Current Affairs April :- 1st april
- RBI keeps repo rate unchanged at 8 per cent:- Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday kept the key policy rate (repo) unchanged since retail inflation still remains “sticky” but introduced steps to increase liquidity and contain volatility in the money market.
Following are the highlights of RBI monetary policy review:
1. Repo rate unchanged at 8 pc.
2. Cash reserve ratio (CRR) too unchanged at 4 pc.
3. No rate hike if inflation continues to trend lower.
4 . Economic growth for 2014-15 expected at 5.5 pc.
5 . CAD expected to come down to 2 pc of GDP in 2014-15.
6 . Retail inflation expected to be under 6 pc in 2014.
- ADB pegs GDP growth rate for 2014-15 at 5.5 pc:- India’s GDP is poised to accelerate to 5.5 percent in 2014-15 on the back of improved performance in industry and services but it may take some time for the country to reach its potential growth rate, says an Asian Development Bank (ADB) report.
- ITI signs MoU with Department of Telecom:- Public sector ITI Ltd has signed an MoU with the Department of Telecommunications for 2014-15. The MoU envisages ITI’s role in the field of telecommunications to pursue opportunities of indigenous telecom equiptment manufacturing arising out of Government’s National Telecom Policy and preferential market access and also to play an important role in the Government of India funded projects of national importance like National Optical Fiber Network (NOFN) and Network for Spectrum (NFS).
- Nancy Powell resigned as the US Ambassador to India:- Nancy Powell, the US Ambassador to India on 31 March 2014 announced her resignation in the US Mission Town Hall meeting. The resignation was submitted to Barack Obama, the President of US. She would now get back to her home in Delaware before the end of May 2014. This action of resignation has ended a thirty-seven year career of Powell. During her long career, her other postings as the US Ambassador includes Uganda, Ghana, Pakistan, Nepal and India as well as service in Canada, Togo, Bangladesh, and Washington, where she was most recently Director General of the Foreign Service.
- SEBI disclosure norms for mutual funds effective from today:- Mutual fund houses now require to make monthly disclosures about assets managed by them as well as explain the rationale behind exercising their voting rights in firms, as part of stronger SEBI norms effective from Tuesday. Mutual funds will have to disclose details with respect to Asset Under Management from different categories of schemes, AUM from places beyond top-15 cities, contribution of sponsor and its associates in AUM, contribution from different types of investors (retail, corporate etc), state-wise contribution and AUM from sponsor/non-sponsor group distributors
- Election Commission allows RBI to issue new bank licences: With the Election Commission giving the green signal, the central board of directors of the RBI is expected to clear the list of companies eligible to get a bank licence at its meeting on Wednesday.
- RBI adopts new CPI as key measure of inflation:- The Reserve Bank of India (RBI) Governor, Raghuram Rajan, on Tuesday, said that the central bank had adopted the new Consumer Price Index (CPI) (combined) as the key measure of inflation. Earlier, RBI had given more weightage to Wholesale Price Index (WPI) than CPI as the key measure of inflation for all policy purposes. Some recommendations of Urjit R. Patel Committee report have been implemented, including adoption of the new CPI (combined) as the key measure of inflation.
- Fiscal deficit likely to be within 5.1% in FY14:_ India’s fiscal deficit for 2013—14 fiscal is likely to be in the range of 5 — 5.1 per cent of the GDP, global financial major Citigroup said today. While the April—February deficit is pegged at 5.3 per cent of GDP, the final print may be a tad lower due to revenue push and expenditure cuts seen in March, the last month of 2013—14 fiscal year, it saidThe official data showed yesterday that the fiscal deficit widened to Rs 5,99,299 crore in the April—February period of FY14, or 114.3 per cent of the target.
- World Bank to double lending to India, China, Brazil, Mexico and Indonesia:- Jim Yong Kim, the President of World Bank on 1 March 2014 announced that the bank would nearly double its lending capacity to boost support for middle countries like India, Brazil, China, Mexico and IndonesiaThe announcement was made at the Council on Foreign Relations in Washington because the bank thinks that these countries would provide an insight to poorer countries in solving their problems like poverty.
- Japan announced 15000 crore loan for 5 Indian Projects:- Japan announced Official Development Assistance (ODA) loan for more than 15000 crore rupees for 5 Indian Projects on 31 March 2014. This is the largest amount in the history of the ODA loans ever signed in the single occasion. The loan agreement was signed by Rajesh Khullar, Joint Secretary, Department of Economic Affairs in the Union Finance Ministry and Takeshi Yagi, ambassador of Japan to India.
- Viswanathan Anand raises to No. 3 in FIDE world chess rankings:- Viswanathan Anand ranked World number 3 in the rating list released by FIDE on 1 April 2014. Anand with the Victory at the Candidates Tournament held in Russia in March 2014 has moved five places ahead from 8 to 3 with 2785 Elo points.
- IDFC, Bandhan get bank licences, coprorate houses left out:- Reserve Bank of India on Wednesday granted banking licences to infrastructure financing firm IDFC and microfinance institution Bandhan from among 25 applicants that included corporate heavyweights ADAG Group, Aditya Birla Group and Bajaj Group. The RBI agreed to consider the application of India Post in consultation with the government and advised other applicants to apply afresh after the central bank comes out with new guidelines on granting licences ‘on tap’.
- ISRO set to launch IRNSS 1B tomorrow:- ISRO is set to send its second satellite from Sriharikota tomorrow, which would help put in place the Indian Regional Navigational Satellite System. The second of the seven planned satellites for the system, IRNSS 1B would be launched at 5.14 PM from the First Launch Pad of Satish Dhawan Space Centre at Sriharikota, where the countdown for the launch was presently proceeding smoothly, ISRO officials said.
- New President for Computer Society HR Mohan has taken over as the President of Computer Society of India from April 1. Mohan, Associate Vice-President (Systems), The Hindu, has been with the Society for over four decades.
- D K Pathak appointed as the new Director General of BSF:- Union Government on 2 April 2014 appointed senior IPS officer D K Pathak as the new Director General of the Border Security Force (BSF). BSF is country’s largest border guarding force. His name for the post of DG was approved by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Mamohan Singh. He is expected to continue till February, 2016. The post of the DG of BSF was vacant since 28 February 2014 when Subhash Joshi retired from the post of DG.K F Rustomji, the BSF’s first Director General is referred to as the founding father of the BSF.
- HAL received the Most Efficient Navratna Award 2013:- Hindustan Aeronautics Ltd (HAL) on 3 April 2014 recieved the Most Efficient Navratna Award for the year 2013. It received the award at the 5th Dalal Street Investment Journal Awards ceremony held in New Delhi. The award was collected by the Chairman of HAL, Dr. R K Tyagi. In the financial year 2013-14, HAL achieved its highest ever turnover. In 2013-14 it achieved a turnover of 15180 crore rupees surpassing the figure of 14324 crore rupees in 2012-13.
- FIFA rejected US call to ban Russia from World Cup for stand on Ukraine:- International Federation of Association Football (FIFA) on 2 April 2014 rejected the call of US senators to ban Russia from 2014 World Cup in response to Kremlin’s position on Ukraine. FIFA was requested by Senators Dan Coats, R-Indiana, and Mark Kirk, R-Illinois in a letter requesting it to strip Russia from its right to host the World Cup in 2018. It also asked FIFA to ban it from this year’s edition of the event that will be hosted by Brazil.
- ISRO decommissioned Communication Satellite INSAT-3E:- Indian Space Research Organisation (ISRO on 1 April 2014 decommissioned the Communication Satellite INSAT-3E. The satellite was decommissioned after it completed ten and half years in orbit as it had stopped working on 29 March 2014. The satellite was facing problems for quite some time. Earlier it ran out of the on-board oxidizer. The oxidizer along with fuel keep it Earth-locked and fixed over India and helped satellite to perform daily functions
- R Gandhi appointed as Deputy Governor of RBI:- R Gandhi was appointed as the Deputy Governor of the Reserve Bank of India on 3 April 2014 for a period of three years. His appointment came into effect from 3 April 2014. Before being elevated to the position of Deputy Governor, he was serving the Reserve Bank as its executive director.
- Ancient monastery of Byzantine period found in south Israel:- Qatar based Doha Bank announced it’s First branch in Mumbai. Qatar based Doha Bank announced on 3 April 2014 that it will be opening its first branch at Nariman Point in Mumbai in India. The branch in Mumbai will be opened as a full-fledged bank in May 2014. Initially, branch will offer retail and corporate banking solutions with emphasis on off-branch banking. The Doha Bank has set a target of 5 billion dollars balance sheet by the third year of operations. Doha Bank got permission from the Reserve Bank of India to open the branch in December 2013.
- SEBI revamped committee on disclosure and accounting standards:- Securities and Exchange Board of India (SEBI) on 3 April 2014 had revamped its committee on disclosures and accounting standards. This committee advices SEBI on matters related to disclosure requirements and accounting practices for various market participants.
- Three day long Gangaur festival celebrated in Rajasthan:- Famous Hindu festival of Gangaur was celebrated in Rajasthan. Tourists from various parts of the world visited to celebrate the three-day-long festival of Gangaur. Famous Hindu festival of Gangaur was celebrated in Rajasthan. Tourists from various parts of the world visited to celebrate the three-day-long festival of Gangaur. Gangaur is the festival on which married women fast for the happiness of their marital life and single women fast to find perfect partner. The festival is not only celebrated in Rajasthan, but also in states of Madhya Pradesh, Haryana and Gujarat.