1) Indian
PM Narendra Modi meets Obama at White House: Indian Prime Minister Narendra
Modi has met US President Barack Obama at the White House over dinner, ahead of
formal talks on Tuesday. The two leaders "exchanged anecdotes about their
first few days in office, to see if they had anything in common", India's
foreign ministry said. Earlier, Mr Modi met the CEOs of top global firms in New
York in an effort to persuade them to invest in India. He assured them that he
was committed to liberalising the economy. Mr Modi is on his first trip to
America since being elected in May.
2) Google
shuts down Orkut after a 10-year run:
Internet search titan Google has finally downed the shutters of its
social networking website Orkut. However, users can save their profiles,
scraps, testimonials and community posts via Google Takeout service till
September 2016. Google in June had announced that it will shut down Orkut on
September 30, marking the end of a 10-year run. Orkut was the first social
network to hit it off on a large scale in India, even as other websites like
Hi5 and MySpace failed to catch the fancy of India's internet users in
mid-2000s. However, as Facebook made inroads in India, Orkut's popularity
started waning, and Mark Zuckerberg's website overtook Orkut in terms of user
base in the country in 2010.
3) Vigilance
commissioner Rajiv named interim CVC: The government has named vigilance
commissioner Rajiv as the acting central vigilance commissioner (CVC) following
the completion of tenure of incumbent Pradeep Kumar. The arrangement will be
valid until a regular CVC is appointed. A gazette notification issued on Monday
said that "in exercise of the powers conferred by sub-section (1) of
Section 10 of the CVC Act, 2003, the President is pleased to authorize Rajiv,
vigilance commissioner, Central Vigilance Commission, to act as the CVC, in the
vacancy caused due to completion of tenure of Pradeep Kumar, central vigilance
commissioner, with effect from the 29th day of September, 2014, until the
appointment of the CVC".
4) RBI
announced fourth Bi-Monthly Monetary Policy Statement 2014-15: For the
fourth time in a row, RBI kept key interest rates unchanged maintaining that it
will not cut them unless inflation moderates to anticipated levels,
disappointing borrowers and the industry in this festive season. Reserve Bank
Governor Raghuram Rajan hoped that inflation will moderate to acceptable level
of 6 per cent by January 2016 and maintained that the GDP growth in the current
fiscal will be 5.5 per cent, same as projected earlier. RBI relaxed the 'know
your customer' norms by allowing self-certification of documents needed for
opening bank accounts.
Current Rates are as follows:
1. Repo Rate – 8%
2. Reverse Repo Rate – 7%
3. SLR – 22%
4. CRR – 4%
5. Bank Rate – 9%
6. MSF – 9%
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