1. RBI cuts repo rate by 25 basis pointReserve Bank of India (RBI) has cut down repo rate by 25 basis points
to 7.75 percent from 8 percent, with immediate effect.
It was announced ahead of the scheduled date of monetary policy announcement on 3rd February 2015 as part of RBI’s 6th bi-monthly monetary policy statement.
RBI’s 6th bi-monthly monetary policy statement says that
Repo rate: RBI has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent.
Cash reserve ratio (CRR): RBI has unchanged CRR and kept it at 4.0 per cent of net demand and time liabilities (NDTL).
Reverse repo rate: RBI has adjusted reverse repo rate under the LAF to 6.75 per cent.
While, RBI has adjusted Marginal standing facility (MSF) rate and the Bank Rate to 8.75 per cent with immediate effect.
It was announced ahead of the scheduled date of monetary policy announcement on 3rd February 2015 as part of RBI’s 6th bi-monthly monetary policy statement.
RBI’s 6th bi-monthly monetary policy statement says that
Repo rate: RBI has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent.
Cash reserve ratio (CRR): RBI has unchanged CRR and kept it at 4.0 per cent of net demand and time liabilities (NDTL).
Reverse repo rate: RBI has adjusted reverse repo rate under the LAF to 6.75 per cent.
While, RBI has adjusted Marginal standing facility (MSF) rate and the Bank Rate to 8.75 per cent with immediate effect.
2. Appointment Committee of Cabinet approved Anupam Shrivastava as CMD of BSN
Appointments Committee of the Cabinet (ACC) approved appointment of Anupam Shrivastava as CMD (Chairman and Managing Director) of Bharat Sanchar Nigam Limited (BSNL). Currently, he is serving as Director - Consumer Mobility at the BSNL.
BSNL's Director Enterprises A N Rai is currently handling the additional charge of CMD.
His appointment was pending from long. The Public Enterprise Selection Board (PESB) had shortlisted Anupam Shrivastava for the post of CMD of BSNL in 2013.
His tenure as CMD was to begin from 1 May 2013 but the then Union Telecommunication Minister Kapil Sibal held back the recommendation and granted extension to R K Upadhyay till 30 June 2013.
3. Army Day is being observed on 15 January
In India, Army Day is being observed every year on 15 January.
Significance of Day: In 1949, on this day Lt. General (later Field Marshal) Kodandera Madappa Cariappa became the first Indian Commander-in-Chief of the Indian Army (of the independent India) by succeeding British Army General Roy Butcher.
Events: It is celebrated every year at all the Army Command headquarters and national capital by organizing army parades including many other military shows.
This day inspires the troops to continue to enrich the glorious traditions of the Indian Army with their dedication and sacrifice.
On 15 January 2015, it will be the 67th Indian Army.
4. India Ratings expects GDP to grow at 6.5% in 2015-16
On a day when RBI ended the long wait for rate cut, a leading rating agency India Ratings (Ind-Ra) has estimated the industry to grow at 6.5 per cent in 2015-16 against the projected 3.6 per cent in the current fiscal. This, in turn is expected to boost the overall growth which could grow at 6.5 per cent in the next fiscal from 5.6 per cent this year.
The agency is of the view that a number of announcements made in the last Budget to address the structural issues plaguing industrial and infrastructure sectors could gather pace in the next fiscal, besides few more being announced in the new Budget, likely to be announced on February 27.
Also, the government’s push for ‘Make in India’ (focus on select 26 sectors) and improving the ‘ease of doing business’ will aid the manufacturing/industrial growth.
5. Bhakti set world record by swimming 1.4 miles in 52 minutes in the Antarctic Ocean
Indian open water swimmer Bhakti Sharma set a world record by swimming 1.4 miles in 52 minutes in one degree temperature in the Antarctic Ocean. She is the first Indian women as well as to achieve this feat.
She broke the record of British open water swimming champion Lewis Pugh and American swimmer Lynne Cox.
The 24-year old is now the first Asian girl and youngest in the world to have achieved this feat and now has conquered all the five oceans of the world.
6. BHEL bags Rs. 1,200 cr order in Karnataka
The public sector power generation equipments major, Bharat Heavy Electricals Limited (BHEL) has bagged a contract for setting up a Combined Cycle Power Plant (CCPP) in Karnataka. It will on EPC (Engineering, Procurement & Construction) basis, involving supply and commissioning of a fuel-efficient state-of-the-art Advanced-class Gas Turbine.
Valued at Rs. 1,202 crore, the order for the 370 MW Gas Turbine-based CCPP to be installed at Yelahanka on the outskirts of Bengaluru city, has been placed on BHEL by Karanataka Power Corporation Limited (KPCL).
Significantly, this will also be the first gas-based Utility Power Project of KPCL.
This plant will replace the old Diesel Generator-based power plant of 128 MW capacity, which has not been operating for some time due to environmental issues. Yelahanka CCPP will not only address environmental concerns but will also improve the power supply in Karnataka and specifically Bengaluru city.
BHEL has a long association with KPCL and BHEL supplied sets account for 74 per cent of its installed capacity. Another 3100 MW of projects are presently under construction by BHEL at Bellary, Yeramarus and Edlapur. Significantly, BHEL is the JV partner of KPCL in Raichur Power Corporation Limited (RPCL) and is constructing the 2x800 MW Yeramarus TPS and 1x800 MW Edlapur power projects of RPCL.
The public sector power generation equipments major, Bharat Heavy Electricals Limited (BHEL) has bagged a contract for setting up a Combined Cycle Power Plant (CCPP) in Karnataka. It will on EPC (Engineering, Procurement & Construction) basis, involving supply and commissioning of a fuel-efficient state-of-the-art Advanced-class Gas Turbine.
Valued at Rs. 1,202 crore, the order for the 370 MW Gas Turbine-based CCPP to be installed at Yelahanka on the outskirts of Bengaluru city, has been placed on BHEL by Karanataka Power Corporation Limited (KPCL).
Significantly, this will also be the first gas-based Utility Power Project of KPCL.
This plant will replace the old Diesel Generator-based power plant of 128 MW capacity, which has not been operating for some time due to environmental issues. Yelahanka CCPP will not only address environmental concerns but will also improve the power supply in Karnataka and specifically Bengaluru city.
BHEL has a long association with KPCL and BHEL supplied sets account for 74 per cent of its installed capacity. Another 3100 MW of projects are presently under construction by BHEL at Bellary, Yeramarus and Edlapur. Significantly, BHEL is the JV partner of KPCL in Raichur Power Corporation Limited (RPCL) and is constructing the 2x800 MW Yeramarus TPS and 1x800 MW Edlapur power projects of RPCL.
7. ICICI Bank’s new facility for NRIs
ICICI Bank launched a completely online account opening facility for Non-Resident Indians residing in the US. “NRIs can open an NRI savings account with ICICI Bank India in a single session on its website, eliminating the hassles of sending physical documents across continents,” ICICI Bank said in a statement. This facility will enable customers in the US to open an account within two working days upon successful verification of the uploaded documents. Thereafter, the customer can transfer funds into the account, after which debit card and other deliverables are sent to the customer’s registered address.
8. Catholic Syrian Bank CEO Rakesh Bhatia quits
Rakesh Bhatia, Managing Director and CEO of Kerala-based Catholic Syrian Bank, has resigned.
Bhatia joined CSB in April 2013. During his term, deposits grew to ₹13,673 crore in 2013-14 from ₹12,341 crore in 2012-13, a bank official said.
Bhatia has designed strategies to improve and de-risk the business with a focus on SME loans rather than extending corporate advances. The bank had adopted a cautious approach and this was one reason why advances dropped from ₹8,851 crore in March 2013 to ₹8,707 crore in 2014. The bank also formulated special schemes to cater to the diverse credit needs of small-scale industries and the self-employed with a thrust on rural belts. The number of branches has gone up to 430 from 390 during his tenure.
The Thrissur-headquartered bank had commenced business in January 1921 with an authorised capital of ₹5 lakh and a paid-up capital of ₹45,270.
9. ING Vysya appoints M Damodaran as Non-Executive Chairman
ING Vysya Bank, which is going to be merged with Kotak Mahindra Bank, today appointed former Sebi chief M Damodaran as its Non-Executive Chairman.
Meleveetil Damodaran, Director of the bank, has assumed charge as part—time Chairman effective January 14, ING Vysya Bank said in a statement.
Damodaran, a former IAS, was Chairman of the capital market regulator Sebi from 2005-2008.
ICICI Bank launched a completely online account opening facility for Non-Resident Indians residing in the US. “NRIs can open an NRI savings account with ICICI Bank India in a single session on its website, eliminating the hassles of sending physical documents across continents,” ICICI Bank said in a statement. This facility will enable customers in the US to open an account within two working days upon successful verification of the uploaded documents. Thereafter, the customer can transfer funds into the account, after which debit card and other deliverables are sent to the customer’s registered address.
8. Catholic Syrian Bank CEO Rakesh Bhatia quits
Rakesh Bhatia, Managing Director and CEO of Kerala-based Catholic Syrian Bank, has resigned.
Bhatia joined CSB in April 2013. During his term, deposits grew to ₹13,673 crore in 2013-14 from ₹12,341 crore in 2012-13, a bank official said.
Bhatia has designed strategies to improve and de-risk the business with a focus on SME loans rather than extending corporate advances. The bank had adopted a cautious approach and this was one reason why advances dropped from ₹8,851 crore in March 2013 to ₹8,707 crore in 2014. The bank also formulated special schemes to cater to the diverse credit needs of small-scale industries and the self-employed with a thrust on rural belts. The number of branches has gone up to 430 from 390 during his tenure.
The Thrissur-headquartered bank had commenced business in January 1921 with an authorised capital of ₹5 lakh and a paid-up capital of ₹45,270.
9. ING Vysya appoints M Damodaran as Non-Executive Chairman
ING Vysya Bank, which is going to be merged with Kotak Mahindra Bank, today appointed former Sebi chief M Damodaran as its Non-Executive Chairman.
Meleveetil Damodaran, Director of the bank, has assumed charge as part—time Chairman effective January 14, ING Vysya Bank said in a statement.
Damodaran, a former IAS, was Chairman of the capital market regulator Sebi from 2005-2008.
10. Bengaluru FC beat Dempo to lift Football Federation Cup
Bengaluru FC on 11 January 2015 lifted their maiden football Federation Cup. In the final clash for the title Bengaluru defeated Goa's Dempo Sports Club 2-1.
The final match was played at the Nehru Stadium in Fatorda of Margao, Goa.
11. Japan approved its largest ever Defence Budget for 2015
The Cabinet of Japan headed by Prime Minister Shinzo Abe approved its largest ever defence budget for 2015 on 14 January 2015. The defence budget includes plan to buy surveillance aircraft, drones and F-35 fighter jets to help counter rising assertiveness of China.
The main aim of increasing the defence spending is to boost capacity of Japan to defend uninhabited islands in the East China Sea where Japan controls it and china also has claiming for the island.
Bengaluru FC on 11 January 2015 lifted their maiden football Federation Cup. In the final clash for the title Bengaluru defeated Goa's Dempo Sports Club 2-1.
The final match was played at the Nehru Stadium in Fatorda of Margao, Goa.
11. Japan approved its largest ever Defence Budget for 2015
The Cabinet of Japan headed by Prime Minister Shinzo Abe approved its largest ever defence budget for 2015 on 14 January 2015. The defence budget includes plan to buy surveillance aircraft, drones and F-35 fighter jets to help counter rising assertiveness of China.
The main aim of increasing the defence spending is to boost capacity of Japan to defend uninhabited islands in the East China Sea where Japan controls it and china also has claiming for the island.
1. RBI cuts repo rate by 25 basis pointReserve Bank of India (RBI) has cut down repo rate by 25 basis points
to 7.75 percent from 8 percent, with immediate effect.
It was announced ahead of the scheduled date of monetary policy announcement on 3rd February 2015 as part of RBI’s 6th bi-monthly monetary policy statement.
RBI’s 6th bi-monthly monetary policy statement says that
Repo rate: RBI has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent.
Cash reserve ratio (CRR): RBI has unchanged CRR and kept it at 4.0 per cent of net demand and time liabilities (NDTL).
Reverse repo rate: RBI has adjusted reverse repo rate under the LAF to 6.75 per cent.
While, RBI has adjusted Marginal standing facility (MSF) rate and the Bank Rate to 8.75 per cent with immediate effect.
It was announced ahead of the scheduled date of monetary policy announcement on 3rd February 2015 as part of RBI’s 6th bi-monthly monetary policy statement.
RBI’s 6th bi-monthly monetary policy statement says that
Repo rate: RBI has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent.
Cash reserve ratio (CRR): RBI has unchanged CRR and kept it at 4.0 per cent of net demand and time liabilities (NDTL).
Reverse repo rate: RBI has adjusted reverse repo rate under the LAF to 6.75 per cent.
While, RBI has adjusted Marginal standing facility (MSF) rate and the Bank Rate to 8.75 per cent with immediate effect.
2. Appointment Committee of Cabinet approved Anupam Shrivastava as CMD of BSN
Appointments Committee of the Cabinet (ACC) approved appointment of Anupam Shrivastava as CMD (Chairman and Managing Director) of Bharat Sanchar Nigam Limited (BSNL). Currently, he is serving as Director - Consumer Mobility at the BSNL.
BSNL's Director Enterprises A N Rai is currently handling the additional charge of CMD.
His appointment was pending from long. The Public Enterprise Selection Board (PESB) had shortlisted Anupam Shrivastava for the post of CMD of BSNL in 2013.
His tenure as CMD was to begin from 1 May 2013 but the then Union Telecommunication Minister Kapil Sibal held back the recommendation and granted extension to R K Upadhyay till 30 June 2013.
3. Army Day is being observed on 15 January
In India, Army Day is being observed every year on 15 January.
Significance of Day: In 1949, on this day Lt. General (later Field Marshal) Kodandera Madappa Cariappa became the first Indian Commander-in-Chief of the Indian Army (of the independent India) by succeeding British Army General Roy Butcher.
Events: It is celebrated every year at all the Army Command headquarters and national capital by organizing army parades including many other military shows.
This day inspires the troops to continue to enrich the glorious traditions of the Indian Army with their dedication and sacrifice.
On 15 January 2015, it will be the 67th Indian Army.
4. India Ratings expects GDP to grow at 6.5% in 2015-16
On a day when RBI ended the long wait for rate cut, a leading rating agency India Ratings (Ind-Ra) has estimated the industry to grow at 6.5 per cent in 2015-16 against the projected 3.6 per cent in the current fiscal. This, in turn is expected to boost the overall growth which could grow at 6.5 per cent in the next fiscal from 5.6 per cent this year.
The agency is of the view that a number of announcements made in the last Budget to address the structural issues plaguing industrial and infrastructure sectors could gather pace in the next fiscal, besides few more being announced in the new Budget, likely to be announced on February 27.
Also, the government’s push for ‘Make in India’ (focus on select 26 sectors) and improving the ‘ease of doing business’ will aid the manufacturing/industrial growth.
5. Bhakti set world record by swimming 1.4 miles in 52 minutes in the Antarctic Ocean
Indian open water swimmer Bhakti Sharma set a world record by swimming 1.4 miles in 52 minutes in one degree temperature in the Antarctic Ocean. She is the first Indian women as well as to achieve this feat.
She broke the record of British open water swimming champion Lewis Pugh and American swimmer Lynne Cox.
The 24-year old is now the first Asian girl and youngest in the world to have achieved this feat and now has conquered all the five oceans of the world.
6. BHEL bags Rs. 1,200 cr order in Karnataka
The public sector power generation equipments major, Bharat Heavy Electricals Limited (BHEL) has bagged a contract for setting up a Combined Cycle Power Plant (CCPP) in Karnataka. It will on EPC (Engineering, Procurement & Construction) basis, involving supply and commissioning of a fuel-efficient state-of-the-art Advanced-class Gas Turbine.
Valued at Rs. 1,202 crore, the order for the 370 MW Gas Turbine-based CCPP to be installed at Yelahanka on the outskirts of Bengaluru city, has been placed on BHEL by Karanataka Power Corporation Limited (KPCL).
Significantly, this will also be the first gas-based Utility Power Project of KPCL.
This plant will replace the old Diesel Generator-based power plant of 128 MW capacity, which has not been operating for some time due to environmental issues. Yelahanka CCPP will not only address environmental concerns but will also improve the power supply in Karnataka and specifically Bengaluru city.
BHEL has a long association with KPCL and BHEL supplied sets account for 74 per cent of its installed capacity. Another 3100 MW of projects are presently under construction by BHEL at Bellary, Yeramarus and Edlapur. Significantly, BHEL is the JV partner of KPCL in Raichur Power Corporation Limited (RPCL) and is constructing the 2x800 MW Yeramarus TPS and 1x800 MW Edlapur power projects of RPCL.
The public sector power generation equipments major, Bharat Heavy Electricals Limited (BHEL) has bagged a contract for setting up a Combined Cycle Power Plant (CCPP) in Karnataka. It will on EPC (Engineering, Procurement & Construction) basis, involving supply and commissioning of a fuel-efficient state-of-the-art Advanced-class Gas Turbine.
Valued at Rs. 1,202 crore, the order for the 370 MW Gas Turbine-based CCPP to be installed at Yelahanka on the outskirts of Bengaluru city, has been placed on BHEL by Karanataka Power Corporation Limited (KPCL).
Significantly, this will also be the first gas-based Utility Power Project of KPCL.
This plant will replace the old Diesel Generator-based power plant of 128 MW capacity, which has not been operating for some time due to environmental issues. Yelahanka CCPP will not only address environmental concerns but will also improve the power supply in Karnataka and specifically Bengaluru city.
BHEL has a long association with KPCL and BHEL supplied sets account for 74 per cent of its installed capacity. Another 3100 MW of projects are presently under construction by BHEL at Bellary, Yeramarus and Edlapur. Significantly, BHEL is the JV partner of KPCL in Raichur Power Corporation Limited (RPCL) and is constructing the 2x800 MW Yeramarus TPS and 1x800 MW Edlapur power projects of RPCL.
7. ICICI Bank’s new facility for NRIs
ICICI Bank launched a completely online account opening facility for Non-Resident Indians residing in the US. “NRIs can open an NRI savings account with ICICI Bank India in a single session on its website, eliminating the hassles of sending physical documents across continents,” ICICI Bank said in a statement. This facility will enable customers in the US to open an account within two working days upon successful verification of the uploaded documents. Thereafter, the customer can transfer funds into the account, after which debit card and other deliverables are sent to the customer’s registered address.
8. Catholic Syrian Bank CEO Rakesh Bhatia quits
Rakesh Bhatia, Managing Director and CEO of Kerala-based Catholic Syrian Bank, has resigned.
Bhatia joined CSB in April 2013. During his term, deposits grew to ₹13,673 crore in 2013-14 from ₹12,341 crore in 2012-13, a bank official said.
Bhatia has designed strategies to improve and de-risk the business with a focus on SME loans rather than extending corporate advances. The bank had adopted a cautious approach and this was one reason why advances dropped from ₹8,851 crore in March 2013 to ₹8,707 crore in 2014. The bank also formulated special schemes to cater to the diverse credit needs of small-scale industries and the self-employed with a thrust on rural belts. The number of branches has gone up to 430 from 390 during his tenure.
The Thrissur-headquartered bank had commenced business in January 1921 with an authorised capital of ₹5 lakh and a paid-up capital of ₹45,270.
9. ING Vysya appoints M Damodaran as Non-Executive Chairman
ING Vysya Bank, which is going to be merged with Kotak Mahindra Bank, today appointed former Sebi chief M Damodaran as its Non-Executive Chairman.
Meleveetil Damodaran, Director of the bank, has assumed charge as part—time Chairman effective January 14, ING Vysya Bank said in a statement.
Damodaran, a former IAS, was Chairman of the capital market regulator Sebi from 2005-2008.
ICICI Bank launched a completely online account opening facility for Non-Resident Indians residing in the US. “NRIs can open an NRI savings account with ICICI Bank India in a single session on its website, eliminating the hassles of sending physical documents across continents,” ICICI Bank said in a statement. This facility will enable customers in the US to open an account within two working days upon successful verification of the uploaded documents. Thereafter, the customer can transfer funds into the account, after which debit card and other deliverables are sent to the customer’s registered address.
8. Catholic Syrian Bank CEO Rakesh Bhatia quits
Rakesh Bhatia, Managing Director and CEO of Kerala-based Catholic Syrian Bank, has resigned.
Bhatia joined CSB in April 2013. During his term, deposits grew to ₹13,673 crore in 2013-14 from ₹12,341 crore in 2012-13, a bank official said.
Bhatia has designed strategies to improve and de-risk the business with a focus on SME loans rather than extending corporate advances. The bank had adopted a cautious approach and this was one reason why advances dropped from ₹8,851 crore in March 2013 to ₹8,707 crore in 2014. The bank also formulated special schemes to cater to the diverse credit needs of small-scale industries and the self-employed with a thrust on rural belts. The number of branches has gone up to 430 from 390 during his tenure.
The Thrissur-headquartered bank had commenced business in January 1921 with an authorised capital of ₹5 lakh and a paid-up capital of ₹45,270.
9. ING Vysya appoints M Damodaran as Non-Executive Chairman
ING Vysya Bank, which is going to be merged with Kotak Mahindra Bank, today appointed former Sebi chief M Damodaran as its Non-Executive Chairman.
Meleveetil Damodaran, Director of the bank, has assumed charge as part—time Chairman effective January 14, ING Vysya Bank said in a statement.
Damodaran, a former IAS, was Chairman of the capital market regulator Sebi from 2005-2008.
10. Bengaluru FC beat Dempo to lift Football Federation Cup
Bengaluru FC on 11 January 2015 lifted their maiden football Federation Cup. In the final clash for the title Bengaluru defeated Goa's Dempo Sports Club 2-1.
The final match was played at the Nehru Stadium in Fatorda of Margao, Goa.
11. Japan approved its largest ever Defence Budget for 2015
The Cabinet of Japan headed by Prime Minister Shinzo Abe approved its largest ever defence budget for 2015 on 14 January 2015. The defence budget includes plan to buy surveillance aircraft, drones and F-35 fighter jets to help counter rising assertiveness of China.
The main aim of increasing the defence spending is to boost capacity of Japan to defend uninhabited islands in the East China Sea where Japan controls it and china also has claiming for the island.
Bengaluru FC on 11 January 2015 lifted their maiden football Federation Cup. In the final clash for the title Bengaluru defeated Goa's Dempo Sports Club 2-1.
The final match was played at the Nehru Stadium in Fatorda of Margao, Goa.
11. Japan approved its largest ever Defence Budget for 2015
The Cabinet of Japan headed by Prime Minister Shinzo Abe approved its largest ever defence budget for 2015 on 14 January 2015. The defence budget includes plan to buy surveillance aircraft, drones and F-35 fighter jets to help counter rising assertiveness of China.
The main aim of increasing the defence spending is to boost capacity of Japan to defend uninhabited islands in the East China Sea where Japan controls it and china also has claiming for the island.
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