After the Citizenship (Amendment) Act (CAA), the Uniform Civil Code (UCC) is also being opposed by most of the non-BJP parties, including the allies of the saffron party, in the northeastern region where people belonging to Hindu, Christian and Muslim communities live in reasonable numbers.
Expanding the scope of resolving the issue of non-performing assets (NPA) to other regulated entities, extending the time for Urban Cooperative Banks (UCB) to achieve the target for priority sector lending, internationalisation of Rupay cards are some of the major decisions of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC).
Faced with elevated retail inflation in August, the Reserve Bank of India is expected to raise interest rates in the range of 35-50 basis points in its next monetary policy committee meeting, said SBI Research.
"Second, the US Federal Reserve is expected to raise its policy rate at the fastest pace seen after the 'Global Financial Crisis'."
RBI Governor termed the recent inflations as "transitory" and "driven by adverse supply side factors"
The liquidity availed under the scheme can also be used to extend bank loans and advances to these sectors.
At 1.20 p.m., Sensex was trading 283.74 points higher at 40,466.41 levels while the Nifty was at 11,903.70, up by 69.10 points.
The Monetary Policy Committee (MPC), headed by the Governor Shaktikanta Das, also decided to keep the reverse repo rate at 3.35 per cent.