30 September 2014 Current Affairs

RBI Announced Fourth Bi-Monthly Monetary Policy Statement 2014-15

The Reserve Bank of India (RBI) Governor Raghuram Rajan on 30 September announced fourth Bi-Monthly Monetary Policy Statement 2014-15.  RBI in its fourth bi-monthly monetary policy statement has kept the policy rates unchanged at 8 percent.  On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to:-

* The Repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 8.0 per cent

* The Cash Reserve Ratio (CRR) of scheduled banks unchanged at 4.0 per cent of  Net Demand and Time Liabilities (NDTL)

* Reduced the Statutory Liquidity Ratio (SLR) under the Export Credit Refinance (ECR) facility from 32 per cent of eligible export credit outstanding to 15 per cent with effect from 10 October 2014

* Continue to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under 7-day and 14-day term repos of up to 0.75 per cent of NDTL of the banking system through auctions

* The Reverse Repo rate under the LAF remained unchanged at 7.0 per cent and the Marginal Standing Facility (MSF) rate and the Bank Rate at 9.0 per cent.

* This is the fourth consecutive time that the RBI has kept key interest rates unchanged despite clamours from the industry to cut rates to boost economy. RBI Governor Raghu Ramrajan cited WPI inflation as the rationale for the status quo policy.

Jaipur Literature Fest Announced Ojas Art Award

The ZEE Jaipur Literature Festival, the world’s largest free literary festival, announced a new art award to be presented in partnership with Delhi-based art Organisation Ojas Art. The Ojas Art Award, a new annual addition to the Festival, will be presented to two Indian artists. It will be worth Rs. 51,000 and Rs. 31,000 respectively. The award will also celebrate and encourage new artistic talent by providing a platform for the artists to showcase their work at the LitFest.


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