10 April 2014 Current Affairs
R Chandrasekaran Takes Over As NASSCOM chairman
R Chandrasekaran, Executive Vice-Chairman of Cognizant India, is taking over as Chairman of software industry body National Association of Software and Services Companies (NASSCOM) from Krishnakumar Natarajan, CEO and MD of mid-sized IT firm Mindtree. Nasscom’s Executive Council appointed BVR Mohan Reddy, Founder, Chairman and Managing Director of Infotech Enterprises, as Vice-Chairman.
Anand Sinha Committee Recommends Benchmark For Floating Interest Rate
A Reserve Bank of India (RBI) committee suggested a benchmark floating interest rate, especially for home loans, to bring greater transparency in the pricing of credit. The committee headed by former RBI Deputy Governor Anand Sinha on 10 April released Draft Report on ‘Working Group on Pricing of Credit’. As per the report the Indian Banks Association (IBA) may develop a new benchmark for floating interest rate products, namely, the Indian Banks Base Rate (IBBR), which may be collated and published by IBA on a periodic basis.