Economy
RBI lowers Repo Rate To 7.25 per cent
The Reserve Bank of India (RBI) in its second bi-monthly policy announced on 2 June has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect. However, the cash reserve ratio (CRR) of scheduled banks was kept unchanged at 4 percent of net demand and time liabilities (NDTL). The reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the bank rate to 8.25 per cent.
India Joined MCAA on AEOI
India joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information (AEOI) on 3 June in Paris, France, alongwith Australia, Canada, Costa Rica, Indonesia and New Zealand.Earlier, Fifty-one countries had joined MCAA on 29 October 2014, in Berlin. Switzerland became the fifty-second country on 19 November 2014. On 3 June 2015, 6 countries – India, Australia, Canada, Costa Rica, Indonesia and New Zealand joined MCAA by signing the agreement in Paris.
India Tops The World Bank Growth Chart
World Bank Group’s latest Global Economic Prospects (GEP) report released on 10 June puts India at the top of the growth chart of major economies. With an expected growth of 7.5 percent this year, India is, for the first time, leading the World Bank’s growth chart of major economies. According to the report China is likely to grow at 7.1 percent. The Bank expects developing countries to witness a rise in growth to 5.2 percent in 2016 and 5.4 percent in 2017.
India Placed at 61st Position In Terms Of Foreigners’ Money In Swiss Banks
India was placed at 61st position in terms of foreigners’ money in Swiss banks. This was revealed by latest data released by Swiss National Bank (SNB), the central bank of Switzerland on 21 June 2015. As per the data, India now accounts for a meagre 0.123 per cent of the total global wealth worth 1.6 trillion US dollars in Switzerland’s banking system. Indians’ money in Swiss banks declined by over 10 percent to about 1.8 billion Swiss francs (1.98 billion US dollars or 12615 crore rupees) in 2014.
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