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1 April 2014 Current Affairs

Sports Ministry derecognises IABF

The Sports Ministry of India has derecognised the Indian Amateur Boxing Federation (IABF) with an immediate effect on 1 April because of the boxing body’s refusal to comply with its directives on holding a re-election.This ban can be considered as a second blow to IABF, as earlier it was terminated by its international parent body, International Boxing Association (AIBA). AIBA terminated on the allegations of rigged elections and corruption.Earlier, it was suspended provisionally by the Ministry in December 2012. Its suspension came with a direction to hold fresh elections and make its combination complaint with National Sports Code.

RBI’s First Bi-monthly Monetary Policy Statement 2014-15

The Reserve Bank of India (RBI) on 1 April released it first Bi-monthly Monetary Policy statement 2014-15 keeping the repo rate unchanged at 8 per cent.The CRR has been kept at 4 per cent.On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to :-
* keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent;
* keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liability (NDTL); and
* increase the liquidity provided under 7-day and 14-day term repos from 0.5 per cent of NDTL of the banking system to 0.75 per cent, and decrease the liquidity provided under overnight repos under the LAF from 0.5 per cent of bank-wise NDTL to 0.25 per cent with immediate effect.
Consequently, the reverse repo rate under the LAF will remain unchanged at 7.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 9.0 per cent.

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