NATIONAL NEWS
PM Modi Forms 2 Cabinet Panels For Growth & Jobs
In a bid to spur investment and create new employment opportunities, Prime Minister Narendra Modi set up two Cabinet committees to deal with the two crucial issues. Both the panels, respectively on Investment and Growth and on Employment and Skill Development, will be headed by the prime minister.
- The Cabinet Committee on Investment and Growth will have Union Home Minister Amit Shah, Finance Minister Nirmala Sithataman, Road Transport and Highways Minister Nitin Gadkari and Railways and Commerce Minister Piyush Goyal as its members.
- The Cabinet Committee on Employment and Skill Development will include, besides Shah, Sithataman and Goyal, Agriculture Minister Narendra Singh Tomar, HRD Minister Ramesh Pokhriyal ‘Nishank’, Petroleum Minister Dharmendra Pradhan, Minister of Skill Development M N Pandey, Labour Minister Santosh Kumar Gangwar and Housing and Urban Development Minister Hardip Puri.
Punjab to be promoted as India's basketball hub
Punjab Chief Minister Amarinder Singh announced to make the state the country's basketball hub.
- He said, "Delighted to share that one of our own from @PunjabPoliceInd will also be playing for India. We will work towards making Punjab a hub for basketball in India."
INTERNATIONAL NEWS
Russia launches 1st Arctic Train Service
In Russia, the first tourist train traveling through Russia’s Arctic region and on to Norway set off from St. Petersburg station with 91 passengers aboard for the inaugural trial journey. The tourists came from seven countries including the US, Germany, Norway and Russia.
- The train, named, Zarengold, complete with two restaurant cars will travel from Saint Petersburg through, the whole trip will take 11 days and allow passengers to discover areas difficult to access by other means.
BUSINESS & ECONOMY
RBI cuts repo rate by 25 basis points to 5.75 pc
The Reserve Bank of India (RBI) cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario.
- The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20. On February 7 and April 4, the central bank had reduced the key lending rate by 25 basis points to infuse liquidity and push growth.
- India's economy grew just 6.8 per cent in 2018-19, according to government data. In the fourth quarter (January to March), the growth dipped to 5.8 per cent, marking a five-year low.
- Meanwhile, headline inflation stood at 2.9 per cent year-on-year in April, below the RBI's target of 4 per cent.
- Repo Rate: 5.75%
Reverse Repo Rate: 5.50%
SLR (Statutory Liquidity Ratio): 19.00%
CRR (Cash Reserve Ratio): 4.00%
MSF(Marginal Standing Facility) Rate: 6.00%
Inflation: 2.86%
RBI scraps charges for RTGS and NEFT transactions
In an effort to boost digital payments, the Reserve Bank of India (RBI) scrapped charges levied on Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) transactions.
- At present, the RBI levies minimum charges on banks for transactions routed through its RTGS system meant for large-value (Rs 2 lakh and above) instantaneous fund transfers and NEFT System for other fund transfers (below Rs 2 lakh). In turn, banks levy charges on their customers.
RBI sets up committee to review ATM fee structure
The Reserve Bank of India (RBI) has indicated that it will constitute a committee to review the ATM interchange fee structure. This is the fees paid for using your debit card at the ATMs of other banks.
- RBI said that a Committee involving all stakeholders, under the chairmanship of the V. G. Kannan, Chief Executive Officer (CEO), Indian Banks’ Association (IBA), will examine the entire gamut of ATM charges and fees.
Ashok Leyland ties up with Suryoday Small Finance Bank for vehicle loans
Hinduja Group flagship firm Ashok Leyland has partnered with Suryoday Small Finance Bank for vehicle loans. Under the pact, the bank will provide end-to-end financial solutions to Ashok Leyland’s customers for auto loans across India.
SPORTS
Sunil Chhetri becomes most Capped India Player
Sunil Chhetri became the most capped India player by surpassing Bhaichung Bhutia’s 107 international matches. In his milestone match of the King’s Cup football tournament in Buriram, Thailand, he scored the lone goal for his side for his 69th goal.
APPOINTMENTS
Rajiv Kumar re-appointed NITI Aayog Vice Chairman
Economist Rajiv Kumar was re-appointed as the Vice Chairman of the National Institution for Transforming India (NITI) Aayog.
- Accordingly, Prime Minister Narendra Modi approved the re-constitution of NITI Aayog, which will have scientist V.K. Saraswat, agricultural economist Ramesh Chand and Dr V.K. Paul as its full-time members.
- Defence Minister Rajnath Singh, Home Minister Amit Shah, Finance and Corporate Affairs Minister Nirmala Sitharaman will be among the ex-officio members of the institution.
Wipro founder Azim Premji to retire next month, son Rishad to take over
Azim Premji, one of the pioneers of Indian technology industry and founder of Wipro Limited, will retire as Executive Chairman upon the completion of his current term on July 30, after having led the company for 53 years.
- Wipro said that his son Rishad Premji, Chief Strategy Officer and Member of the Board, will take over as the Executive Chairman. Azim Premji, however, will continue to serve on the board as Non-Executive Director and Founder Chairman.
- The board has also announced that Chief Executive Officer and Executive Director Abidali Z. Neemuchwala will be re-designated as Chief Executive Officer and Managing Director. These changes will be effective July 31.
Nigeria’s UN envoy Tijjani Muhammad-Bande elected UNGA President
Nigeria’s Ambassador to the UN Tijjani Muhammad-Bande, has been elected as the next President of the General Assembly.
- He said that he will try and hasten the long-delayed reform process of the Security Council to ensure that the powerful UN organ is more democratic and efficient.
Gianni Infantino re-elected unopposed as FIFA president
Switzerland's Gianni Infantino was re-elected for a second term as president of football's international governing body FIFA having run unopposed.
- Infantino, who was first elected in February 2016 after Sepp Blatter was ousted amidst corruption investigations, will now run until at least 2023.
OBITUARIES
Champions League football Architect Lennart Johansson passes away
Lennart Johansson, who oversaw the introduction of the Champions League during a 17-year reign as president of European soccer’s governing body, has died. He was 89. Johansson led UEFA from 1990-2007 and was eventually beaten in a presidential election by former France great Michel Platini.
‘Czar of Indian Cuisine’ Jiggs Kalra passes away
Celebrated chef and culinary revivalist Jaspal Inder Singh Kalra, popularly known as Jiggs Kalra, has passed away. He was 71.
- Mr. Kalra, who held titles like the “Czar of Indian Cuisine” and “Taste maker to the Nation”, conferred upon him by eminent writer Khushwant Singh, was best known for his role as a culinary revivalist.
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