DAILY GK UPDATE 29TH JANUARY

1.    RBI cuts key rates, eases liquidity:

i. India's central bank RBI cut key policy rates to infuse more money into the banking system and also trigger lower interest rates on loans taken by the commercial and household sectors.

      ii. RBI slashed its key interest rates by 0.25 per cent and released 18000 crore rupees additional liquidity into the system to perk up growth through reduced cost of borrowing.

iii. RBI in its third quarter monetary policy review surprised the market by cutting short-term lending rate called Repo, by 0.25 per cent to 7.75 per cent and Cash reserve ratio (CRR) has been lowered from 4.25 per cent to 4 percent.

iv. The RBI, however, has reduced the growth projections for the current financial year to 5.5 per cent from its earlier estimate of 5.8 per cent.

v. On inflation, it moderated the rate to 6.8 per cent for March-end from earlier projection of 7.5 per cent.

NOTE: i. The RBI Governor, D.Subbarao hailed government's recent reform measures including liberalisation of FDI in retail, deferment of GAAR and progressive deregulation of fuel prices.He said these steps will help engender stable macroeconomic conditions and return the economy to its high growth trajectory.

ii. The RBI will come out with mid-quarter review on 19 March 2013 and the annual policy on 3 May 2013.

Current Rate:

1.CRR – 4%           
2.SLR – 23%            
3.Repo Rate – 7.75%          

4.Reverse Repo – 6.75%                    
5.MSF – 8.75%

6. Bank Rate – 8.75%

2.    India and Bangladesh signed Agreements on Extradition and Visa Regime

i. India and Bangladesh on 28 January 2013 signed two landmark agreements on extradition of criminals and terrorists and liberalising the visa regime.

ii. The other agreement has provision for a friendlier visa regime for citizens of Bangladesh.

iii. Businessmen will be provided a five-year, multiple-entry visa. Those travelling on medical grounds will be eligible for a two-year, multiple-entry visa, which could be extended for one more year.

iv. Three attendants of a patient will also be given visa.

NOTE: Until now, India was granting Bangladeshi tourists visas for up to six months and had allowed one person to accompany a patient.

3.    Govt forms expert panel to review institutional framework of Prasar Bharati

i. The government has constituted an expert committee to review institutional framework of Prasar Bharti.

ii. The 7 member committee will be headed by Advisor to the Prime Minister on Public Information Infrastructure, Sam Pitroda.

NOTE: i. The committee will review relationship of Prasar Bharti with government, its continuing role as a public broadcaster and measures needed to ensure its technical upgradation.

ii. It will also suggest ways of using the new media to deliver digital content both in broadcast mode (DTH) and in a demand based mode like YouTube.

iii. The committee has also been mandated to suggest a strategy for creating a network of domestic and overseas business partners for ensuring wider reach to a worldwide audience.

4.    India asks Canada to liberalise its visa regime

i. India has asked Canada to liberalise its visa regime to achieve the goal of increasing bilateral trade to 15 billion dollars annually in the next three years.

ii. Indian High Commissioner to Canada Nirmal Verma said that “This is one of the key issues to be discussed at seventh round of negotiations toward a comprehensive economic partnership agreement scheduled in New Delhi from February 5 to 7,”

NOTE: i. Both Canada and India have set a target of taking the annual bilateral trade volume to USD 15 billion by 2015 from USD 5 billion at present.

ii. “Canada is several steps ahead from US, France and Australia in the field of civil nuclear cooperation. Both countries were committed to complete remaining steps necessary to ensure its early implementation,”

iii. India intends to increase the nuclear power generation capacity from the current 3 per cent to about 25 per cent by 2050 and this provides a great opportunity also for Canadian nuclear industry.

5.    Iran Announced Sending a Monkey Successfully Into Space

i.Iran on 28 January 2013 announced that it had successfully sent into space a monkey.

ii.While declaring the sending of a monkey into space, Iran also declared that it was yet another step towards the space flight goal of Tehran.

iii. The rocket called Pishgam (meaning Pioneer) reached at a height of 120 km. Iran declared that the monkey had come back to the Earth successfully.

NOTE: Iran declared that it had launched the Explorer rocket into space which carried worms, turtle and mouse. Iran’s effort to launch a monkey into the space had earlier failed in 2011.

6.    Djokovic retains No.1 spot:

i. Australian Open champion Novak Djokovic retained his place as men’s world number one in the ATP rankings released on Monday.

ii. The Serb, who became the first player in the professional era to win three straight Australian Open titles with his defeat of Andy Murray on Sunday, stays on 12,920 points.

iii. Britain’s Murray remains third behind Roger Federer of Switzerland, the man he beat in the semifinals in Melbourne.

TOP 5 positions:

(1) Novak Djokovic, Serbia.         
(2) Roger Federer, Switzerland          

(3) Andy Murray, Britain              
(4) David Ferrer, Spain                

(5) Rafael Nadal, Spain