RBI cuts its repo rate to 7.25 percent
- The Reserve Bank of India in its second bi-monthly policy announced reduced the repo rate from politics under the liquidity adjustment facility (LAF) by 25 basis points, from 7.5 percent to 7 25 percent with immediate effect.
- He decided to keep the ratio of cash reserves (CRR) regular banks unchanged at 0 percent of net demand and time liabilities (NDTL).
- He decided to continue to provide liquidity support to a current 0.25 percent bankwise NDTL the LAF repo rate and term repurchase liquidity of 14 days and longer term rest until 0.75 NDTL percent of the banking system through auctions and continue with rest night / term floating rate repos to smooth liquidity.
- The catch rate repo under the LAF stands adjusted to 6.25 percent, and the marginal standing facility (MSF) rate and the rate to 8.25 per cent of the bank.
Bangladesh Liberation War award for Vajpayee
- Bangladesh is set to honor former Prime Minister Atal Behari Vajpayee for his outstanding support for the independence of the country Pakistan in 1971 when he was a member of the Lok Sabha.
- Prime Minister Sheikh Hasina also approved a proposal to honor the families of members of the Indian armed forces to sacrifice their lives for the cause of independence of Bangladesh.
- Bangladesh will present the “Prize Friends of the liberation war of Bangladesh” Vajpayee Prime Minister Narendra Modi during his next visit to the country from June 6
RBI lowers GDP growth forecast to 7.6% for FY16
The Reserve Bank of India has marked down the projection for GDP growth for 2015-16 of 7.8 percent in April to 7.6 percent.
- The RBI said the high food policy and management would be important to help keep inflation and inflation expectations contained in the short term.
- Assuming the management of reasonable diet, inflation should be pulled down by base effects until August but start rising thereafter to about 6.0 percent in January 2016 .
BIS launched App
Union Food and Minister for Consumer Ram Vilas Paswan BIS launched an App to register complaints against the substandard products and ISI marked Hallmark jewelery.
- Warehouse Operation in Food Corporation of India (FCI) was conducted online to increase transparency in the functioning of society.
- Paswan said the government decided to continue the allocation of food grains to other social protection schemes for the poor. To say that the food grains older than a year and a half are not kept in warehouses.
Sterlite partner Ericsson for smart city initiatives in India
- Under the agreement, Ericsson will collaborate with Sterlite design a roadmap and deploy solutions.
- The alliance will design, deploy, integrate and manage solutions in areas such as communications, public safety, smart grid solutions and intelligent transport.
- Sterlite is working closely with the government to conduct initiatives of intelligent sustainable city and supports Digital India program.
- Solutions covered in the agreement include (Wi-Fi networks and the deployment of the fiber), public safety (of situational awareness video and emergency response solutions), intelligent transportation (traffic management and Fleet Management) and smart grid solutions (smart grid communications and smart metering).
Jyoti Prasad Rajkhowa sworn in as Governor Arunachal Pradesh
- Jyoti Prasad Rajkhowa was sworn in as the 19th Governor of Arunachal Pradesh.
- President Pranab Mukherjee had appointed as governor after 12 May 2015 then Lt Governor General (retired) Nirbhay Sharma was transferred to Mizoram.
- Rajkhowa is an Indian Administrative Service (IAS) officer retired 1968 batch. He is the former Chief Secretary of Assam and was removed from service in 2004.
- Rajkhowa wrote a book, Central Vigilance Mechanism with particular reference to the EPS, and also contributed by the number of articles to write major papers.
Ravi Shastri continued as director of the Indian team
- Former captain Ravi Shastri was chosen Tuesday as director of the Indian cricket team for the tour of Bangladesh from June 10
- Shastri, who served as director of the team during the tour of Australia and the World Cup earlier this year thereafter, is a stopgap arrangement for the short trip.
- MB Arun, assistant coach (Bowling) and Mr. R. Sridhar, assistant coach (Fielding), will assist Mr. Shastri during the tour.
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