Top headlines: RBI raises repo rate by 40 bps, mega LIC IPO opens

Karnataka Chief Minister says Amit Shah will communicate to him on BJP central leadership's decision reshuffling the state cabinet

The Reserve Bank of India's monetary policy committee (MPC) raised the repo rate by 40 basis points on Wednesday, in a surprise move, as it sought to take calibrated steps to exit the extraordinary accommodation and contain rapid inflation. The initial public offering of Life Insurance Corporation opened up for subscription. Around 27% of the shares were subscribed in the first two hours. 
 

In a surprise move, RBI raises repo rate by 40 bps to 4.40 per cent
 

The central bank’s monetary policy committee (MPC) on Wednesday voted unanimously to increase repo rate by 40 basis points (bps) in an off-cycle