1. Mauritius designated Ameenah Gurib-Fakim as its first woman President
The Government of Mauritius designated Ameenah Gurib-Fakim as new President of the Indian Ocean island nation.
Ameenah, an internationally-renowned scientist and biologist, will be the first woman to hold the ceremonial position of President of Mauritius. Now, her appointment is subject to approval by the Parliament, which is supposed to be done by 4 June 2015.
After final approval from the Parliament, Ameenah will be the first female president of the nation, which gained independence from Britain in 1968 and replaced Britain's Queen Elizabeth II as its head of state in 1992.
2. RBI monetary policy highlights
Following are the highlights of RBI’s second bi-monthly monetary policy statement for 2015-16:
Short—term lending rate (repo) cut by 0.25 per cent to 7.25 per cent
Cash Reserve Ratio unchanged at 4 per cent
Statutory Liquidity Ratio retained at 21.5 per cent
Inflation expected to rise to 6 per cent by January 2016
Strong food policy management needed to keep inflation and inflationary expectations under check
Growth forecast lowered to 7.6 per cent for 2015-16 from 7.8 per cent projected in April
Banks asked to pass on benefit of rate cuts to borrowers
Targeted infusion of bank capital into PSU banks needed to ensure credit flows to productive sectors
Third bi—monthly policy statement on August 4.
3. RBI lowers GDP growth forecast to 7.6% for FY16
The Reserve Bank lowered the economic growth forecast for the current fiscal to 7.6 per cent from 7.8 per cent projected in April, citing various risks, including poor monsoon and rising crude oil prices.
“Reflecting the balance of risks and the downward revision to GVA (gross value added) estimates for 2014-15, the projection for output growth for 2015-16 has been marked down from 7.8 per cent in April to 7.6 per cent with a downward bias to reflect the uncertainties surrounding these various risks,” RBI Governor Raghuram Rajan said. CSO (Central Statistics Office) has come out with GVA to measure economic growth.
Real GVA, that is GVA at basic constant prices (2011-12) in 2014-15 is now estimated at Rs 98.27 lakh crore (as against Rs 98.58 lakh crore estimated earlier on February 9, 2015), showing a growth rate of 7.2 per cent (as against 7.5 per cent estimated earlier).
Talking about the risks, Rajan, while unveiling second bi-monthly monetary policy review said, some forecasters, notably the IMD, predict a below-normal southwest monsoon putting pressure on food inflation.
“Second, crude prices have been firming amidst considerable volatility, and geo-political risks are ever present. Third, volatility in the external environment could impact inflation,” he said.
Since the last policy in April, the crude oil prices have witnessed an increase of 9 per cent and are hovering around USD 65 per barrel.
Retail inflation is expected to rise to 6 per cent by January, 2016 from the level of 4.87 per cent in April.
Both lower than average monsoon and higher food inflation would lead to reduction in demand and hamper growth. About 60 per cent of population is dependent on agriculture.
4. SBI’s car loan scheme for women
After the Her Ghar loan product, country’s largest bank State Bank of India launched ‘Her Ghar Her Car’ loyalty scheme offering reduced interest on car loans.
“Under this scheme, ‘Her Ghar’ borrowers can go in for a ‘Her Car’ loan at reduced rates of 10 per cent per annum... Her Ghar Her Car is an addition to products available with SBI wherein concession in rates have been introduced with the objective of reaching out to women in the country and empowering them to take decisions that can change the course of their family and society at large,” SBI said in a statement. SBI cut its base rate in April to 9.85 per cent.
Car loans to borrowers who have not taken loans under ‘Her Ghar’ scheme would continue to be at 10.25 per cent per annum. The original ‘Her Ghar’ scheme provided a concession in interest rates for women home loan borrowers.
5. SBI’s mCASH for money transfer
State Bank of India customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient bank is SBI or not.
“Sender needs to have Internet Banking access either through browser or State Bank Anywhere app. To transfer the money, sender needs to know recipient’s mobile no or email ID, SBI said in a statement.
Recipient will receive the intimation of the transfer request through SMS/Email and has to either download the State Bank mCASH app or visitwww.onlinesbi.com to enter his/her Bank account details, IFSC code and Email ID/Mobile to receive the transfer-money.
This is one of the series of technology initiatives launched by the bank.
.6. Meena Hemchandra appointed as Executive Director of RBI
Meena Hemchandra was appointed as the Executive Director (ED) of Reserve Bank of India (RBI) with immediate effect. As an ED, She will look after Department of Banking Supervision, Department of Co-operative Banking Supervision and Department of Non-Banking Supervision.
She succeeded Chandan Sinha, who will now look after Department of Information Technology, Department of Payment and Settlement Systems, Foreign Exchange Department and Financial Markets Regulation Department (including Market Intelligence).
7. Jyoti Prasad Rajkhowa sworn-in as Arunachal Pradesh Governor
Jyoti Prasad Rajkhowa was sworn-in as Governor of Arunachal Pradesh . He became the 19th Governor of the state.
His oath of the office and secrecy was administered by the Chief Justice of Guahati High Court (Acting), Justice K Sreedhar Rao in the Darbar Hall of Raj Bhawan.
His appointment was necessitated after Lt General (Retired) Nirbhay Sharma was transferred to Mizoram in second week of May 2015. President Pranab Mukherjee on 12 May 2015 appointed Rajkhowa as the Governor of Arunachal Pradesh.
Rajkhowa was the former Chief Secretary of Assam and is a retired Indian Administrative Service officer from 1968 batch.
8. Sachin Tendulkar, Sourav Ganguly, V V S Laxman inducted in BCCI advisory committee
Former greats Sachin Tendulkar, Sourav Ganguly, and VVS Laxman joined the BCCI in a newly-constituted advisory panel to guide the board in all matters related to the game.
BCCI secretary Anurag Thakur took to micro-blogging site Twitter to announce the induction of the three greats of Indian cricket, a move which was on the cards for some time.
9. K Sivan appointed as Director of Vikram Sarabhai Space Centre (VSSC), ISRO
K Sivan was appointed as the Director of the Vikram Sarabhai Space Centre (VSSC), an organisation that works under Indian Space Research Organisation in Thiruvananthapuram, Kerala.
He took the charge on the day of his appointment and succeded M Chandradathan, who superannuated in May 2015. Before this appointment, he was the Distinguished Scientist and Director at Liquid Propulsion Systems Centre (LPSC), Thiruvananthapuram.
Sivan joined ISRO in 1982 for Polar Satellite Launch Vehicle (PSLV) Project and has made rich contributions towards end to end mission planning, mission design, mission integration and analysis which have become the foundation for ISRO launch vehicles like Geosynchronous Satellite Launch Vehicle (GSLV), GSLV Mk-III, as well as Reusable Launch Vehicle-Technology Demonstrator(RLV-TD).
He is the chief architect of 6D trajectory simulation software SITARA which is the backbone of the real time and non real time trajectory simulations of all ISRO launch vehicles
10. S Somanath appointed as Director of Liquid Propulsion Systems Centre, ISRO
S Somanath was appointed as the Director of Liquid Propulsion Systems Centre (LPSC) with immediate effect. LPSC works under the Indian Space Research Organisation (ISRO) and is located at Trivandrum, Kerala.
He succeeded K Sivan, who took over as the Director of the Vikram Sarabhai Space Centre (VSSC). Before the present appointment, he was an Associate Director (Projects), VSSC as well as Project Director of GSLV Mk-III. He joined VSSC in 1985.
He is an expert in a host of disciplines including designing of launch vehicle and has specialised in launch vehicle systems. He became associated with PSLV Project during its early development phase and was a team leader for the first and second developmental flights of PSLV.
11. India, Sweden signed 6 agreements during visit of Pranab Mukherjee to Sweden
India and Sweden 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.
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.
At present, he is on a five-day long visit to Sweden and Belarus between 31 May and 4 June 2015.
List of agreements/MoUs signed
• MoU on Cooperation in the field of Sustainable Urban Development: It aims to develop close and long term cooperation in the field of sustainable development and protection of the environment through dialogue and interaction on global sustainable urban development issues, exchange of knowledge, institutional cooperation and commercial relations.
• MoU on cooperation in the field of Micro, Small and Medium Enterprises: It aims at promoting partnership projects, institution to institution and enterprise to enterprise cooperation related to MSMEs.
• Agreement on Visa Exemption for diplomatic passports: It will facilitate entry of citizens of India and Sweden who are holders of diplomatic passports into their respective countries with the aim to strengthen the friendly relations
• Letter of Intent on Collaboration in Polar and Ocean Research: It was signed to encourage collaboration in the areas of Polar (Antarctic and Arctic) and Ocean Research by enhancing scientific capabilities, conducting joint research and survey activities, exchange of informational material on education, training and research matters, etc.
• Memorandum of Intent (MoI) on cooperation in ageing research and health: It was signed between the Indian Council of Medical Research (ICMR) and the Swedish Research Council for Health Working Life and Welfare (FORTE).
• MoI between the Central Drugs Standard Control Organization (CDSCO), India and the Swedish Medical Products Agency (MPA): It is complimentary to the ongoing cooperation between India and Sweden covering the area of health and is for increasing bilateral cooperation in the fields of pharmacovigilance, electronic submissions in related matter and clinical trials among others.
12. Footballer Rio Ferdinand announced his retirement
London-born Rio Ferdinand announced his retirement from football. Ferdinand last played for Queens Park Rangers (QPR) in March 2015. Ferdinand had an illustrious career of 18 years as a professional footballer.
About Rio Ferdinand
• Ferdinand began his career under manager Harry Redknapp at West Ham United before making his England debut at the age of 19 in 1997.
• In 2000, he joined Leeds United and then moved to Manchester United two years later in a deal worth 29.1 million British pounds, which at that time was a world-record fee for a defender.
• He captained England for the first time in 2008, and replaced John Terry in the role on a full-time basis in February 2010.
• In 2014, Ferdinand joined QPR after getting released from the Manchester United.
• Ferdinand played 81 times for England and was in the squads for the 1998, 2002, 2006 and the 2010 World Cups.
The Government of Mauritius designated Ameenah Gurib-Fakim as new President of the Indian Ocean island nation.Ameenah, an internationally-renowned scientist and biologist, will be the first woman to hold the ceremonial position of President of Mauritius. Now, her appointment is subject to approval by the Parliament, which is supposed to be done by 4 June 2015.
After final approval from the Parliament, Ameenah will be the first female president of the nation, which gained independence from Britain in 1968 and replaced Britain's Queen Elizabeth II as its head of state in 1992.
2. RBI monetary policy highlights
Following are the highlights of RBI’s second bi-monthly monetary policy statement for 2015-16:
Short—term lending rate (repo) cut by 0.25 per cent to 7.25 per cent
Cash Reserve Ratio unchanged at 4 per cent
Statutory Liquidity Ratio retained at 21.5 per cent
Inflation expected to rise to 6 per cent by January 2016
Strong food policy management needed to keep inflation and inflationary expectations under check
Growth forecast lowered to 7.6 per cent for 2015-16 from 7.8 per cent projected in April
Banks asked to pass on benefit of rate cuts to borrowers
Targeted infusion of bank capital into PSU banks needed to ensure credit flows to productive sectors
Third bi—monthly policy statement on August 4.
3. RBI lowers GDP growth forecast to 7.6% for FY16
The Reserve Bank lowered the economic growth forecast for the current fiscal to 7.6 per cent from 7.8 per cent projected in April, citing various risks, including poor monsoon and rising crude oil prices.
“Reflecting the balance of risks and the downward revision to GVA (gross value added) estimates for 2014-15, the projection for output growth for 2015-16 has been marked down from 7.8 per cent in April to 7.6 per cent with a downward bias to reflect the uncertainties surrounding these various risks,” RBI Governor Raghuram Rajan said. CSO (Central Statistics Office) has come out with GVA to measure economic growth.
Real GVA, that is GVA at basic constant prices (2011-12) in 2014-15 is now estimated at Rs 98.27 lakh crore (as against Rs 98.58 lakh crore estimated earlier on February 9, 2015), showing a growth rate of 7.2 per cent (as against 7.5 per cent estimated earlier).
Talking about the risks, Rajan, while unveiling second bi-monthly monetary policy review said, some forecasters, notably the IMD, predict a below-normal southwest monsoon putting pressure on food inflation.
“Second, crude prices have been firming amidst considerable volatility, and geo-political risks are ever present. Third, volatility in the external environment could impact inflation,” he said.
Since the last policy in April, the crude oil prices have witnessed an increase of 9 per cent and are hovering around USD 65 per barrel.
Retail inflation is expected to rise to 6 per cent by January, 2016 from the level of 4.87 per cent in April.
Both lower than average monsoon and higher food inflation would lead to reduction in demand and hamper growth. About 60 per cent of population is dependent on agriculture.
4. SBI’s car loan scheme for women
After the Her Ghar loan product, country’s largest bank State Bank of India launched ‘Her Ghar Her Car’ loyalty scheme offering reduced interest on car loans.
“Under this scheme, ‘Her Ghar’ borrowers can go in for a ‘Her Car’ loan at reduced rates of 10 per cent per annum... Her Ghar Her Car is an addition to products available with SBI wherein concession in rates have been introduced with the objective of reaching out to women in the country and empowering them to take decisions that can change the course of their family and society at large,” SBI said in a statement. SBI cut its base rate in April to 9.85 per cent.
Car loans to borrowers who have not taken loans under ‘Her Ghar’ scheme would continue to be at 10.25 per cent per annum. The original ‘Her Ghar’ scheme provided a concession in interest rates for women home loan borrowers.
5. SBI’s mCASH for money transfer
State Bank of India customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient bank is SBI or not.
“Sender needs to have Internet Banking access either through browser or State Bank Anywhere app. To transfer the money, sender needs to know recipient’s mobile no or email ID, SBI said in a statement.
Recipient will receive the intimation of the transfer request through SMS/Email and has to either download the State Bank mCASH app or visitwww.onlinesbi.com to enter his/her Bank account details, IFSC code and Email ID/Mobile to receive the transfer-money.
This is one of the series of technology initiatives launched by the bank.
.6. Meena Hemchandra appointed as Executive Director of RBI
Meena Hemchandra was appointed as the Executive Director (ED) of Reserve Bank of India (RBI) with immediate effect. As an ED, She will look after Department of Banking Supervision, Department of Co-operative Banking Supervision and Department of Non-Banking Supervision.
She succeeded Chandan Sinha, who will now look after Department of Information Technology, Department of Payment and Settlement Systems, Foreign Exchange Department and Financial Markets Regulation Department (including Market Intelligence).
7. Jyoti Prasad Rajkhowa sworn-in as Arunachal Pradesh Governor
Jyoti Prasad Rajkhowa was sworn-in as Governor of Arunachal Pradesh . He became the 19th Governor of the state.
His oath of the office and secrecy was administered by the Chief Justice of Guahati High Court (Acting), Justice K Sreedhar Rao in the Darbar Hall of Raj Bhawan.
His appointment was necessitated after Lt General (Retired) Nirbhay Sharma was transferred to Mizoram in second week of May 2015. President Pranab Mukherjee on 12 May 2015 appointed Rajkhowa as the Governor of Arunachal Pradesh.
Rajkhowa was the former Chief Secretary of Assam and is a retired Indian Administrative Service officer from 1968 batch.
8. Sachin Tendulkar, Sourav Ganguly, V V S Laxman inducted in BCCI advisory committee
Former greats Sachin Tendulkar, Sourav Ganguly, and VVS Laxman joined the BCCI in a newly-constituted advisory panel to guide the board in all matters related to the game.
BCCI secretary Anurag Thakur took to micro-blogging site Twitter to announce the induction of the three greats of Indian cricket, a move which was on the cards for some time.
9. K Sivan appointed as Director of Vikram Sarabhai Space Centre (VSSC), ISRO
K Sivan was appointed as the Director of the Vikram Sarabhai Space Centre (VSSC), an organisation that works under Indian Space Research Organisation in Thiruvananthapuram, Kerala.
He took the charge on the day of his appointment and succeded M Chandradathan, who superannuated in May 2015. Before this appointment, he was the Distinguished Scientist and Director at Liquid Propulsion Systems Centre (LPSC), Thiruvananthapuram.
Sivan joined ISRO in 1982 for Polar Satellite Launch Vehicle (PSLV) Project and has made rich contributions towards end to end mission planning, mission design, mission integration and analysis which have become the foundation for ISRO launch vehicles like Geosynchronous Satellite Launch Vehicle (GSLV), GSLV Mk-III, as well as Reusable Launch Vehicle-Technology Demonstrator(RLV-TD).
He is the chief architect of 6D trajectory simulation software SITARA which is the backbone of the real time and non real time trajectory simulations of all ISRO launch vehicles
10. S Somanath appointed as Director of Liquid Propulsion Systems Centre, ISRO
S Somanath was appointed as the Director of Liquid Propulsion Systems Centre (LPSC) with immediate effect. LPSC works under the Indian Space Research Organisation (ISRO) and is located at Trivandrum, Kerala.
He succeeded K Sivan, who took over as the Director of the Vikram Sarabhai Space Centre (VSSC). Before the present appointment, he was an Associate Director (Projects), VSSC as well as Project Director of GSLV Mk-III. He joined VSSC in 1985.
He is an expert in a host of disciplines including designing of launch vehicle and has specialised in launch vehicle systems. He became associated with PSLV Project during its early development phase and was a team leader for the first and second developmental flights of PSLV.
11. India, Sweden signed 6 agreements during visit of Pranab Mukherjee to Sweden
India and Sweden 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.
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.
At present, he is on a five-day long visit to Sweden and Belarus between 31 May and 4 June 2015.
List of agreements/MoUs signed
• MoU on Cooperation in the field of Sustainable Urban Development: It aims to develop close and long term cooperation in the field of sustainable development and protection of the environment through dialogue and interaction on global sustainable urban development issues, exchange of knowledge, institutional cooperation and commercial relations.
• MoU on cooperation in the field of Micro, Small and Medium Enterprises: It aims at promoting partnership projects, institution to institution and enterprise to enterprise cooperation related to MSMEs.
• Agreement on Visa Exemption for diplomatic passports: It will facilitate entry of citizens of India and Sweden who are holders of diplomatic passports into their respective countries with the aim to strengthen the friendly relations
• Letter of Intent on Collaboration in Polar and Ocean Research: It was signed to encourage collaboration in the areas of Polar (Antarctic and Arctic) and Ocean Research by enhancing scientific capabilities, conducting joint research and survey activities, exchange of informational material on education, training and research matters, etc.
• Memorandum of Intent (MoI) on cooperation in ageing research and health: It was signed between the Indian Council of Medical Research (ICMR) and the Swedish Research Council for Health Working Life and Welfare (FORTE).
• MoI between the Central Drugs Standard Control Organization (CDSCO), India and the Swedish Medical Products Agency (MPA): It is complimentary to the ongoing cooperation between India and Sweden covering the area of health and is for increasing bilateral cooperation in the fields of pharmacovigilance, electronic submissions in related matter and clinical trials among others.
12. Footballer Rio Ferdinand announced his retirement
London-born Rio Ferdinand announced his retirement from football. Ferdinand last played for Queens Park Rangers (QPR) in March 2015. Ferdinand had an illustrious career of 18 years as a professional footballer.
About Rio Ferdinand
• Ferdinand began his career under manager Harry Redknapp at West Ham United before making his England debut at the age of 19 in 1997.
• In 2000, he joined Leeds United and then moved to Manchester United two years later in a deal worth 29.1 million British pounds, which at that time was a world-record fee for a defender.
• He captained England for the first time in 2008, and replaced John Terry in the role on a full-time basis in February 2010.
• In 2014, Ferdinand joined QPR after getting released from the Manchester United.
• Ferdinand played 81 times for England and was in the squads for the 1998, 2002, 2006 and the 2010 World Cups.
1. Mauritius designated Ameenah Gurib-Fakim as its first woman President
The Government of Mauritius designated Ameenah Gurib-Fakim as new President of the Indian Ocean island nation.
Ameenah, an internationally-renowned scientist and biologist, will be the first woman to hold the ceremonial position of President of Mauritius. Now, her appointment is subject to approval by the Parliament, which is supposed to be done by 4 June 2015.
After final approval from the Parliament, Ameenah will be the first female president of the nation, which gained independence from Britain in 1968 and replaced Britain's Queen Elizabeth II as its head of state in 1992.
2. RBI monetary policy highlights
Following are the highlights of RBI’s second bi-monthly monetary policy statement for 2015-16:
Short—term lending rate (repo) cut by 0.25 per cent to 7.25 per cent
Cash Reserve Ratio unchanged at 4 per cent
Statutory Liquidity Ratio retained at 21.5 per cent
Inflation expected to rise to 6 per cent by January 2016
Strong food policy management needed to keep inflation and inflationary expectations under check
Growth forecast lowered to 7.6 per cent for 2015-16 from 7.8 per cent projected in April
Banks asked to pass on benefit of rate cuts to borrowers
Targeted infusion of bank capital into PSU banks needed to ensure credit flows to productive sectors
Third bi—monthly policy statement on August 4.
3. RBI lowers GDP growth forecast to 7.6% for FY16
The Reserve Bank lowered the economic growth forecast for the current fiscal to 7.6 per cent from 7.8 per cent projected in April, citing various risks, including poor monsoon and rising crude oil prices.
“Reflecting the balance of risks and the downward revision to GVA (gross value added) estimates for 2014-15, the projection for output growth for 2015-16 has been marked down from 7.8 per cent in April to 7.6 per cent with a downward bias to reflect the uncertainties surrounding these various risks,” RBI Governor Raghuram Rajan said. CSO (Central Statistics Office) has come out with GVA to measure economic growth.
Real GVA, that is GVA at basic constant prices (2011-12) in 2014-15 is now estimated at Rs 98.27 lakh crore (as against Rs 98.58 lakh crore estimated earlier on February 9, 2015), showing a growth rate of 7.2 per cent (as against 7.5 per cent estimated earlier).
Talking about the risks, Rajan, while unveiling second bi-monthly monetary policy review said, some forecasters, notably the IMD, predict a below-normal southwest monsoon putting pressure on food inflation.
“Second, crude prices have been firming amidst considerable volatility, and geo-political risks are ever present. Third, volatility in the external environment could impact inflation,” he said.
Since the last policy in April, the crude oil prices have witnessed an increase of 9 per cent and are hovering around USD 65 per barrel.
Retail inflation is expected to rise to 6 per cent by January, 2016 from the level of 4.87 per cent in April.
Both lower than average monsoon and higher food inflation would lead to reduction in demand and hamper growth. About 60 per cent of population is dependent on agriculture.
4. SBI’s car loan scheme for women
After the Her Ghar loan product, country’s largest bank State Bank of India launched ‘Her Ghar Her Car’ loyalty scheme offering reduced interest on car loans.
“Under this scheme, ‘Her Ghar’ borrowers can go in for a ‘Her Car’ loan at reduced rates of 10 per cent per annum... Her Ghar Her Car is an addition to products available with SBI wherein concession in rates have been introduced with the objective of reaching out to women in the country and empowering them to take decisions that can change the course of their family and society at large,” SBI said in a statement. SBI cut its base rate in April to 9.85 per cent.
Car loans to borrowers who have not taken loans under ‘Her Ghar’ scheme would continue to be at 10.25 per cent per annum. The original ‘Her Ghar’ scheme provided a concession in interest rates for women home loan borrowers.
5. SBI’s mCASH for money transfer
State Bank of India customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient bank is SBI or not.
“Sender needs to have Internet Banking access either through browser or State Bank Anywhere app. To transfer the money, sender needs to know recipient’s mobile no or email ID, SBI said in a statement.
Recipient will receive the intimation of the transfer request through SMS/Email and has to either download the State Bank mCASH app or visitwww.onlinesbi.com to enter his/her Bank account details, IFSC code and Email ID/Mobile to receive the transfer-money.
This is one of the series of technology initiatives launched by the bank.
.6. Meena Hemchandra appointed as Executive Director of RBI
Meena Hemchandra was appointed as the Executive Director (ED) of Reserve Bank of India (RBI) with immediate effect. As an ED, She will look after Department of Banking Supervision, Department of Co-operative Banking Supervision and Department of Non-Banking Supervision.
She succeeded Chandan Sinha, who will now look after Department of Information Technology, Department of Payment and Settlement Systems, Foreign Exchange Department and Financial Markets Regulation Department (including Market Intelligence).
7. Jyoti Prasad Rajkhowa sworn-in as Arunachal Pradesh Governor
Jyoti Prasad Rajkhowa was sworn-in as Governor of Arunachal Pradesh . He became the 19th Governor of the state.
His oath of the office and secrecy was administered by the Chief Justice of Guahati High Court (Acting), Justice K Sreedhar Rao in the Darbar Hall of Raj Bhawan.
His appointment was necessitated after Lt General (Retired) Nirbhay Sharma was transferred to Mizoram in second week of May 2015. President Pranab Mukherjee on 12 May 2015 appointed Rajkhowa as the Governor of Arunachal Pradesh.
Rajkhowa was the former Chief Secretary of Assam and is a retired Indian Administrative Service officer from 1968 batch.
8. Sachin Tendulkar, Sourav Ganguly, V V S Laxman inducted in BCCI advisory committee
Former greats Sachin Tendulkar, Sourav Ganguly, and VVS Laxman joined the BCCI in a newly-constituted advisory panel to guide the board in all matters related to the game.
BCCI secretary Anurag Thakur took to micro-blogging site Twitter to announce the induction of the three greats of Indian cricket, a move which was on the cards for some time.
9. K Sivan appointed as Director of Vikram Sarabhai Space Centre (VSSC), ISRO
K Sivan was appointed as the Director of the Vikram Sarabhai Space Centre (VSSC), an organisation that works under Indian Space Research Organisation in Thiruvananthapuram, Kerala.
He took the charge on the day of his appointment and succeded M Chandradathan, who superannuated in May 2015. Before this appointment, he was the Distinguished Scientist and Director at Liquid Propulsion Systems Centre (LPSC), Thiruvananthapuram.
Sivan joined ISRO in 1982 for Polar Satellite Launch Vehicle (PSLV) Project and has made rich contributions towards end to end mission planning, mission design, mission integration and analysis which have become the foundation for ISRO launch vehicles like Geosynchronous Satellite Launch Vehicle (GSLV), GSLV Mk-III, as well as Reusable Launch Vehicle-Technology Demonstrator(RLV-TD).
He is the chief architect of 6D trajectory simulation software SITARA which is the backbone of the real time and non real time trajectory simulations of all ISRO launch vehicles
10. S Somanath appointed as Director of Liquid Propulsion Systems Centre, ISRO
S Somanath was appointed as the Director of Liquid Propulsion Systems Centre (LPSC) with immediate effect. LPSC works under the Indian Space Research Organisation (ISRO) and is located at Trivandrum, Kerala.
He succeeded K Sivan, who took over as the Director of the Vikram Sarabhai Space Centre (VSSC). Before the present appointment, he was an Associate Director (Projects), VSSC as well as Project Director of GSLV Mk-III. He joined VSSC in 1985.
He is an expert in a host of disciplines including designing of launch vehicle and has specialised in launch vehicle systems. He became associated with PSLV Project during its early development phase and was a team leader for the first and second developmental flights of PSLV.
11. India, Sweden signed 6 agreements during visit of Pranab Mukherjee to Sweden
India and Sweden 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.
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.
At present, he is on a five-day long visit to Sweden and Belarus between 31 May and 4 June 2015.
List of agreements/MoUs signed
• MoU on Cooperation in the field of Sustainable Urban Development: It aims to develop close and long term cooperation in the field of sustainable development and protection of the environment through dialogue and interaction on global sustainable urban development issues, exchange of knowledge, institutional cooperation and commercial relations.
• MoU on cooperation in the field of Micro, Small and Medium Enterprises: It aims at promoting partnership projects, institution to institution and enterprise to enterprise cooperation related to MSMEs.
• Agreement on Visa Exemption for diplomatic passports: It will facilitate entry of citizens of India and Sweden who are holders of diplomatic passports into their respective countries with the aim to strengthen the friendly relations
• Letter of Intent on Collaboration in Polar and Ocean Research: It was signed to encourage collaboration in the areas of Polar (Antarctic and Arctic) and Ocean Research by enhancing scientific capabilities, conducting joint research and survey activities, exchange of informational material on education, training and research matters, etc.
• Memorandum of Intent (MoI) on cooperation in ageing research and health: It was signed between the Indian Council of Medical Research (ICMR) and the Swedish Research Council for Health Working Life and Welfare (FORTE).
• MoI between the Central Drugs Standard Control Organization (CDSCO), India and the Swedish Medical Products Agency (MPA): It is complimentary to the ongoing cooperation between India and Sweden covering the area of health and is for increasing bilateral cooperation in the fields of pharmacovigilance, electronic submissions in related matter and clinical trials among others.
12. Footballer Rio Ferdinand announced his retirement
London-born Rio Ferdinand announced his retirement from football. Ferdinand last played for Queens Park Rangers (QPR) in March 2015. Ferdinand had an illustrious career of 18 years as a professional footballer.
About Rio Ferdinand
• Ferdinand began his career under manager Harry Redknapp at West Ham United before making his England debut at the age of 19 in 1997.
• In 2000, he joined Leeds United and then moved to Manchester United two years later in a deal worth 29.1 million British pounds, which at that time was a world-record fee for a defender.
• He captained England for the first time in 2008, and replaced John Terry in the role on a full-time basis in February 2010.
• In 2014, Ferdinand joined QPR after getting released from the Manchester United.
• Ferdinand played 81 times for England and was in the squads for the 1998, 2002, 2006 and the 2010 World Cups.
The Government of Mauritius designated Ameenah Gurib-Fakim as new President of the Indian Ocean island nation.Ameenah, an internationally-renowned scientist and biologist, will be the first woman to hold the ceremonial position of President of Mauritius. Now, her appointment is subject to approval by the Parliament, which is supposed to be done by 4 June 2015.
After final approval from the Parliament, Ameenah will be the first female president of the nation, which gained independence from Britain in 1968 and replaced Britain's Queen Elizabeth II as its head of state in 1992.
2. RBI monetary policy highlights
Following are the highlights of RBI’s second bi-monthly monetary policy statement for 2015-16:
Short—term lending rate (repo) cut by 0.25 per cent to 7.25 per cent
Cash Reserve Ratio unchanged at 4 per cent
Statutory Liquidity Ratio retained at 21.5 per cent
Inflation expected to rise to 6 per cent by January 2016
Strong food policy management needed to keep inflation and inflationary expectations under check
Growth forecast lowered to 7.6 per cent for 2015-16 from 7.8 per cent projected in April
Banks asked to pass on benefit of rate cuts to borrowers
Targeted infusion of bank capital into PSU banks needed to ensure credit flows to productive sectors
Third bi—monthly policy statement on August 4.
3. RBI lowers GDP growth forecast to 7.6% for FY16
The Reserve Bank lowered the economic growth forecast for the current fiscal to 7.6 per cent from 7.8 per cent projected in April, citing various risks, including poor monsoon and rising crude oil prices.
“Reflecting the balance of risks and the downward revision to GVA (gross value added) estimates for 2014-15, the projection for output growth for 2015-16 has been marked down from 7.8 per cent in April to 7.6 per cent with a downward bias to reflect the uncertainties surrounding these various risks,” RBI Governor Raghuram Rajan said. CSO (Central Statistics Office) has come out with GVA to measure economic growth.
Real GVA, that is GVA at basic constant prices (2011-12) in 2014-15 is now estimated at Rs 98.27 lakh crore (as against Rs 98.58 lakh crore estimated earlier on February 9, 2015), showing a growth rate of 7.2 per cent (as against 7.5 per cent estimated earlier).
Talking about the risks, Rajan, while unveiling second bi-monthly monetary policy review said, some forecasters, notably the IMD, predict a below-normal southwest monsoon putting pressure on food inflation.
“Second, crude prices have been firming amidst considerable volatility, and geo-political risks are ever present. Third, volatility in the external environment could impact inflation,” he said.
Since the last policy in April, the crude oil prices have witnessed an increase of 9 per cent and are hovering around USD 65 per barrel.
Retail inflation is expected to rise to 6 per cent by January, 2016 from the level of 4.87 per cent in April.
Both lower than average monsoon and higher food inflation would lead to reduction in demand and hamper growth. About 60 per cent of population is dependent on agriculture.
4. SBI’s car loan scheme for women
After the Her Ghar loan product, country’s largest bank State Bank of India launched ‘Her Ghar Her Car’ loyalty scheme offering reduced interest on car loans.
“Under this scheme, ‘Her Ghar’ borrowers can go in for a ‘Her Car’ loan at reduced rates of 10 per cent per annum... Her Ghar Her Car is an addition to products available with SBI wherein concession in rates have been introduced with the objective of reaching out to women in the country and empowering them to take decisions that can change the course of their family and society at large,” SBI said in a statement. SBI cut its base rate in April to 9.85 per cent.
Car loans to borrowers who have not taken loans under ‘Her Ghar’ scheme would continue to be at 10.25 per cent per annum. The original ‘Her Ghar’ scheme provided a concession in interest rates for women home loan borrowers.
5. SBI’s mCASH for money transfer
State Bank of India customers can transfer money to anyone without knowing their Bank account details irrespective of whether the recipient bank is SBI or not.
“Sender needs to have Internet Banking access either through browser or State Bank Anywhere app. To transfer the money, sender needs to know recipient’s mobile no or email ID, SBI said in a statement.
Recipient will receive the intimation of the transfer request through SMS/Email and has to either download the State Bank mCASH app or visitwww.onlinesbi.com to enter his/her Bank account details, IFSC code and Email ID/Mobile to receive the transfer-money.
This is one of the series of technology initiatives launched by the bank.
.6. Meena Hemchandra appointed as Executive Director of RBI
Meena Hemchandra was appointed as the Executive Director (ED) of Reserve Bank of India (RBI) with immediate effect. As an ED, She will look after Department of Banking Supervision, Department of Co-operative Banking Supervision and Department of Non-Banking Supervision.
She succeeded Chandan Sinha, who will now look after Department of Information Technology, Department of Payment and Settlement Systems, Foreign Exchange Department and Financial Markets Regulation Department (including Market Intelligence).
7. Jyoti Prasad Rajkhowa sworn-in as Arunachal Pradesh Governor
Jyoti Prasad Rajkhowa was sworn-in as Governor of Arunachal Pradesh . He became the 19th Governor of the state.
His oath of the office and secrecy was administered by the Chief Justice of Guahati High Court (Acting), Justice K Sreedhar Rao in the Darbar Hall of Raj Bhawan.
His appointment was necessitated after Lt General (Retired) Nirbhay Sharma was transferred to Mizoram in second week of May 2015. President Pranab Mukherjee on 12 May 2015 appointed Rajkhowa as the Governor of Arunachal Pradesh.
Rajkhowa was the former Chief Secretary of Assam and is a retired Indian Administrative Service officer from 1968 batch.
8. Sachin Tendulkar, Sourav Ganguly, V V S Laxman inducted in BCCI advisory committee
Former greats Sachin Tendulkar, Sourav Ganguly, and VVS Laxman joined the BCCI in a newly-constituted advisory panel to guide the board in all matters related to the game.
BCCI secretary Anurag Thakur took to micro-blogging site Twitter to announce the induction of the three greats of Indian cricket, a move which was on the cards for some time.
9. K Sivan appointed as Director of Vikram Sarabhai Space Centre (VSSC), ISRO
K Sivan was appointed as the Director of the Vikram Sarabhai Space Centre (VSSC), an organisation that works under Indian Space Research Organisation in Thiruvananthapuram, Kerala.
He took the charge on the day of his appointment and succeded M Chandradathan, who superannuated in May 2015. Before this appointment, he was the Distinguished Scientist and Director at Liquid Propulsion Systems Centre (LPSC), Thiruvananthapuram.
Sivan joined ISRO in 1982 for Polar Satellite Launch Vehicle (PSLV) Project and has made rich contributions towards end to end mission planning, mission design, mission integration and analysis which have become the foundation for ISRO launch vehicles like Geosynchronous Satellite Launch Vehicle (GSLV), GSLV Mk-III, as well as Reusable Launch Vehicle-Technology Demonstrator(RLV-TD).
He is the chief architect of 6D trajectory simulation software SITARA which is the backbone of the real time and non real time trajectory simulations of all ISRO launch vehicles
10. S Somanath appointed as Director of Liquid Propulsion Systems Centre, ISRO
S Somanath was appointed as the Director of Liquid Propulsion Systems Centre (LPSC) with immediate effect. LPSC works under the Indian Space Research Organisation (ISRO) and is located at Trivandrum, Kerala.
He succeeded K Sivan, who took over as the Director of the Vikram Sarabhai Space Centre (VSSC). Before the present appointment, he was an Associate Director (Projects), VSSC as well as Project Director of GSLV Mk-III. He joined VSSC in 1985.
He is an expert in a host of disciplines including designing of launch vehicle and has specialised in launch vehicle systems. He became associated with PSLV Project during its early development phase and was a team leader for the first and second developmental flights of PSLV.
11. India, Sweden signed 6 agreements during visit of Pranab Mukherjee to Sweden
India and Sweden 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.
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.
At present, he is on a five-day long visit to Sweden and Belarus between 31 May and 4 June 2015.
List of agreements/MoUs signed
• MoU on Cooperation in the field of Sustainable Urban Development: It aims to develop close and long term cooperation in the field of sustainable development and protection of the environment through dialogue and interaction on global sustainable urban development issues, exchange of knowledge, institutional cooperation and commercial relations.
• MoU on cooperation in the field of Micro, Small and Medium Enterprises: It aims at promoting partnership projects, institution to institution and enterprise to enterprise cooperation related to MSMEs.
• Agreement on Visa Exemption for diplomatic passports: It will facilitate entry of citizens of India and Sweden who are holders of diplomatic passports into their respective countries with the aim to strengthen the friendly relations
• Letter of Intent on Collaboration in Polar and Ocean Research: It was signed to encourage collaboration in the areas of Polar (Antarctic and Arctic) and Ocean Research by enhancing scientific capabilities, conducting joint research and survey activities, exchange of informational material on education, training and research matters, etc.
• Memorandum of Intent (MoI) on cooperation in ageing research and health: It was signed between the Indian Council of Medical Research (ICMR) and the Swedish Research Council for Health Working Life and Welfare (FORTE).
• MoI between the Central Drugs Standard Control Organization (CDSCO), India and the Swedish Medical Products Agency (MPA): It is complimentary to the ongoing cooperation between India and Sweden covering the area of health and is for increasing bilateral cooperation in the fields of pharmacovigilance, electronic submissions in related matter and clinical trials among others.
12. Footballer Rio Ferdinand announced his retirement
London-born Rio Ferdinand announced his retirement from football. Ferdinand last played for Queens Park Rangers (QPR) in March 2015. Ferdinand had an illustrious career of 18 years as a professional footballer.
About Rio Ferdinand
• Ferdinand began his career under manager Harry Redknapp at West Ham United before making his England debut at the age of 19 in 1997.
• In 2000, he joined Leeds United and then moved to Manchester United two years later in a deal worth 29.1 million British pounds, which at that time was a world-record fee for a defender.
• He captained England for the first time in 2008, and replaced John Terry in the role on a full-time basis in February 2010.
• In 2014, Ferdinand joined QPR after getting released from the Manchester United.
• Ferdinand played 81 times for England and was in the squads for the 1998, 2002, 2006 and the 2010 World Cups.
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