RBI cuts interest rate by 0.5 percent to boost economy
- The Reserve Bank of India owing to softer inflation cut repo rate by 50 basis points to 6.75 percent in its fourth Bi- monthly policy today.
- This is the lowest Repo rate in four years.
- Along with the cut in repo rate, the reverse repo rate is adjusted to 5.75 percent, and the marginal standing facility (MSF) rate and the Bank Rate to 7.75 percent.
- Cash Reserve Ratio (CRR) remains unchanged at 4%
- GDP forecast for 2015-16 lowered to 7.4%.
- CPI inflation expected to reach 5.8% in January 2016, marginally lower than earlier 6%
- FPI investment limit in govt bonds to be hiked to 5 pc by 2018.
- Fifth Bi-monthly Monetary Policy review will be done on December 1.
- Till date, India has launched 45 foreign satellites for a fee.
Modi Obama talk Climate Change and China
- Prime Minister Narendra Modi and US President Barack Obama discussed a series of issues before concluding the formers US visit.
- Two key issues discussed were Climate Change and strategic issue of China and its rivalry with Japan.
- On the issue of climate change, PM Modi talked about the upcoming Paris Conference in December which is expected to set international standards and fix responsibilities for governments in combating climate change problems and seeking specific commitments from them.
- India is yet to announce its CBDRs (Common but Differentiated Responsibilities), while major powers, including China, have done that already. India is expected to announce its CBDRs in October.
- On strategic aspects, Modi told Obama that the India-US defence cooperation, including defence trade and training, was expanding and the two countries had just had a dialogue on cyber security.
- “I welcomed the progress in giving shape to our Joint Strategic Vision on Asia, Pacific and Indian Ocean Regions as also our joint engagement with regional partners like Japan. This will also strengthen our maritime security cooperation,” Modi said.
- This is a major gesture from Modi to the US as the Americans are most concerned about China and its shenanigans in the South China Sea.
FMC Merges with SEBI
- The merger of Forward Markets Commission (FMC), the erstwhile commodities regulatory body and capital markets watchdog Securities and Exchange Board of India (Sebi) came into effect from today.
- The Forward Markets Commission regulated commodities market since 1953, while the Securities and Exchange Board of India was set up in 1988 as a non-statutory body for regulating the securities markets and became an autonomous body in 1992 with full independent powers.
- India boasts of three national and six regional bourses for commodity futures in the country.
- The merger is aimed at streamlining the regulations and curb wild speculations in the commodities market, while facilitating further growth there.
INS KOCHI to be commissioned tomorrow .
- INS Kochi will be commissioned on Wednesday as the largest-ever warship to be built in India till now.
- This is packed with packed with weapons and sensors as well as advanced stealth features.
- Induction of the 7,500-tonne INS Kochi, the second of the three Kolkata-class destroyers being built at Mazagaon Docks (MDL) at Mumbai for over Rs 4,000 crore apiece, will make it the 10th destroyer in India’s combat fleet.
- The first of this class, INS Kolkata, was commissioned in August last year, while the third INS Chennai will be inducted towards end-2016
Lewis Hamilton wins Japanese GP.
- Mercedes returned to the front of Formula 1 as Lewis Hamilton dominated the Japanese Grand Prix to put a stranglehold on the title races.
- Nico Rosberg finished second.
- With this win, Hamilton equals Ayrton Senna’s win tally of 41 wins.
- This is Hamilton’s 8th win of the season.
- He tops the leaderboard with 277 points, followed by Nico Rosberg at 229 points.
- Sebastian Vettel stands firm at third position with 218 points.
Current Affairs Questions for the day.
1. Who is the head of the expert committee constituted by Union Governement to examine various issues related to UPSC civil services examination to select IAS and IPS officers?
A) K. R. Raheja
B) B.S. Baswan
C) Raju Tripathy
D) Kamal Sharma
Answer: B. S. Baswan
2. On which day is World Tourism day Celebrated?
A) 28th September
B) 1st May
C) 27th September
D) 1st January
Answer: 27 September
3) What is the full form of NHP released by Union Health Ministry?
A) National Hygiene Profile
B) National Health Profile
C) New Health Program
D) National Health Program
Answer: National Health Profile
4) Union government recently banned which political outfit for 5 years?
Answer: National Socialist Council of Nagaland- Khaplang (NSCN-K) for five years. The organisation has been banned under the Unlawful Activities (Prevention) Act, 1967.