RBI lowers repo rate to 7.25 per cent

Reserve Bank Governor Raghuram Rajan cut the repo rate by 0.25 per cent from 7.5 to 7.25 per cent, third time this year, meeting market and government expectations of boosting growth by lowering borrowing cost. While the RBI cut the Repo Rate from 7.5 per cent to 7.25, it left all other policy tools like Cash Reserve Ratio (CRR) unchanged at 4 per cent and Statutory Liquidity Ratio (SLR) at 21.5 per cent.

Atal Bihari Vajpayee to be conferred ‘Friends of Bangladesh Liberation War Award’

Bangladesh is set to honour former Prime Minister Atal Behari Vajpayee for his outstanding support for the country’s independence from Pakistan in 1971 when he was a Lok Sabha member. He will be conferred with, ‘Friends of Bangladesh Liberation War Award’ on June 6th, 2015.

Note: Indira Gandhi was the first “foreign friend” to be conferred with the ‘Bangladesh Liberation War Honour Award’. Sonia Gandhi received the honour on her behalf in 2012.

Pawan Munjal appointed as the CMD of Hero MotoCorp Ltd

Pawan Munjal was appointed as the Chairman and Managing Director (CMD) & CEO of Hero MotoCorp Ltd (HMCL). He succeeded his father Brijmohan Lall Munjal, who resigned on 1 June 2015. Hero MotoCorp Ltd is the world’s largest manufacturer of two­-wheelers in India.

Meena Hemchandra appointed as executive director of RBI

The Reserve Bank of India (RBI) has appointed Meena Hemchandra as the executive director who would be in charge of department of banking supervision. She will also be in charge of department of non-banking supervision and department of co-operative banking supervision.

Mauritius Appoints Ameenah Gurib-Fakim As Its First Woman President

The government of Mauritius designated Ameenah Gurib-Fakim as the Indian Ocean island nation’s new President, making her the first woman to hold the ceremonial position. The appointment of Ms. Gurib-Fakim (56), an internationally-renowned scientist and biologist, is subject to Parliament approval.

First facial recognition ATM developed in China

Chinese researchers have successfully developed the first automated teller machine (ATM) with facial recognition technology to reduce the risk of theft. The developers include Tsinghua University and Tzekwan Technology, a Hangzhou firm in eastern China’s Zhejiang province.

Tzekwan chairman Gu Zikun, an anti-counterfeit technology expert, believes the technology will curb ATM-related crimes.

FIFA President Sepp Blatter resigns

President of the Fédération Internationale de Football Association (FIFA) Sepp Blatter has resigned amid a corruption scandal which under investigation in United States. Earlier on 30 May 2015, he was re-elected as the FIFA President for a fifth term.