News digest: RBI monetary policy review, Mallya held in UK, and more

From govt blinks, cuts excise duty on petrol, diesel to PE firms make record exits of $9.4 bn in 2017, BS brings you up to date with latest news

Excise duty on petrol, diesel cut by Rs 2/L; Govt may suffer Rs 26k-cr loss

Facing public resentment over the recent spike in fuel prices, the government on Tuesday cut the excise duty on both branded and unbranded petrol and diesel by Rs 2 a litre from Wednesday. According to sources, the finance ministry was initially reluctant to reduce the duty due to revenue concerns, but relented after discussions with the petroleum ministry on implementing steps to bring down petrol prices to Rs 60-65 a litre. (Read more)

Monetary policy review: Why RBI might not cut