2. RBI Governor Raghuram Rajan on Friday surprised the industry and shocked the stock markets by hiking the short-term policy rate by 0.25 percent to keep worrisome inflation under check, a move that may increase EMIs for home and auto loans in the medium term.
New Policy Rates are as Follows:
1. Repo Rate – 7.50%
2. Reverse Repo Rate – 6.50%
3. CRR – 4%
4. MSF – 9.50%
5. Bank Rate – 9.50%
6. SLR – 23%
3. Govt approves 10% DA hike, to benefit 80 lakh employees, pensioners. DA and dearness relief are revised twice a year, first in January 1 and second from July 1. The revisions are based on the change in the consumer price index for industrial workers (CPI-IW).
4. The Heavy Industries Ministry is planning to set up an ‘Ultra Mega Green Solar Power Project’ in Rajasthan. It will be developed on 23,000 acres of land belonging to Sambhar Salts Ltd. The total capacity of this project will be 4,000 MW, making it the largest solar-based power project in the world. The first phase of the project, which will be 1,000 MW, is likely to be commissioned in three years – end of 2016.
5. The Union Cabinet has approved the proposal of Hindustan Petroleum Corporation Ltd (HPCL) for setting up 9-million-tonne-per-annum (mmtpa) Greenfield refinery-cum-petrochemical complex in Barmer District in Rajasthan.This will be a joint venture with the Rajasthan State Government and will be named HPCL-Rajasthan Refinery Ltd (HRRL). HPCL will own 74 per cent stake while the balance will be with the State Government.
6. Prime Minister Dr. Manmohan Singh inaugurated Phase 1 of the Jaipur Metro Rail on Saturday after he laid the foundation stone of the first airport in Rajasthan’s Ajmer district, while informing that small destinations in the country will have air connectivity with a network of more than 100 airports, planned to meet the expected passenger load capacity of 30 crore, by 2020.
7. Jawaid Akhtar, the Chairman of Coffee Board of India, was elected as the Chairperson of the International Coffee Council at the meetings of the International Coffee Organization which took place on 9 September 2013 in Belo Horizonte, Brazil. The 111th session of the Council and the meetings took place from 9 September 2013- 12 September 2013.
8. Banks have been given conditional freedom to open branches in tier-I cities without seeking the Reserve Bank of India’s prior approval in each case.
9. Gurgaon’s Rapid Metro likely to be inaugurated on 2nd October. Rapid Metro would be the country’s first metro rail system developed in the public-private partnership mode, at a cost of about Rs 1,100 crore. The first phase of the Rapid Metro covers 5.1 km long track, with six stations: DLF phase-II, Belvedere Towers, Gateway Towers, Moulsari Avenue, DLF Phase-III and Sikanderpur. A major part of the line is single-track.
10. Assam government launched ‘Swavalamban Pension Scheme’. As per the scheme named ‘Swavalamban Pension Scheme’, a person with a minimum contribution of Rs 1,000 per year will get an equal amount of contribution from the govt. The aggregator for the scheme in the state will be Assam Gramin Vikash Bank and Alankit Assignment, while the fund managers are SBI Pension Fund, LIC and UTI.
11. TV Narendran appointed new Tata Steel MD for India, South East Asia. Narendran will succeed incumbent H M Nerurkar, who is retiring on October 31 upon attaining the age of superannuation. The appointment of Narendran, who is in his late 40s, has surprised many as current group CFO Koushik Chatterjee’s name was doing the rounds for the top post.
12. Former secretary of the Indian Cricket Board, Jaywant Yeshwant Lele passed away at his residence in Vadodara following a massive heart attack. Lele breathed his last late Thursday night. He was 75 and is survived by his wife, a son and a daughter.
13. Former India captain Sourav Ganguly and tennis ace Leander Paes will be conferred Lifetime Achievement Awards, while successful football coach Subhas Bhowmick will be given ‘Guru Ratna’ by the state government at a function on September 28.
14. Actor Aamir Khan has been selected for a U.S. award for his television show ‘Satyamev Jayate’ along with eminent American director Kathryn Bigelow and the International Center on Nonviolent Conflict (ICNC). They will be honoured at the inaugural awards dinner by the America Abroad Media (AAM) in Washington DC on October 28.
15. Kolkata giants Mohammedan Sporting created history by winning the prestigious Durand Cup Football tournament after a gap of 73 years, defeating ONGC 2-1 in the final in New Delhi. The last time Mohd Sporting won Durand Cup was before Independence in 1940 by defeating Warwickshire Regiment.
16. Indian men earned a maiden World Cup berth on the back of its best-ever sixth-place finish in men’s free-style at the World Championships in Budapest on Friday. India finished the tournament in the men’s freestyle category with 23 points, which catapulted the country to sixth in rankings behind Iran, Russia, Georgia, Ukraine and USA. As per the FILA rules, the top eight teams in the World Championship automatically qualify for the World Cup and Amit Kumar Dahiya’s silver medal in the 55-kg and Bajrang’s bronze in the 60-kg freestyle category ensured India its maiden World Cup appearance next year.
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