Giving in to overwhelming demands for an easing of the monetary policy, the Reserve Bank of India (RBI) on Monday lowered its short-term lending rate by 25 basis points in a move that could potentially reduce the cost of borrowings on personal and corporate loans.
In his bi-monthly monetary policy review for the current fiscal year at the RBI headquarters here on Mint Street, Governor Raghuram Rajan said the repurchase rate has been lowered to 7.25 per cent on the basis of an assessment of the current and evolving macroeconomic situation.
The country is expected to receive only 88 percent of the long-term average rainfall this year, Science and Technology Minister Harsh Vardhan said on Tuesday terming this year's monsoons as "below normal" to "deficient".
Prime Minister Narendra Modi, who is "monitoring the situation closely", has directed all concerned ministries to make necessary preparations and take action so that the common man is not affected, he added.
Reacting strongly to the upcoming elections in Gilgit and Baltistan on June 8, India on Tuesday said it is an attempt by Pakistan to "camouflage its forcible and illegal occupation" of the regions which are integral part of the country.
Official spokesperson in the external affairs ministry Vikas Swarup also expressed concern at the "continued efforts" by Pakistan to deny the people of the region their political rights and to absorb these territories.
Kerala government today ordered pullout of Maggi noodles from its retail outlets while samples of the product in Haryana were lifted for testing even as a Bihar court ordered that an FIR be filed against its brand ambassadors Amitabh Bachchan, Madhuri Dixit and Preity Zinta.
In more trouble for Nestle India, Kerala Food and Civil Supplies Minister Anoop Jacob's office said an order had been issued to temporarily stop the distribution of Maggi noodles from its retail outlets in the state forthwith till there is clarity on the safety issue.
The Board of Control for Cricket in India (BCCI) on Tuesday appointed former cricketer Ravi Shastri as an interim Team India coach for Bangladesh tour starting June 10.
Kings XI Punjab head coach in IPL, Sanjay Bangar has also been appointed by the board as batting coach.
Bharat Arun will take the responsibility of bowling coach during the tour.
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