RBI lowers repo rate to 7.25 per cent
(i) The Reserve Bank of India in its second bi-monthly policy announced on Tuesday has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect.
(ii) It has decided to keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL).
(iii) It has decided to continue to provide liquidity under overnight repos at 0.25 per cent of bankwise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer-term repos of up to 0.75 per cent of NDTL of the banking system through auctions and continue with overnight/term variable rate repos and reverse repos to smooth liquidity.
(iv) Consequently, the reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the bank rate to 8.25 per cent.
(v) RBI lowers GDP growth forecast to 7.6% for FY16
The Reserve Bank marked down the projection for output growth for 2015-16 from 7.8 per cent in April to 7.6 per cent with a downward bias to reflect the uncertainties surrounding these various risks.
SBI slashes base rate to 9.70%
(i) The nation’s largest lender State Bank of India on Tuesday reduced its base rate by 15 basis points after the Reserve Bank of India cut repo rate by 25 basis points.
(ii) SBI reduced its base rate or minimum lending rate to 9.70 per cent from 9.85 per cent effective June 8.
(iii) While the Reserve Bank has cut its lending rates by 75 bps in three instalments, the SBI has done so by 30 bps in two tranches.
(iv) “The bank has decided to cut base rate by 0.15 per cent to 9.70 per cent effective June 8,” the bank said.
From June 15, national roaming is free in BSNL
(i) State-owned BSNL will offer its subscribers free incoming calls on roaming from June 15, Telecom Minister Ravi Shankar Prasad said on Tuesday, even as it looks to compete more aggressively with private telecom operators.
(ii) “BSNL will start offering free national roaming from June 15. It’s already on the recovery path,” Mr. Prasad said at a press meet marking one year of the Modi government.
(iii) The announcement comes ahead of full mobile number portability (MNP), which will be effective July this year.
(iv) BSNL has a mobile subscriber base of 7.72 crore at the end of March.
K Sivan appointed as Director of Vikram Sarabhai Space Centre (VSSC), ISRO
(i) K Sivan was on 1 June 2015 appointed as the Director of the Vikram Sarabhai Space Centre (VSSC), an organisation that works under Indian Space Research Organisation in Thiruvananthapuram, Kerala.
(ii) He took the charge on the day of his appointment and succeded M Chandradathan, who superannuated in May 2015.
(iii) Before this appointment, he was the Distinguished Scientist and Director at Liquid Propulsion Systems Centre (LPSC), Thiruvananthapuram.
India, Sweden signed 6 agreements during visit of Pranab Mukherjee to Sweden
(i) India and Sweden on 1 June 2015 signed 6 agreements to boost ties and restart the bilateral strategic dialogue. The agreements were inked in presence of President Pranab Mukherjee, who is on a state visit to Sweden.
(ii) Mukherjee is the first ever Indian head of state to visit Sweden and will be in the country from 31 May to 2 June 2015.
(iii) At present, he is on a five-day long visit to Sweden and Belarus between 31 May and 4 June 2015.
- MoU on Cooperation in the field of Sustainable Urban Development:
- MoU on cooperation in the field of Micro, Small and Medium Enterprises:
- Agreement on Visa Exemption for diplomatic passports:
- Letter of Intent on Collaboration in Polar and Ocean Research:
- Memorandum of Intent (MoI) on cooperation in ageing research and health:
- MoI between the Central Drugs Standard Control Organization (CDSCO), India and the Swedish Medical Products Agency (MPA):
Meena Hemchandra appointed as Executive Director of RBI
(i) Meena Hemchandra was on 1 June 2015 appointed as the Executive Director (ED) of Reserve Bank of India (RBI) with immediate effect.
(ii) She succeeded Chandan Sinha.
(iii) Prior to this appointment, Hemchandra was in charge of Department of Supervision at RBI itself. She has also been the Principal of the Reserve Bank’s College of Agricultural Banking, Pune.
Pawan Munjal appointed as the CMD of Hero MotoCorp Ltd
(i) Pawan Munjal was on 1 June 2015 appointed as the Chairman and Managing Director (CMD) & CEO of Hero MotoCorp Ltd (HMCL).
(ii) He succeeded his father Brijmohan Lall Munjal, who resigned on 1 June 2015.
(iii) However, Brijmohan Lall will continue to be the guide and mentor of the company in the form of Chairman Emeritus.
(iv) Brijmohan Lall had been the Chairman of Hero MotoCorp since its inception in 1984.
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