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RBI cuts key lending rates to 4.40%; maintains accommodative stance

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Reserve Bank of India RBI

Mumbai, March 27 The Reserve Bank of India (RBI) on Friday massively reduced the key lending rates in response to the COVID-19 outbreak.

Accordingly, the Monetary Policy Committee of the central bank in an unscheduled meet reduced the repo rate by 75 basis points to 4.40 per cent from 5.15 per cent.

Consequently, the reverse repo rate was also reduced by 90 basis points to 4 per cent.

Furthermore, the MPC voted to maintain accommodative stance, thus opening up possibilities for more future rate cuts.

India

Terror hideout busted, ammunition recovered in J&K

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Indian Army Kashmir
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A large quantity of arms and ammunition was recovered after a terrorist hideout was busted by the security forces in the Poonch district of Jammu and Kashmir on Saturday, officials said.

According to details, the security forces received specific input about the presence of a terrorist hideout in a forested area in Mandi.

A joint team of the Border Security Force, police and army carried out the operation.

The hideout was busted and a large quantum of arms and ammunition was recovered including one AK-47 rifle, three AK-magazines, 82 AK rounds, three Chinese pistols, five pistol magazines, 33 rounds of pistol ammunition, four hand grenades and one Under Barrel Grenade Launcher (UBGL).Searches were undergoing in the area.

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India, China to hold 9th round of talks to resolve border dispute

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India China
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Indian and Chinese militaries will hold a ninth round of talks aimed at resolving the border disputes in Eastern Ladakh after a deadlock prevailed since the last negotiations in November 2020, sources said.

The latest “Corps Commander level meet is likely to take place in the next few days, probably in a day or two”, the sources, adding contours of the dialogue were being worked out and some changes are expected.

A Ministry of External Affairs representative is likely to be part of the dialogue.

The eight round had taken place on November 6, 2020.

Though the talks ended in a deadlock, both countries agreed to maintain dialogue and communication through military and diplomatic channels, and also to take forward the discussions, push for the settlement of other outstanding issues, so as to jointly maintain peace and tranquillity in the border areas.

Earlier this month, Indian Army chief General Manoj Mukund Naravane had said that the force is ready for a long haul along the Line of Actual Control (LAC), while hoping for an amicable solution in its nine-month-long conflict with the Chinese People’s Liberation Army.

“We are prepared to hold our ground where we are for as long as it takes to achieve our national goals and interest,” he had said.

On August 30, 2020, India had occupied critical mountain heights on the southern bank of the Pangong Lake like Rechin La, Rezang La, Mukpari, and Tabletop that were unmanned till now.

India has also made some deployments near Blacktop also after the Chinese tried to make a provocative military move.

Now, dominance at these 13 peaks allow India to dominate Spangur Gap under the Chinese control and also the Moldo garrison on the Chinese side.

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India

India reports 14K new Covid-19 cases, 152 deaths

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 With 14,256 new coronavirus infections reported in the last 24 hours, India on Saturday continued with its low streak of single-day cases, increasing the overall tally to 1,06,39,684, the health officials said.

.For the past 16 days, the country has been recording less than 20,000 daily new infections even as the toll remained below 300-mark for just short of a month.

On January 19, India had reported 10,064 new coronavirus infections, the lowest single-day spike in seven months. The country had recorded over 10,000 cases on June 6 last year.

The Ministry of Health and Family Welfare on Friday said that with 152 fresh deaths, the overall toll in India stood at 1,53,184.

As per the Ministry’s data, 10,300,838 people have recovered so far and currently there are 1,85,662 active cases.

The recovery rate stands at 96.82 per cent, while the fatality rate at 1.44 per cent.

About 84 per cent of the daily new cases are reported from eight states — Kerala, Maharashtra, Karnataka, Tamil Nadu, Chhattisgarh, Gujarat, West Bengal and Madhya Pradesh.

The nationwide immunisation drive began across the country on January 16, with approval of two Covid vaccines in the country. As many as 12,72,097 beneficiaries have received the Covid vaccine jabs so far.

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