New Delhi:
It was an ordinary Wednesday until the Reserve Bank of India announced it has raised its key lending rate by 40 basis points to 4.40 percent. In addition, the central bank also increased the cash reserve ratio by 50 basis points. That’s not all, the surge that surprised key market players also happened to coincide with the first day of the Initial Public Offering (IPO) of Life Insurance Corporation of India. The IPO that opened today to raise ₹21,000 crores from investors is one of the most anticipated IPOs to date. The big developments undoubtedly caught the attention of Twitter users, who responded to the news with memes and jokes.
Several users were quick to point out that RBI’s move came on the same day as LIC’s IPO, and some were unimpressed.
The real surprise isn’t RBI’s action, but it happened on the opening date of the LIC IPO itself.
— Value choice (@valuechoice) May 4, 2022
Did RBI just steal LIC’s thunder? Some users think so.
LIC to RBI now. pic.twitter.com/T3fGTdCg4d
— Azhar.One97 (@zhr_jafri) May 4, 2022
There was also a baahubali reference, with RBI as Kattappa. Yes, you read that right.
LIC to RBI ????????????
shared from stock infomania pic.twitter.com/MKWMgfdXwB— Money Magnet (@MyMoney_Magnet) May 4, 2022
And also a Rajinikanth meme.
RBI Governor surprise entry due to interest rate hike..
†#RBI†#Nifty† #NIFTYFUTURE† pic.twitter.com/gXnGIkaz8h— Vru$hang $ (@v2shah) May 4, 2022
People were also open about how the RBI movement influenced their decision.
Applied for LIC IPOOOO morning
Withdrawn the same afternoon
Reason: Rate increase by RBI— sindhu (Sandy) (@sindhura_varma) May 4, 2022
If LIC could talk, it would say to RBI: “Bhai kya kar raha hai tu (Brother, what are you doing?† another user replied.
Lic to rbi now :- pic.twitter.com/Z0rwg3pY79
— Mad King (@GJhamtani) May 4, 2022
Here’s another meme of what LIC is thinking:
LIC to RBI now….#ratehike#sentiment#IPOpic.twitter.com/GWDw6eauV2
— Ashwin Mohan (@ashwinmohansays) May 4, 2022
The rate hike was simply “out of syllabus,” wrote another.
#Rate increase by means of #Rbi came from syllabus ???????? pic.twitter.com/tE3GV0Mq50
— Ashish Gupta (@AshishGupta325) May 4, 2022
RBI’s decision came after an unscheduled Monetary Policy Committee (MPC) meeting with the central council, held between May 2 and May 4. RBI Governor Shaktikanta Das said the decision was made in light of rising inflation, high crude oil prices, global commodity shortages, and geopolitical tensions, which have impacted the Indian economy.
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