RBI Cuts Repo Rate by 25 Basis Points to 7.5 Percent

The Reserve Bank of India (RBI) on 4 March 2015 has cut down repo rate by 25 basis points to 7.5 percent from 7.75 percent, with immediate effect. However, RBI has kept the cash reserve ratio (CRR) unchanged at 4 percent. This is the second time since January 2015 that RBI reduced the repo rate by 25 basis point .

  • Repo Rate: the rate at which RBI lends money to banks for a short time
  • CRR: Cash Reserve Ratio is a specified minimum fraction of the total deposits of customers, which commercial banks have to hold as reserves with the central bank.
  • 1 basis point = 0.01% i.e. 25 basis point = 0.25%.

Three South Asian women selected for International Women of Courage Award 2015

On March 3, 2015, three South Asian women, Niloofar Rahmani, Nadia Sharmeen and Tabassum Adnan were selected for the prestigious International women of courage Award for the year 2015 given by the United States Secretary of State. They were among the ten extraordinary women selected from 10 countries for the award for demonstrating exceptional courage and leadership in advocating for peace, justice, human rights and gender equality.

  • Niloofar Rahmani (Afghanistan): She is a Captain in the Afghan Air Force
  • Nadia Sharmeen (Bangladesh): She is a journalist and women’s rights activist
  • Tabassum Adnan (Pakistan): She is the founder of Khwendo Jirga

Union Government launches website called Shipping Samvad

Union Minister of Shipping, Road Transport & Highways Shri Nitin Gadkari launched a website “Shipping Samvad”. The objective of the website is to invite innovative ideas and suggestions from general public and experts related to Indian maritime sector for improvements in shipping, ports and inland waterways sector.

Sun Pharma’s Dilip Shanghvi edges Mukesh Ambani to become richest Indian 

On Wednesday, Dilip Shanghvi of Sun Pharmaceutical Industries, toppled Mukesh Ambani of Reliance Industries to be the richest Indian, the Bloomberg Billionaires Index has shown. As per the index, Shanghvi’s net worth now stands at $21.6 billion, marginally higher than Ambani’s $21.5 billion. The change in the order comes two days after the Forbes rich list mentioned Mukesh Ambani as the richest Indian for the eighth year in a row with a net worth of $21 billion. The Bloomberg index records changes in the net worth of the rich on a daily basis.