[sociallocker id=2219]September Month’s Current Affairs PDF [/sociallocker]
Home loan to be cheaper with cut in rates by RBI
- Home loans will soon become cheaper with the Reserve Bank of India announcing a 50 basis points reduction in policy rate to 6.75% — a move that will compel most banks to soften lending rates. The reduction repo rate- the rate at which RBI lends to banks – from 7.25% has come as a big surprise to the market which had expected only a 25 basis point cut.
- Banks, however, may not lower their lending rate by as much as half a point.
- “Borrowers would stand to benefit. We can expect the transmission will happen this quarter,” said P Srinivas, MD & CEO of United Bank of India speaking to ET. Following this reduction, the RBI has lowered policy rate by 1.25% since the beginning of this fiscal year.
- Country’s largest bank, State Bank of India has pegged its base rate at 9.70% while private sector bank lender HDFC Bank has pegged it floor lending rate at 9.35%. Since home loans are linked to base rate, a reduction in base rate will benefit borrowers. Following the cut in rates, the benchmark yield in the government bond market fell to 7.76% from Monday’s close to 7.72%.
Single emergency number for India gets DoT nod
- A single emergency number 112 will soon be a reality in India as the Department of Telecommunications (DoT) has approved the proposal of the Telecom Regulatory Authority of India on this long standing need.
- The existing emergency numbers will continue to exist for a period of one year. Switzerland continued to top the list.
- The new all-inclusive emergency number will be 112 and the existing emergency numbers such as 100, 101, 102 and 108 will be retained as secondary numbers which will be re-routed.
- TRAI earlier recommended to implement public safety answering point-based integrated emergency communication and response system in the country that would be accessed through a single emergency number 112
- DoT, however, rejected TRAI’s proposal of global positioning system (GPS) enabled mobile phones..
- “TRAI recommendation of GPS-enabled cellphones is not accepted as there is large percentage of low cost handsets with subscribers which do not support GPS,” the DoT said.
Nippon Life to hike stake in Reliance companies by 49 per cent
- Japanese insurer Nippon Life Insurance will increase its stake in the Anil Ambani-controlled Reliance Group’s Reliance Life Insurance Co and Reliance Capital Asset Management Ltd in the current financial year
- Pursuant to the increase in FDI limits, Reliance Capital is now at an advanced stage of discussions with Nippon Life for an increase in their stake from 26% to 49% in Reliance Life
- Nippon Life Insurance is also actively engaged in raising its stake in Reliance Capital Asset Management from 35% to 49%, at a higher valuation than the last round.
- In the last round, Nippon Life had bought 9% stake in Reliance Mutual for Rs 657 crore, valuing the company at Rs 7,300 crore. In 2012, the Japanese insurer had acquired 26% in the company for Rs 1,450 crore. The business had asset under management of Rs 1.44 lakh crore at end of June quarter.
Ronaldo surpasses 500 career goals, equals Raul’s club record
- Cristiano Ronaldo surpassed 500 career goals and tied Raul as Real Madrid’s all-time leading scorer with a double in the Spanish giants 2-0 win away at Malmo on Wednesday.
- “I am very happy. I thank all my teammates that have helped me achieve these figures and to beat the record at the biggest club in the world is an honour,” said Ronaldo.
- The 30-year-old netted his 500th and 501st goals to propel Madrid to victory against the Swedish champions in the Group A clash, also extending his record Champions League tally to 82.