Major News and Events of 03 February 2015
What Happened on 03 February 2015
RBI Panels to Evaluate More than 100 Applications for Small Finance and Payment Bank Licences
RBI Governor forecasts Continuation of CAD and stresses on FDI; Asks India to safeguard its Interests
Government to take ETF Route to Raise Rs. 5,000 Crore Fund
Latest Delhi Poll Survey Predicts AAP to emerge as Single Largest Party
AAP accuses NDA Government of Favouring Power Companies of Delhi
IOA Announces Rs. 2 lakh Compensation for Family of Deceased Player Mayuresh Pawar
Microsoft Slashes Price of Xbox 360
Praveen Togadia restricted from entering Bengaluru
Government Prescribes Salary Cut for Negligent Air India Employees
Vision Document 2050 Released by BJP
Delhi Assembly Poll campaign getting Interesting
During monetary policy review today, Reserve Bank of India has not tinkered with the key rates. While repo and reverse repo rates remain at 7.75 per cent and 6.75 per cent respectively, SLR or statutory liquidity ratio has been decreased to 21.5 per cent, a cut of 50 basis points. The new SLR will be effective from February 7. SLR has been decreased to increase monetary liquidity in the economy. Indian Inc. is not particularly happy with RBI’s move. Some of the rate sensitive stocks witnessed a plunge in price till afternoon today. Biggest losers today are SBI, HDFC, tata Power, Axis bank, bajaj Auto, and M&M.
Science and Technology
External Advisory Committee of Reserve Bank of India, a panel that is entrusted for evaluating merits of more than hundred small finance bank applications, has been set up by the apex bank. While Director of RBI’s Central Board Dr. Nachiket Mor will chair EAC for reviewing applications for payment banks, ex-deputy governor of RBI Usha Thorat will chair EAC for small finance banks. While publishing monetary policy review today, Raghuram Rajan informed that till yesterday 41 applications for payments bank and 72 applications for Small Finance banks were received.
Raghuram Rajan, RBI governor, has claimed in an article that India’s Current Account Deficit will remain in the coming future. This means India will continue to require net foreign finance in the foreseeable future. In his essay, Maintaining Growth in India, governor of RBI has opined that FDI is important for Indian economy as it is not only the most stable form of foreign financing but also brings in new methods and technologies. In the article published at Project Syndicate website, Rajan warned that in the quest of attracting FDI, Indian government should not compromise its own interests.
Reliable sources have claimed that Indian government is all set to raise funds to the extent of Rs 5,000 crore, equivalent to $809 million, by selling Exchange Traded Funds having stocks of public sector units including ONGC, CIL, Engineers India Ltd., Bharat Electronics Ltd., and others. It is reported that this move is expected to be implemented in the on-going financial year, closing this March, for trimming expanding fiscal deficit. Sources have revealed that the final work on details are being worked upon as finance Ministry has already given it the required go ahead.
Pre-poll survey done by ABP News Nielsen shows that Arvind Kejriwal led Aam Aadmi Party is expected to bag 35 seats out of the total 70 Assembly constituencies, falling short of the magic number by just 1 seat. The poll has given BJP 29 seats and INC 6 seats. ABP Nielsen pre-poll survey also found 48 per cent of Delhiites supporting AAP’s Arvind Kejriwal as Delhi’s new Chief Minister, in comparison to 42 per cent in favour of BJP’s Kiran Bedi.
Aam Aadmi Party has stir hornet’s nest yesterday by alleging that its arch rival Bharatiya Janata Party is protecting Delhi’s power companies. AAP has also asked BJP to come clean on their stand on audit of power companies as well as tariff on power. AAP made these allegations while responding to Union Power Minister’s statement on recent CAG audit of Delhi’s power companies. Piyush Goyal on Sunday said that CAG audit of concerned power companies cannot be carried out since 2002 because they keep record up to last eight years only.
Indian Olympic Association has announced to pay Rs. 2 Lakh compensatory amount to the family of deceased Mayuresh Pawar, netball player from Maharashtra. Pawar lost his life during a freak accident that took place during the ongoing National Games. Rajeev Mehta, Secretary General of IOA, conveyed his condolences to the deceased player’s family while announcing the compensation money. Mayuresh Pawar drowned at a beach in Thiruvananthapuram during the game.
Science and Technology
Microsoft, in a bid to get a larger share of the constantly expanding gaming market of India, has slashed price of its 4GB version of XBox 360 from Rs. 15,990 to Rs. 12,990, a sharp price cut of 19 per cent. The technology behemoth has also slashed price of 4GB Xbox 360 with Kinect from Rs. 26,990 to Rs. 21,990. In a statement Microsoft has announced price slashing of 250GB version of Xbox 360 with Kinect, from Rs. 31,990 to Rs. 29,990. Customers of 500GB version of Xbox 360 will get 1 month free Xbox Live Gold membership and 2 games absolutely free.
Bengaluru police today issued a prohibitory notice to Praveen Togadia, senior leader of Vishva Hindu Parishad, prohibiting him from entering the city. It is learnt that on February 8, the senior VHP leader is expected to attend organisation’s convention, 'Hindu Viraat Samavesha'. Sources reveal that the prohibitory order has been issued by the police against Togadia because of several pending cases against him, his reputation of making provocative speeches, and the alleged ‘Ghar Wapsi’ of 471 people last week.
In a bid to turn around the ailing national carrier, Air India, Union Government has asked the management of Air India to curtail salaries of the employees found to be negligent in performing duties, leading to delay in flights. Reports claim that 15 per cent delays of Air India flights are caused by negligence of employees. It has been learnt that Air India management has decided to implement restructured pay scale of around twenty thousand employees from coming month.
Delhi BJP unit has ultimately released its Vision Document, just 4 days before Delhi goes to poll on February 7. Saffron party’s CM nominee Kiran Bedi has said that the document has pointed out 35 areas of concern of Delhi-ites and consists 270 points. The document is named Vision Document 2050 and it vouches to provide round-the-clock water supply, corruption free governance, and make Delhi a world class city. BJP released its Vision Document 2050, a day after ex-super cop tweeted her 'Kiran's blueprint'.
Delhi assembly election campaign became interesting with two latest developments. While AAP Volunteer Action Manch (AVAM) alleged dubious means of AAP funding to the tune of Rs. 2 crore, Narendra Tandon (campaign manager of Kiran Bedi) withdrew his resignation after resigning from the party earlier. Tandon has said that his resignation earlier was an ‘emotional’ outburst. AAP has rejected the allegations levelled by AVAM.