Economy
RBI Third Bi-monthly Monetary Policy Statement 2014-15
Reserve Bank of India (RBI) in its third Bi-monthly Monetary Policy statement 2014-15 announced on 5 August, has kept the Short-term lending (repo) rate unchanged at 8%. The Reverse Repo rate has also been left unchanged at 7% and the Cash Reserve Ratio (CRR) is also the same at 4%. The only major change is in Statutory Liquidity Ratio (SLR) which has been slashed by 50 basis points (bps) to 22% from previous 22.50%.Estimates GDP growth at 5.5% for current fiscal(2014-15).
Union Cabinet Approves FDI in Defence and Railways
The Union Cabinet on 6 August allowed foreign investment in the Railways for the first time and raised limit for such investment in the defence sector, steps intended to raise funds for expansion of the Railways and encourage domestic manufacture of arms. Under this proposal the government is to increase the FDI limit in the defence industry to 49% from 26% and from nil to 100% in railway infrastructure of the country.
RBI issued Draft Guidelines For ‘Anytime Anywhere’ BBPS
The Reserve Bank of India (RBI) on 7 August issued draft guidelines for the implementation of Bharat Bill Payment System (BPPS), an anytime anywhere bill payment system.The draft mentions the requirements and the basic framework of operating the BBPS, and stipulates the eligibility criteria, standards for settlement model and customer grievance redressal, roles and responsibilities and scope for entities seeking to be part of BBPS.
Mukesh Ambani Is India’s Richest Man
The wealth research firm Wealth-X of India’s richest individuals latest study report released on 13 August. According to the report, the top five Indian billionaires led by Reliance Industries Chairman Mukesh Ambani collectively control $85.5 billion (about Rs 5,23,897 crore) in personal wealth, accounting for nearly half of the country’s total billionaire wealth. Mukesh Ambani remains the richest man in the country with an estimated net worth of $24.4 billion (about Rs 1,49,474 crore).