In a bid to promote financial inclusion the Union government has come up with ideas like Payment Banks & Small Banks. The RBI has recently granted ‘in principle’ approval for payment banks to 11 entities, including big names like Reliance Industries, Aditya Birla Nuvo and Tech Mahindra, as also Airtel and Vodafone. What is Payment Bank? Payment …
The Nobel Peace Prize for 2016 has been awarded to Colombian President Juan Manuel Santos for his efforts to end his country’s 50-year civil war. Mr Santos negotiated a peace agreement with the Revolutionary Armed Forces of Colombia (FARC) guerrilla group but the peace deal was rejected by a narrow majority of Colombians when it was …
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UNSC 1267 Sanctions Committee has put on hold India’s proposal to declare JeM chief Maulana Masood Azhar as global terrorist. The decision came after China, a veto-member in UNSC 1267 Sanctions Committee, extended its decision to put a “technical hold” on the declaration. India criticized the complete non-transparent and anonymous manner of designating individuals by the …
The Nobel Prize in Chemistry for 2016 has been awarded to Jean-Pierre Sauvage, Sir J. Fraser Stoddart and Bernard L. Feringa for developing molecular machines, the world’s smallest machines that may one day act as artificial muscles to power tiny robots or even prosthetic limbs. Inspired by proteins that naturally act as biological machines within …
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The Reserve Bank of India (RBI) in its fourth bi-monthly monetary policy review for year 2016-17 has cut the repo rate by 25 basis points to 6.25%. Key Reserve Ratio’s: Cash Reserve Ratio (CRR): 4% Statutory Liquidity Ratio (SLR): 20.75% Key Policy Rates: Repo rate under the liquidity adjustment facility (LAF): 6.25%. Reverse repo rate …
