New Delhi: The Reserve Bank of India (RBI) on Wednesday evening took the nation by surprise after an off-cycle meeting announcing a hike in its key lending rate by 40 basis points to 4.40 per cent. The unscheduled surge in repo rate took place almost after 2 years of accommodative stance with RBI Governor Shakikanta Das attributing the move to containing the ongoing inflation.
However, what surprised people even further was the fact that RBI's Monetary Policy Committee (MPC) meeting collided with Day 1 of the most-awaited LIC mega-IPO.
The collision of first repo rate hike after May 2020 and LIC IPO opening to raise Rs 21,000 crores caught the attention of netizens who took to Twitter and turned a regular Wednesday into a "meme diwas".
While many expressed dismay over RBI's decision to hike the repo rate on such a crucial day, creative heads of Twitter did not fail to disappoint.
Check out these hilarious reactions that kept floating on Twitter throughout the day:
Even the domestic benchmark indices BSE Sensex and NSE Nifty fell sharply during the late afternoon trade after the Reserve Bank increased the benchmark lending rate. This was the first such unscheduled move by the central bank since the start of the pandemic.