Day: April 5, 2018

First Bi-Monthly Monetary Policy Statement Released By RBI

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.0%. Consequently, the Reverse Repo Rate (RRR) under the LAF remains at 5.75%, and the Marginal Standing Facility (MSF) rate and the Bank Rate at 6.25%. India’s real gross domestic product (GDP) growth marginally upward to 6.6% from 6.5% in the first advance estimates. GDP growth in 2017-18 at 6.6 percent was lower than 7.1% in 2016-17. Retail inflation, measured by the year-on-year...

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Himanta Biswa Sarma Elected BAI President

Assam Health and Education Minister Himanta Biswa Sarma were unanimously elected the Badminton Association of India (BAI) President during its annual general body meeting in Goa. Ajay Kumar Singhania was elected the Secretary-General of BAI. Mr. Sarma had taken over as the interim BAI President in 2017 after the demise of Akhilesh Das Gupta. He will serve for four years.  ...

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SBI Life appoints Sanjeev Nautiyal as MD, CEO

SBI Life Insurance has appointed Sanjeev Nautiyal as its new managing director and chief executive, replacing Arijit Basu who moves back to parent SBI Group to take up a key role. Nautiyal began his career with State Bank in 1985 as a probationary officer in the Lucknow circle and has since then held various roles in fields like credit, HR, and international banking. He headed the Bahrain branch and was also the regional head of the Middle East operations of SBI from Bahrain. Nautiyal, a certified associate of the Indian Institute of Bankers, moves to SBI Life from SBI’s...

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Cabinet approves MoU on Technical Cooperation in Rail Sector

The Union Cabinet chaired by Prime Minister Narendra Modi has been apprised of the Memorandum of Understanding (MoU) signed with Ferrovie Dello Stato Italiane S.P.A. of the Republic of Italy on January 31, on technical cooperation in the railway sector. The MoU will provide a platform for Indian Railways to interact and share the latest developments and knowledge in the railway sector to promote safety, efficiency, and sustainability. The MoU will also facilitate the exchange of information, experts meetings, seminars, technical visits and implementation of jointly agreed cooperation, projects. The objective of this MoU is to develop technical cooperation...

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India becomes second largest manufacturer of crude steel

India has overtaken Japan to become the world’s second-largest producer of crude steel in February, according to the Steel Users Federation of India. China is the largest producer of crude steel in the world, accounting for more than 50% of the production. India’s crude steel production was up 4.4% and stood at 93.11 million tonnes for the period April 2017 to February 2018, compared with April 2016 to February 2017, which has helped India to overtake Japan and becomes the second largest producer of crude steel in the world. India overtook the U.S. in 2015 to become the third...

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