to 17 in the country on Friday and the number of coronavirus cases climbed to 724, according to the Health Ministry. In its updated figures at 9.15 am, the ministry stated that four deaths were reported from Maharashtra while Gujarat had registered three deaths.

Karnataka has reported two deaths so far, while Madhya Pradesh, Tamil Nadu, Bihar, Punjab, Delhi, West Bengal, Jammu and Kashmir and Himachal Pradesh have reported one death each.

According to the data, the number of active COVID-19 cases in the country stood at 640, while 66 people were either cured or discharged and one had migrated. The total number of 724 cases included 47 foreign nationals, the ministry said.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
August 8,2020

Nagpur, Aug 8: "He was a great son and always the first one to help others in need. He sacrificed his life for the country," said Neela Sathe, the mother of late captain DV Sathe, who was flying the Air India flight that crash-landed at Kozhikode airport on Friday, claiming 18 lives.

Indian Army Retired Colonel Vasant Sathe and his wife Neela lost both their sons in line of duty. The couple is originally from Nagpur, Maharashtra.

Speaking to news agency, Neela broke into tears and said, "He was a great son and always the first one to help others in need. 

His teachers still appreciate him. During the Ahmedabad floods, he saved the children of the soldiers by lifting them in his arms. I wish God would have called us instead of him."

"Both our children sacrificed their lives for the country," she added.

Remembering DV Sathe's childhood, Neela talked about every that moment when he made his parents proud.

Neela told with great pride that Captain DV Sathe had received the Sword of Honor and had also won eight medals in the Air Force.

Neela last talked to DV Sathe over phone call a few days ago during which captain told her mother not to go out of the house amid COVID-19 crisis as if something happens to her, he won't be able to bear that.

Vasant, captain's father retired as a colonel after serving in the Army for 30 years, following the footsteps of their father, both his sons joined too the Army.

Their elder son Vikas, was in the Army, and at the age of 22, he was martyred in an accident in Ferozepur in 1981. Their younger son Deepak (DV Sathe), who served as a pilot in Air India after serving in the Indian Air Force, died in the plane crash on Friday.

An Air India Express plane carrying 190 passengers including 10 infants skidded while landing at Karipur Airport in Kozhikode on Friday evening.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.