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The impact of RBI’s rate hike on your money; the ban on journalist Boria Majumdar by BCCI; and how Jodhpur lost its peace – here are the top reads from today’s edition. The Big Story
Bringing an end to the low interest rate regime, the Reserve Bank of India (RBI) jacked up the Repo rate, the main policy rate, by 40 basis points to 4.40 per cent and the cash reserve ratio (CRR) by 50 basis points to 4.50 per cent to bring down the elevated inflation and tackle the impact of geopolitical tensions. The sudden action to hike the rate, experts said, was prompted probably due to some understanding within RBI about a higher retail inflation print in April, a sharp hike in rate by US Fed, and deep worries over domestic food prices given their sensitivity in India’s political economy. As it turned out, the US Fed raised its overnight benchmark rates by half a percentage point nine hours after RBI action. This 50-basis point increase by the US Fed is the biggest jump in 22 years. The Sensex lost over 900 points between 2 pm, when RBI Governor Shaktikanta Das started the announcement, and the closing of the market. So, should individuals be worried? Well, the 40 bps hike is not as much of a concern as is the possibility of many more rate hikes this year, and the pace at which the RBI goes about doing so. We explain what may happen to your EMIs, and what existing home loan customers should do.
Only in the Express
In an interview with The Indian Express, Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya said that the drive to remove unauthorised loudspeakers from religious places in the state was conducted “peacefully” and set “an example for the entire country”. “Opposition always makes provocative remarks but the law and order in UP is all right,” he said.
Children play on a waterlogged street during rain, in New Delhi, Wednesday, May 4, 2022. (PTI) From the Front Page The BCCI has banned journalist Boria Majumdar for two years for “threatening and intimidating” India wicketkeeper Wriddhiman Saha. The ban, among other things, includes not getting press accreditation for any matches in India and an embargo on interviewing centrally contracted players. The Indian Express exclusively reported on April 23 that the BCCI was set to ban Majumdar after its three-member committee found him guilty of “bullying” Saha. At the second India-Nordic summit, Prime Minister Narendra Modi discussed the Ukraine war with his counterparts in Denmark, Iceland, Finland, Sweden and Norway. Expressing serious concern about the ongoing humanitarian crisis, “both sides agreed to remain closely engaged on the issue,” a joint statement said. The PM also outlined the areas of cooperation with the Nordic countries, saying they “match also with India’s developmental priorities”. The Civil Registration System (CRS) data for 2020 includes a key metric that shows how difficult it was for people to access health facilities during the pandemic: over 45 per cent of all recorded deaths that year happened in the absence of medical attention, the highest percentage ever. Must Read
Religious flags were hoisted. A few loudspeakers were taken down. A flag rope was allegedly tied on the bust of a revered freedom fighter. Tempers rose, angry words were exchanged, mobs gathered. And communal clashes broke out. The Indian Express spoke to several local residents, peace committee members and the police to piece together the events that led to the clashes that broke out on Monday night and spilled over to Tuesday in Jodhpur, the hometown of Rajasthan Chief Minister Ashok Gehlot. Mala Khullar and Ratna M Sudarshan write on what keeps educated women out of the workforce: “NSS data suggests that non-working women respond positively when asked if they are willing to work part-time. What relevance does this have for educated women? Based on interviews before and during the pandemic, we explored some of these questions. There are societal patterns that have emerged in the social milieu of education and work, wherein boys become family breadwinners while girls prioritise functions of care and reproductive work.” And Finally...
From a decent start by Virat Kohli, to last-over heroics by Dinesh Karthik — defeating Chennai Super Kings was an all-round effort for Royal Challengers Bangalore on Wednesday night. But it was the fall of Devon Conway that triggered Chennai’s downfall in the chase. 🤫 Delhi Confidential: Some high-pitched arguments by counsel in the Supreme Court had Chief Justice of India N V Ramana losing his cool on Wednesday and advising them not to “shout”. “Please don’t shout,” the CJI told senior counsel Shyam Divan and Ranjit Kumar as their case was being heard. “I’m not shouting… just asserting our rights,” responded Divan. 🎧 In today’s episode of the ‘3 things’ podcast, we take a look at what led to the communal clashes in Jodhpur, why landfills tend to catch fire, and why the Asian Games will be held under strict Covid-19 restrictions. Until tomorrow,
Rahel Philipose and Sonal Gupta
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