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Daily Economic News Summary: 29 January 2020
Daily Economic News Summary: 29 January 2020 Daily Economic News Summary: 29 January 2020 1. Trade, tourism and tech key: PM Modi tells envoys Source: Hindustan Times (Link) Prime Minister Narendra Modi wants India’s envoys to foreign nations to focus more on international trade which, he believes, is an intrinsic and crucial part of the country’s diplomatic outreach. In a meeting with his ministers and bureaucrats earlier this month, the Prime Minister also spoke about how diplomats posted in foreign countries can try to boost inflow of tourists and technology from foreign shores to the country. Modi’s focus on the three Ts, trade tourism and technology comes at a time when New Delhi has drastically improved its ease of doing business and opened up more avenues for Foreign Direct Investments (FDI). The government, which is also dealing with an economic slowdown , is keen to attract investment to push growth. 2. Janak Raj to succeed Michael Patra at RBI's monetary policy department Source: Business Standard (Link) The Reserve Bank of India has appointed Janak Raj, principal advisor to the monetary policy department, as executive director. He succeeds Michael Patra effective January 24. With this, the RBI will have 12 EDs, its full strength. Patra will be part of the six-member monetary policy committee (MPC) as a deputy governor, and so will be Raj as an ED of the department. Raj would be part of MPC as an internal RBI member. However, Raj also retires in a few months, and the RBI is also fast-tracking promotions of two chief general managers in the bank. -
Cobbling Together the Dream Indian Eleven
COBBLING TOGETHER THE DREAM INDIAN ELEVEN Whenever the five selectors, often dubbed as the five wise men with the onerous responsibility of cobbling together the best players comprising India’s test cricket team, sit together to pick the team they feel the heat of the country’s collective gaze resting on them. Choosing India’s cricket team is one of the most difficult tasks as the final squad is subjected to intense scrutiny by anybody and everybody. Generally the point veers round to questions such as why batsman A was not picked or bowler B was dropped from the team. That also makes it a very pleasurable hobby for followers of the game who have their own views as to who should make the final 15 or 16 when the team is preparing to leave our shores on an away visit or gearing up to face an opposition on a tour of our country. Arm chair critics apart, sports writers find it an enjoyable professional duty when they sit down to select their own team as newspapers speculate on the composition of the squad pointing out why somebody should be in the team at the expense of another. The reports generally appear on the sports pages on the morning of the team selection. This has been a hobby with this writer for over four decades now and once the team is announced, you are either vindicated or amused. And when the player, who was not in your frame goes on to play a stellar role for the country, you inwardly congratulate the selectors for their foresight and knowledge. -
Magazine1-4 Final.Qxd (Page 3)
SUNDAY, JUNE 28, 2020 (PAGE 4) SPORTS A Dream Indian Cricket Team Sunil Fernandes The advent of limited-over cricket from the 1970s has irrevocably changed the way the game is played. With all fixtures locked down, one cricket fan lets his mind wander to what might have been. Vasant Raji, India’s oldest first-class cricketer, passed away recently. He was 100 years old. His passing, perhaps, is a time for cricket to remember and cele- brate some of the other great stalwarts of Indian test cricket too – especially when the coronavirus pandemic has meant no sporting events can take place. India played its ever first ever test match at the historic Lords Cricket Ground in 1932 against England. Forty-two years later, in 1974, India played its first ever limited-over international, also in England. Pahlan Ratanji “Polly” Unarguably, the advent of limited-over cricket, from the 1970s, has irrevoca- Mulvantrai Himmatlal Vijay Merchant Lala Amarnath C.K. “Colonel” Nayudu M.A.K. “Tiger” Pataudi bly changed the way the game is played. We have come across several compila- “Vinoo” Mankad Bharadwaj (Captain) Umrigar (Vice-Captain) tions of All Time Best India XI but hardly any All Time Indian XI consisting of those cricketers, whose cricket wasn’t affected or influenced by the one-day game at all, those who played test matches only. The legends of a forgotten era. Here is that XI. THE OPENERS Mulvantrai Himmatlal “Vinoo” Mankad Along with Pankaj Roy, this right-hand batsman scored 413 runs, the then highest ever partnership by an opening pair. -
A New Era in Indian Monetary Policy: Monetary Policy Committee
International Journal of Science and Research (IJSR) ISSN (Online): 2319-7064 Index Copernicus Value (2015): 78.96 | Impact Factor (2015): 6.391 A New Era in Indian Monetary Policy: Monetary Policy Committee Mohan Bhaskar Bodhankar Abstract: An article on the formation of Monetary Policy Committee by the Reserve Bank of India for deciding upon the Interest rate decisions. The Monetary Policy committee will strive to bring the inflation rate under control. Keywords: Monetary, Policy, Committee, Transparency, Future A new era in Indian monetary policy has begun. On 4th The Mpc Improves Transparency and brings a collective October, 2016 the first interest rate decision taken by the approach to the inflation problem. According to the monetary policy committee (MPC) was unanimous. All six mandate, the MPC will have to release the minutes of the members voted for a reduction in the benchmark repo rate meetings 14 days after the meet, which are expected to by 25 basis points. reveal how a member voted and why. The government has decided to bring the provisions of Why is it important? amended RBI Act regarding constitution of MPC into force Until recently, India‟s central bank used to take its monetary on June 27, 2016 so that statutory basis of MPC is made policy decisions based on the multiple indicator approach. effective,” according to a finance ministry statement. “The Its rate decisions were expected to take into account rules governing the procedure for selection of members of inflation, growth, employment, banking stability and the Monetary Policy Committee and terms and conditions of need for a stable exchange rate. -
High Frequency Indicators Point to Recovery
High frequency indicators point to recovery: RBI RBI bought net $3.99 bn in spot forex market in RBI says banks reluctant to Dec lend to big business All high frequency indicators point to a recovery based on a revival of consumption, but private India's central bank bought a net $3.99 billion The Reserve Bank of India (RBI) investment is lagging despite a growth promoting rupees from the spot foreign exchange market in has expressed concern over the budget, according to RBI's February assessment of December compared to a net purchase of $10.26 contraction in credit offtake by the economy in its monthly bulletin. billion in December, its monthly bulletin released on large industries and Monday showed. The Reserve Bank of India bought In terms of nominal GDP, 96 per cent of pre- infrastructure and pointed out $10.01 billion while it sold $6.02 billion in pandemic economic activity has been restored, that there’s reluctance on the December, data showed. The rupee had moved in a assuming that the National Statistical Office’s first part of bankers to lend to large range of 73 to 73.96 per dollar in December. industries. advance estimates hold. All high frequency indicators point to a recovery based on a revival of The net outstanding forward purchase stood at The central bank also raised consumption is underway. But it could be short- $39.79 billion as of end-December, compared with a concern over the sharp lived, the Bulletin warned. " The jury leans towards net purchase of $28.34 billion at the end of deceleration in credit growth in such recoveries being shallow and short-lived " said November. -
April 2021 Prabha Ias Ips Coaching Academy Prabha Ias Ips Coaching Academy
100 PRACTICE QUESTIONS INCLUDED APRIL 2021 PRABHA IAS IPS COACHING ACADEMY PRABHA IAS IPS COACHING ACADEMY www.prabhaonlineips.com PREFACE This is our special edition of Current Affairs Magazine for UPSC Civil Services Examination & Other Central & State Government Job Examinations, released for the month of April 2021. The Magazine is divided into three sections: Section 1: Topic Wise Current Affairs in Short ……………………….Page 03 to Page 107 The first section is dedicated for Topic Wise 1 Liner Current Affairs to provide information about all major happenings in this month. Important Days Page 04 Agreements Page 17 Appointment News Page 21 Award News Page 29 Banking News Page 36 Books and Author Page 45 Defence News Page 48 Economy Page 52 International News Page 58 Miscellaneous News Page 63 National News Page 69 Obituaries Page 76 Ranks & Reports Page 86 Schemes and Committee Page 90 Science & Technology Page 92 Sports News Page 96 State News Page 100 .. NO 776 NSK NAGAR (opp to Chennai ford) Ponamallee High Road, Arumbakkam, Chennai-600106 | Phone: 044-42026575 Page 1 PRABHA IAS IPS COACHING ACADEMY www.prabhaonlineips.com Section 2: Detailed Analysis of important events …………………Page 108 to Page 129 The Second Section is dedicated to Civil Services Aspirants and covers some major happenings in this month along with analysis. The Content part has been created as per the present shift in the examination pattern of the Civil Services Examination. The magazine will cover your syllabus of ‘General Studies - II & General Studies – III. The content has been covered from various online & offline sources including reputed newspapers like The Hindu, Indian Express etc. -
Banking News
Banking News • SBI also announced that it has also rationalised interest rate on savings bank account to a flat 3 percent per annum for all buckets. • Currently, the interest rate on SB accounts is 3.25 percent for deposits up to Rs 1 lakh in SB accounts, and 3 percent for deposits above Rs 1 lakh. • The country's largest lender has 44.51 crore savings bank (SB) accounts • SBI also waived minimum balance requirement in Saving Account • SBI customers need to maintain AMB of Rs 3,000, Rs 2,000 and Rs 1,000 in metro, semi urban and rural areas, respectively Banking News • Fixed deposits (FDs) maturing between 7 days to 45 days will offer an interest rate of 4 per cent as against 4.50 percent earlier • Interest rates on FDs maturing in one-year and above have been reduced by 10 basis points • One-year to less than two-year tenor FD will earn an interest rate of 5.90 per cent against 6 per cent earlier • SMS facility will be free now • Marginal Cost of Funds based Lending Rate has been reduced by 10 basis points to 7.75 per cent from 7.85 percent earlier Question. Where is the headquarter of Indian Coast Guard ? a) Chennai b) Vishakhapatnam c) Kochi d) New Delhi e) Mangalore Question. Where is the headquarter of Indian Coast Guard ? a) Chennai b) Vishakhapatnam c) Kochi d) New Delhi e) Mangalore • Motto: वयम ् रक्षाम (We protect) • 18 August 1978: Founded Exercise SAREX 2020 • National level Search, and Rescue Exercise and Workshop (Exercise SAREX 2020) concluded in the sea at Vasco, Goa. -
Library - a History
Library - A History Theo Braganza Exactly a year after Dr.H.D.Kanga passed away ie on 29th December 1945, friends and well wishers got together to started a fund to perpetuate the name of Dr.Kanga. Under the chairmanship of the Vice Presidents of the the Bombay Cricket Association, Mr.H.M.Mehta and Mr.A.A.A.Fyzee, an appeal was sent out for contributions. The response was tremendous, the first to respond was the Tata Sports Club, among the other clubs were the Brothers Club, B.E.S.T. Sports Club, Zoroastrian Cricket Club, KhatauSports Club, Fort Vijay Cricket Club, Law College Gymkhana, Bombay University Sports Board, Cricket Association of Bengal,Bombay Telephone Co.C.C., B.B.& C.I. Rly., Traffic Dept. C.C., Ghatkopar Jolly Cricket Club, Wellington Cricket Club and PathareShatriya C.C. Among the Maharajas were Maharaja of Porbandar, Duleepsinhji, Prince Fatehsinhji of Limdi and Thakore Saheb of Dhrol, eminent individuals included messrs: A.A.Jasdenvala, Lady Saklatwala, Vijay Merchant, Anthony De Mello, M.K.Mehta, M.M.Amarsingh, H.N.Contractor, Bhogilal Shah, J.Birtwistle, R.A.Wagle, Vimadalal, P.E.Palia, KS.Ragarao and B.A.Kapadia, a sum of Rs.9,619.00 was collected. Under BCA and the chairmanship of Mr.A.A.Jasdenvala a committee was formed comprising of H.N.Contractor, Vijay Merchant, V.M.Chandrana, S.N.Mehta, V.J.Divecha, Col.K.M.Mistry, Bhogilal C.Shah, S.M.Khatkhatay, M.S.Naik and D.P.Thanawalla. This committee in May 1950 sanctioned Rs.6500 / - for purchase of books and periodicals to start a library in the name of Dr.Kanga. -
11208-9781455201662.Pdf
WP/10/183 A Monetary Policy Model Without Money for India Michael Debabrata Patra and Muneesh Kapur © 2010 International Monetary Fund WP/10/183 IMF Working Paper Office of the Executive Director A Monetary Policy Model Without Money for India Prepared by Michael Debabrata Patra and Muneesh Kapur1 Authorized for distribution by Arvind Virmani August 2010 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation is inertial and persistent when it sets in, irrespective of the source. Exchange rate pass-through to domestic inflation is low. Inflation turns out to be the dominant focus of monetary policy, accompanied by a strong commitment to the stabilization of output. Recent policy actions have raised the effective policy rate, but the estimated neutral policy rate suggests some further tightening to normalize the policy stance. JEL Classification Numbers: E31; E32; E52; E58; F41 Keywords: Exchange Rate Pass-through, India, IS Curve, Monetary Policy, Monetary Transmission, Neutral Interest Rate, New Keynesian Model, Phillips Curve Author’s E-Mail Address: [email protected]; [email protected] 1 Michael Debabrata Patra is Senior Advisor to the Executive Director for Bangladesh, Bhutan, India and Sri Lanka in the IMF. -
The Mechanics of Central Bank Intervention in Foreign Exchange Markets
ISSN 1936-5098 CAE Working Paper #09-02 The Mechanics of Central Bank Intervention in Foreign Exchange Markets by Kaushik Basu January 2009 January 27, 2009 The Mechanics of Central Bank Intervention in Foreign Exchange Markets Kaushik Basu Department of Economics Cornell University Ithaca, New York 14853 Email: [email protected] Abstract Central banks in developing countries, wanting to devalue the domestic currency, usually intervene in the foreign exchange market by buying up foreign currency using domestic money—often backing this up with sterilization to counter inflationary pressures. Such interventions are usually effective in devaluing the currency but lead to a build up of foreign exchange reserves beyond what the central bank may need. The present paper analyzes the ‘mechanics’ of such central bank interventions and, using techniques of industrial organization theory, proposes new kinds of interventions which have the same desired effect on the exchange rate, without causing a build up of reserves. Key words. Exchange rate, oligopoly theory, central bank intervention, foreign exchange dealers, India JEL classification numbers. L31, D43, F31, G20 Acknowledgements. The work on this project began with a visit to the Reserve Bank of India, Mumbai, in August-September 2008, during which time I interviewed a large number of economists and officials at the Reserve Bank. I am grateful, in particular, to Y.V. Reddy, Rakesh Mohan, Shyamala Gopinath, Chandan Sinha and Michael Patra for valuable discussions. Subsequently, as the paper began to take shape, I have had the benefit of conversations with and comments from Talia Bar, Saugata Bhattacharya, Jonathan Cave, A. Chari, Sayantan Ghoshal, Annemie Maertens, Ted O’Donaghue, Ila Patnaik, Heraklis Polemarchakis, Eswar Prasad, and Assaf Razin. -
World Bank Document
102629 THE WORLD BANK GROUP Public Disclosure Authorized 2015 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS Public Disclosure Authorized SUMMARY PROCEEDINGS Public Disclosure Authorized Public Disclosure Authorized Lima, Peru October 9-11, 2015 THE WORLD BANK GROUP Headquarters 1818 H Street, N.W. Washington, D.C. 20433 U.S.A. Phone: (202) 473-1000 Fax: (202) 477-6391 Internet: www.worldbankgroup.org INTRODUCTORY NOTE The 2015 Annual Meetings of the Boards of Governors of the World Bank Group (Bank), which consists of the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA) and International Centre for the Settlement of Investment Disputes (ICSID), held jointly with that of the International Monetary Fund (Fund), took place on October 9, 2015 in Lima, Peru. The Honorable Kordjé Bedoumra, Governor of the Bank and Fund for Chad served as the Chairman. The Summary Proceedings record, in alphabetical order by member countries, the texts of statements by Governors and the resolutions and reports adopted by the Boards of Governors of the World Bank Group. Mahmoud Mohieldin The Corporate Secretary World Bank Group Washington, D.C. January, 2016 iii CONTENTS Page Address by the President of Peru, Ollanta Humala Tasso ...............................................................1 Opening Address by the Chairman Kordjé Bedoumra Governor of the World Bank Group and the International Monetary Fund for Chad ...............5 Opening Address by Jim Yong Kim, President of the World Bank Group .....................................8 Report by Marek Belka, Chairman of the Development Committee .............................................12 Statements by Governors and Alternate Governors.......................................................................14 Bangladesh ...................................... 14 New Zealand ................................... -
Appolo Study Centre
APPOLO STUDY CENTRE GENERAL AWARENESS PRACTICE MCQs FOR BANK EXAMINATIONS 2014 1. Who headed the committee which submitted its report on February 7, 2014 regarding Financial Bench Marks (appointed by RBI)? a) Prakash Bakshi b) Damodaran c) Vijaya Bhaskar d) D.Subba Rao e) None of the above 2. Which among the following is correct and full form of CAS in context with banking markets in India? a) Cash Authorized Scheme b) Credit Authorized Scheme c) Credit Access Systemd) Credit Arrangement System e) Cash Accreditation Scheme 3. Money laundering refers to which of the following? a) Conversion of assets into cash b) Conversion of Black money gained from illegal activities to white money c) Conversion of cash into gold d) Conversion of gold into cash e) Conversion of shares into cash 4. Account for conversion of physical securities into electronic form is know as? a) NRI Account b) Foreign Account c) Trio Account d) Current Account e) DEMAT (Dematerialisation)Account 5. What is "Hot Money"? a) Flow of funds (or capital) from one country to another in order to earn a short-term profit on interest rate differences and/or anticipated exchange rate shifts. b) Hard Currency c) Soft Currency d) Foreign Assets e) All of these 6. RBI has decided to prescribe a minimum CRAR for StCBS /CCBs of 9% to be achieved in a phased manner over a period of 3 years as indicated below a) 3 years b) 4 years c) 5 yeasrs d) 2 years e) No such restriction 7. PFRDA stands for? a) Provident Fund Regulatory and Development Authority b) Preferential Fund Regulatory and Development Authority c) Permanent Fund Regulatory and Development Authority d) Pension Fund Regulatory and Development Authority e) None of these PH: 24339436, 42867555, 9840226187 8.