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5th April Current Affairsby utkarsh dixit
RBI Bi-Monthly monetary policy Review Report
SIX Members-Monetary Policy Committee of RBI review the Existing monetary policy on Thursday ,the key points According to MPC and its chairman as follows-:
- RBI cut Repo Rate from 6.25% to 6% , this cut will also impact on other policy rates like Reverse Repo Rate = 5.75%
- Bank rate = 6.25%
- Marginal Standing Facility =6.25% , no changes in Cash Reserve Ratio And Statutory Liquidity Ratio with 4% and 19.25% respectively.
- RBI also forecast Current FY-GDP Growth which is 7.2%
- RBI also Approximates inflation rate for first half of FY with range 2.9%-3% and for second half of current FY will be 3.5%-3.8%.
- Repo rate is Directly linked with Marginal cost of fund based lending rate(MCLR) therefore banks must provide Loan to their customer at lower lending rate as compared to previous rate.
- Key Points * RBI’s Head Quarter -: Mumbai *25th Governor of RBI is Shaktikanta das * Rbi celebrated 84th establishment on 1st April 2019
UAE’S Highest Civilian Award For PM-MODI
PM Modi was honored with Highest civilian Award of UAE, ‘the Order of Zayed’, AS per the Announcement made by UAE president Khalifa bin Zayed Al Nahyan on thursday . In response, Modi said on Twitter: “Thank you, Your Highness Mohamed bin Zayed Al Nahyan. I accept this honour with utmost humility. Under your visionary leadership, our strategic ties have reached new heights. This friendship is contributing to the peace and prosperity of our people and planet.”
Britain Prime minister Wrote European Union to Post pone “Brexit ” till 30june
Prime Minister Theresa May made a formal request in a letter to Donald Tusk, the president of the European Council, for a postponement of the departure, now scheduled for April 12, but analysts said her proposed date was likely to be rejected in Brussels — and some countries said they had yet to see a sufficient reason to support an extension of any sort. null
Non performing circular to be revised soon
- the Supreme Court Cancel the February 12 circular of the Reserve Bank of India (RBI) on NPA resolution, its governor Shaktikanta Das said on Thursday that the the central bank would come up with revised norms.
- “The court has held that RBI’s directions under Section 35AA of the Banking Regulation Act, 1949, which are in respect of debtors generally would be beyond the powers of that section.
- the order of the Supreme Court order RBI to exercise its powers under Section 35AA in respect of specific defaults by specific debtors.
Rupee Decline 76 paise to 69.17 vs dollar
- Rupee ends with its three day winning run, the rupee plunged 76 paise on Thursday to close at 69.17 against the U.S. dollar after the RBI cut the interest rate but kept its monetary policy stance ‘neutral’.
- In its first bimonthly policy review for this financial year, the central bank slashed the policy rate by 25 basis points for the second time in a row, following which the rupee and sovereign bond prices Decreased.