Reserve Bank of India News Live Updates: RBI hikes repo rate by 40 bps to 4.4%, CRR up by 50 bps


RBI News Live: The RBI raised its key policy rate in a surprise move, sending bond yields higher, as it intensified the battle against inflation that’s outpaced its expectations for much of the year. In its first unscheduled rate change since the depths of the pandemic, the RBI increased its repurchase rate to 4.40%, from the record low 4% its been held at for the past two years to support the economy. Persistent inflation pressures are becoming more acute, Governor Shaktikanta Das said in an online briefing, adding that there is a risk prices stay at this level for “too long” and expectations become unanchored. The bank’s next scheduled rate decision isn’t until June 8.

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RBI’s rate hike drags market, frontline indices slip 2% each

Sensex plunges 1,306.96 points to end at 55,669.03 post RBI rate hike; Nifty tanks 391.50 points to 16,677.60

Agri Ministry reduces wheat production estimate

Agri Ministry revises wheat production estimate downwards to 105 mn tons for 2021-22 crop year from 111.3 million tons earlier: Food Secy

BCCI bans journalist Boria Majumdar for two years

India’s cricket governing body, BCCI bans journalist Boria Majumdar for two years for intimidating cricketer Wriddhiman Saha

LIC IPO subscribed 47% till 03 PM on Day1

  • LIC initial public offering (IPO), now open for retail and institutional investors, is set to close on May 9.
  • Govt aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth.
  • LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders.
  • The retail investors and eligible employees will get a discount of Rs 45 per equity share, and policyholders will get a discount of Rs 60 per equity share.
  • The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares.
  • The shares are likely to be listed on May 17.

Cyclonic circulation over South Andaman Sea may turn into depression

  • A cyclonic circulation that developed over the South Andaman Sea on Wednesday is likely to intensify into low pressure and thereafter into a depression moving in a northwestward direction, the weather office said.
  • Under the influence of the cyclonic circulation formed over the South Andaman Sea, a low-pressure area is likely to form over the region on May 6, it said.
  • It is very likely to move northwestwards and intensify gradually into a depression during the subsequent 48 hours, it added.

What RBI guv said on inflation

  • Global food prices are beginning to pinch India
  • Prices of edible oils may firm up further
  • High feed costs are translating into elevated poultry, dairy products.
  • Oil above $100 per barrel is feeding into local fuel prices.

Interest rate hike aimed at strengthening, consolidating medium-term economic growth prospects.

– Shaktikanta Das, RBI Governor

Sensex tanks 900 points as RBI hikes rate for first time since 2018

Bond yields spike to 7.42% after RBI’s surprise hike

Wednesday’s 40 basis point hike has pushed the bond yields up. The 10-year yield has surged to 7.42% from near 7.20% before the speech.

Global economic recovery is losing momentum: RBI Governor

RBI’s MPC decides unanimously to continue with accommodative monetary policy stance.

Country in good position to face external shock: Das

Cash reserve Ratio raised by 50 bps

March Inflation

Nine out of the 12 food subgroups registered an increase in inflation in the month of March. High-frequency price indicators for April indicate the persistence of food price pressures: Das

Geopolitical tension

Geopolitical tension pushing inflation, says RBI Governor after Monetary Policy Committee unscheduled rate review meeting

Sharp acceleration in headline CPI inflation

The sharp acceleration in headline CPI inflation in March 2022 to 7% was propelled in particular by food inflation: RBI Governor Shaktikanta Das

10 year yield rises by 28 bps to 7.4%

RBI raises policy rates by 40 basis points

MPC decided to hold meeting to assess economy, unanimously decided to raise inflation rate by 40 bps

RBI governor addresses the nation

  • Withdrawal of accommodation policy
  • Indian economy has shown resilience
  • Inflation changes widespread
  • RBI shows resolve not to be bound by rule books

Is Fed the clue?

Since the RBI turned hawkish last month as inflation jumped, traders have priced in the most aggressive rate hikes in the region for the central bank. The unscheduled statement comes just as the Federal Reserve is expected to raise rates by 50 basis points later Wednesday, which may spur capital outflows from emerging markets.

RBI shifted focus from growth to inflation in its April policy

The RBI shifted focus from growth to inflation in its April policy, with headline CPI standing at 6.95% in March, breaching its comfort level of 6% for a third consecutive month. Economists expect price pressures to surge further in the coming months

Russian Orthodox Church

EU proposes sanctioning head of Russian Orthodox Church: Document

Delhi Health Minister on rise in cases

  • Keeping an eye on Covid situation in national capital; current scenario doesn’t warrant major curbs
  • Due to vaccination, number of hospital admissions needed for Covid cases very less; situation not so serious

Hanuman Chalisa row

Mumbai court grants bail to MP Navneet Rana, her MLA-husband Ravi Rana

Abortion rights rally

Abortion-rights protesters rally in U.S., spurred by draft Supreme Court opinion

Twitter’s core ad business could be at risk amid the $44 billion takeover

Twitter has acknowledged for the first time that its core advertising business could be at risk amid the $44 billion takeover by Elon Musk, along with losing key staff during the process.

Beijing curbs public transport

Beijing curbs public transport as COVID spreads in China

Hong Kong’s press freedom ranking has plummeted

Hong Kong’s press freedom ranking has plummeted, to 148th, during a crackdown on free speech by authorities. Norway, Denmark and Sweden took the top three spots, while the U.K. and U.S. edged up.

Markets Update

Sensex jumps 208.22 points to 57,184.21 in early trade; Nifty climbs 63.75 points to 17,132.85.

South Korea says North Korea has fired an unidentified projectile, reports AP.

Covid Update

India reports 3,205 fresh cases, 2,802 recoveries, and 31 deaths in the last 24 hours. Active cases 19,509

GMR Infra Update

GMR Infrastructure says unit got letter of confirmation from Ministry Of Civil Aviation extending term of concession agreement

Loudspeaker row

Maharashtra | In Kalyan, the first azaan of the morning was performed in mosques without using loudspeakers. Large number of security personnel have been deployed outside the mosques since morning.

Anurag Thakur asks Ashok Gehlot to ensure communal harmony in Rajasthan

Union Minister Anurag Thakur on Tuesday called upon the Rajasthan government to maintain communal harmony in the state in the wake of violence over the past two months between groups. “State government should ensure that no one can play with the sentiments of others, and all efforts be made to ensure communal harmony. In the last two months, there have been instances of communal clashes in Rajasthan, and necessary steps should be taken for peace,” Thakur told ANI. The minister’s remarks came following the Jodhpur and Karauli violence that erupted in Rajasthan over the past two months.

Maharashtra: Play Hanuman Chalisa if you hear azan on loudspeakers today, says Raj Thackeray

Going ahead with his May 4 ultimatum to remove loudspeakers at mosques, Maharashtra Navnirman Sena (MNS) chief Raj Thackeray on Tuesday made an appeal to all ‘Hindus’ to play the Hanuman Chalisa on loudspeakers “at those very places where they hear loudspeakers blaring azan”.Raj, in the appeal letter uploaded on Twitter, also urged citizens to dial 100 and lodge a complaint if they hear masjids using loudspeakers and asked local mandals and ‘vigilant’ citizens to start a signature drive against loudspeakers and submit them to the local police station. He also requested the police “to show that this country is governed by law and order” and said that “unauthorised masjids, loudspeakers and prayers being held on the middle of roads need to be addressed duly by law”

New Omicron subvariant takes hold in US as Covid cases tick up

A new, highly transmissible subvariant of Omicron is spreading rapidly across the US, as Covid-19 cases in the country are ticking up again. The new strain, called BA.2.12.1, made up 36.5 per cent of new Covid-19 cases in the country in the week ending April 30, according to data released Tuesday by the US Centers for Disease Control and Prevention (CDC), Xinhua news agency reported. The data increased from 26.6 per cent a week before, and 16.7 per cent two weeks prior, CDC data showed.

Defence leaders say Russia learning from mistakes in Ukraine

The US has learned a great deal about Russian military shortfalls and capabilities in the first two months of the war in Ukraine, top Pentagon leaders told Congress. But they warned that Moscow is learning from its mistakes as the war shifts to a new phase, and that will shape the artillery and other weapons systems the US will provide.

Blinken: War worsens problems in Americas

Hundreds of Ukrainian refugees are camping out in Mexico City and waiting for the US government to allow them into the country. About 500 evacuees were waiting Tuesday in large tents under a searing sun on a dusty field on the east side of Mexico’s sprawling capital. The camp has been open only a week and from 50 to 100 people are arriving every day.

UN chief welcomes evacuation of civilians from Azovstal steel plant in Mariupol

UN Secretary-General Antonio Guterres has welcomed the safe evacuation of civilians from the Azovstal steel plant in Mariupol of Ukraine. “I am pleased that more than 100 civilians have successfully been evacuated from the Azovstal steel plant in Mariupol, in an operation successfully coordinated by the United Nations and the International Committee of the Red Cross,” the top UN official was quoted as saying. “I hope the continued coordination with Kiev and Moscow will lead to more humanitarian pauses that will allow civilians safe passage away from the fighting and aid to reach people where the needs are greatest,” Guterres said.

PM Modi to attend India-Nordic summit, visit France today

Prime Minister Narendra Modi will attend the second India-Nordic summit in Denmark, before departing for Paris to meet the newly re-elected President Emmanuel Macron on the final day of his 3-day Europe visit on Wednesday.

UP govt to reactivate Covid Command Centre in Meerut

The Yogi Adityanath government has decided to activate the Integrated Covid Command Centre (ICCC) in Meerut after ten persons of a family tested positive for Covid in the district. Health officials said that the surveillance teams have also been asked to gear-up and an intensive checking campaign will be conducted across the district. Meanwhile the passengers coming from other states will also be screened at railway stations and bus stands.

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship, reports Reuters

Shanghai residents are turning to the blockchain to preserve memories of the city’s month-long COVID-19 lockdown, minting videos, photos and artworks capturing their ordeal as non-fungible tokens to ensure they can be shared and avoid deletion. Unable to leave their homes for weeks at a time, many of the city’s 25 million residents have been unleashing their frustrations online, venting about draconian lockdown curbs and difficulties procuring food, and sharing stories of hardship, such as patients unable to get medical treatment.

Visuals: Tears and relief, as Mariupol evacuees reach safety

Russian strikes pound Ukraine on eve of new EU sanctions, reports Reuters

Russian forces pounded targets in eastern Ukraine on Tuesday, unleashing rockets on a steel plant that is Ukraine’s last redoubt in the port city of Mariupol as the European Union prepared to slap oil sanctions on Moscow. Scores of evacuees who did manage to leave the city under United Nations and Red Cross auspices over the weekend reached the relative safety of Ukraine-controlled Zaporizhzhia after cowering for weeks under the sprawling Azovstal steel plant.

UNSC condemns continued attacks targeting civilians in Afghanistan

The UN Security Council has condemned “in the strongest terms” the continued heinous terrorist attacks targeting civilians in Afghanistan. The council issued a press statement to condemn the terrorist attacks, including the attack against the Mawlawi Sekander mosque in Kunduz on April 22 which killed more than 25 people, and the attack against the Khalifa Sahib mosque in Kabul on April 29 which early reports said at least 30 people were killed and many others were injured, Xinhua news agency reported.

Musk says Twitter may charge slight fee for commercial, government users

Airbnb says bookings hit a new high in this year’s first quarter — a fresh signal that travel demand stifled by the Covid-19 pandemic is being unleashed, reports AFP

Oil gains 1% after U.S. crude stocks signal tighter supply

Oil prices rose at the start of Asian trade on Wednesday after industry data showed drawdowns in U.S. crude and fuel stockpiles, raising supply concerns. The gains come on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging war on Ukraine that will target Moscow’s oil industry. European Commission President Ursula von der Leyen is expected to spell out the plans on Wednesday, officials said. Brent crude futures rose 90 cents, or 0.9%, to $105.87 a barrel by 0001 GMT. WTI crude futures rose $1.00, or 1%, to $103.41 a barrel.

Madhya Pradesh: Two tribal men lynched on suspicion of cow slaughter in Seoni, one arrested

One person is arrested while three suspects have been detained in connection with two tribal men who were beaten to death by a mob over the suspicion of cow slaughter in Simaria village of Seoni district in Madhya Pradesh.

Since Russia attacked Ukraine just over two months ago, we have sent more than $3 billion in security assistance to Ukraine. That money is a direct investment in defending freedom and democracy itself: US President Joe Biden

Ukraine seeks full restoration of territory, including Crimea. Our goals are to halt Russia’s advance, reclaim territory and restore Ukraine’s entire territory through diplomacy, says Ukraine President Volodymyr Zelensky at the WSJ’s CEO Council Summit: The Kyiv Independent





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