1. RBI slashes repo rate by 25 bps
(i) In its first bi-monthly policy meet for FY17, the
Reserve Bank of India announced the new policy rates and reserve ratios.
(ii) The central bank lowered the repo rate (the rate at
which banks borrow from RBI) by 25 basis points (one basis point = one
hundredth of a percentage point) to 6.5%. Though, it was lesser than the
expected 50 bps cut, this is the lowest it has been since March 2011.
(iii) The cash reserve ratio has been kept unchanged at 4%
of the net demand and time liabilities (NDTL). However, RBI has decreased the minimum
daily maintenance of the CRR from 95% to 90% with effect from April 16, 2016.
(iv)The marginal standing facility rate has been lowered by
75 bps to 7%. In a surprise move, the central bank increased the reverse repo
rate (the rate banks charge the RBI) by 25 bps to 6%. The Bank Rate which is aligned
to the MSF has been decreased to 7%.
(v) The reduction in repo has been effected with the aim of
achieving significant monetary transmission and to ensure more liquidity for
banks.
2. India’s fastest
train Gatimaan Express flagged off
(i) Railway Minister Suresh Prabhu has flagged off India’s
first fastest train Gatimaan Express which will cover the 100km-distance
between Delhi and Agra in 100 minutes.
(ii) First in the line of semi-high speed train in India,
Gatimaan Express will have a maximum speed of 160 km per hour.
(iii) It is equipped with a 5,500 HP electric locomotive,
two executive AC chair cars and eight AC chair car coaches. The train also has
a high-power emergency braking system, automatic fire alarm, GPS-based
passenger information system and sliding doors in the coaches. In another
first, train hostesses will be welcoming passengers and Indian and continental food
will be provided.
(iv) Hotspot devices have been installed in coaches to
enable passengers to access multimedia services on their smartphones, tablets
or laptops for free.
3. R Balakrishnan
appointed BSCL Chairman
(i) Senior IAS officer and Chief Secretary to the Odisha
government R Balakrishnan has been appointed as the Chairman of the
Bhubhaneshwar Smart City Ltd. (BSCL), the special purpose vehicle (SPV) which
was established to execute projects for making Bhubhaneshwar a smart city.
(ii) Bhubaneswar was the first city where the SPV was
launched and it had also topped the list of the first batch of 20 smart cities
selected by the Urban Development Ministry in January 2016.
(iii) BSCL will have authorised a capital of Rs.500 crore,
divided in to 5 crore shares of Rs.100 each.
(iv) Note: Under the Smart City Mission, SPVs need to be established
for each smart city so as to facilitate faster execution of projects.
4. Indian Navy’s
first training squadron deployed in Phuket
(i) Ships of the Indian Navy’s first training squadron,
namely Tir and Sujata, and sail-training ship Sudarshini along with Indian
Coast Guard’s Varuna, have been deployed in Phuket, Thailand.
(ii) As part of the Indian Navy’s overseas deployment
initiative, the squadron’s primary aim is to impart a 24-week ab initio (from
the beginning) training to naval and Coast Guard trainees.
(iii) The participants are trained in seamanship,
navigation, ship handling, boat work, and technical aspects, among other branches.
(iv) The first training squadron is a part of the Southern
Naval Command, the training command of the Indian Navy, which provides both
basic and advanced training to officers and sailors.
5. GoAir CEO Prock-Schauer
elevated to the post of MD
(i) GoAir has elevated CEO Wolfgang Prock-Schauer to the post
of MD. He will now be a part of the company’s board. He will hold both the positions
and will share the position of MD with Jeh Wadia.
(ii) The appointment comes ahead of the company’s $150-million-initial
public offer of equity.
(iii) Prock-Schauer, former CEO of Jet Airways and
Airberlin, is set to lead Go Air’s IPO.
6. Grammy-winning Argentinian
saxophonist Gato Barbieri passes away
(i) Leandro (Gato) Barbieri, a Grammy-winning Latin jazz
saxophonist has passed away at the age of 83.
(ii) He was known for varied and experimental style and was
influenced by renowned jazz saxophonists Charlie Parker and John Coltrane, pop
legends Marvin Gaye and Charlie Parker and John Coltrane.
(iii) He recorded over 35 albums during his 50-year career and
blended music from big band to free jazz to South American and Caribbean
styles.
(iv) He won a Grammy for best instrumental composition in
1973 for his score for the film “Last Tango in Paris.”
7. Aon Hewitt publishes
India’s Best Employer list
(i) Aon Hewitt has published a list of India’s best
employers for this year. AAPC India Hotel Management (Accor Hotels) tops the
list followed by Bajaj Allianz General Insurance Co. Bajaj Finance, Becton
Dickinson India, Bharti Infratel, and Blue Dart Express.
(ii) Reliance Asset Management Company is the only mutual
fund company in the list published by the global talent, retirement and health
solutions firm.
(iii) A total of 113 organisations representing 12 key
industries, cumulatively employing approximately 950000 employees, participated
in the 2016 Aon Best Employers India study.
(iv) The ‘2016 Best Employers Study’ figures brands that
have achieved organisation excellence, high level of employee engagement and
business performance.
(v) The study is conducted in the Asia Pacific region across
12 countries, including China, Hong Kong, India, Indonesia, Japan, etc.
8. Panasonic appoints
Manish Sharma to its global executive council
(i) Taking aboard
an Indian onto the prestigious decision-making body of the $80-billion company
for the first time, Panasonic has appointed Manish Sharma to its global executive
council.
(ii) In addition, he has also been elevated to the position
of president and CEO of Panasonic’s India and South Asia operations.
(iii) The global executive council gives shape to Panasonic’s
international business plans. Mainly dominated by senior Japanese executives,
the 50-member council also has a global president and other board members.
9. Sanofi launches world’s
first mass dengue vaccination program in Philippines
(i) Sanofi, the company that came out with the world’s first
anti-dengue drug, has now launched the world’s first mass dengue vaccination
program in Philippines.
(ii) Under this, 1 million Filipino schoolchildren will be
inoculated against the virus for €20 a shot.
(iii) Philippines had the highest number of dengue cases in
the WHO’s western Pacific region from 2013 to 2015, with 200415 cases recorded in
2015 alone.
10. Indian Air Force to
participate in Red Flag exercise
(i) A total of 12 Indian Air Force aircrafts are set to take
part in the US’s Red Flag exercise along with the North Atlantic Treaty
Organization (NATO) forces.
(ii) The line-up of aircrafts include-four Su-30MKIs, four
Jaguars, two C-17 Globemaster III transport planes and two mid-air refuellers
Ilyushin-78.
(iii) Considered to be the toughest test for flying machines
and men, the exercise will be held from April 28-May 13. It will cost India
over Rs.100 crore and will see over 150 IAF men in action.
(iv) This is the second time that India is participating in
such an exercise after 2008.
11. Waqar Younis resigns
as head coach of Pakistan cricket team
(i) Days after the Pakistan cricket team’s early exit from
the World T20 championship which was held in India, Waqar Younis has resigned as
the team’s head coach.
(ii) The team lost to top teams, including India, New
Zealand and Australia and managed to win only one match against Bangladesh.
(iii) The 44-year-old former player trained the team in 2010-11
and took on the post for a second time in 2014.
(iv) On April 3, Shahid Afridi quit the T20 team’s captaincy
due to their poor performance at T20 World Cup.
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