RBI has cut down Repo Rate by 25 basis points to 7.75 percent from 8 percent. RBI has unchanged Cash Reserve Ratio and kept it at 4.0 per cent of net demand and time liabilities (NDTL) while the Reverse Repo Rate has been adjusted to 6.75 per cent.
Marginal standing facility (MSF) rate and the Bank Rate are kept at 8.75 per cent.
Reserve Bank of India (RBI) and the European Central Bank (ECB) signed memorandum
RBI and ECB has signed a memorandum of understanding (MoU) for cooperation in the field of central banking on 12 January 2015. The MoU was signed by RBI Governor Dr. Raghuram Rajan and ECB President Dr. Mario Draghi.
NFL, EIL and FCIL signed agreement to form Ramagundam Fertilizers and Chemicals Ltd.
National fertilizers Limited (NFL), Engineers India Limited (EIL) and Fertilizer Corporation of India (FCIL) signed an agreement to form a Joint Venture Company (JVC) Ramagundam Fertilizers and Chemicals Limited on 14 January 2015.
India-ASEAN services & investment Free Trade Agreement to be in force from July 2015
India’s free trade agreement (FTA) in services and investments with 10-member Association of South-East Asian Nations (ASEAN) Groups will come into force from July this year. India signed the FTA in services and investment in September, 2014. ASEAN comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Malaysia is the Chair of ASEAN for 2015.
The free trade area came into effect on 1 January 2010. India hosted the ASEAN-India Commemorative Summit in New Delhi in 2012.
Ordinance for auction of iron ore and other non-coal mines cleared
President Pranab Mukherjee cleared ordnance that paves way for the auctioning of mines containing minerals as iron ore and bauxite.
Whole sale inflation near zero
Wholesale price index (WPI) based inflation moved up marginally in December to 0.11 percent from zero level in November.
Infosys to invest $250m (1500 cr) in start-ups
Infosys Chief Executive Officer and Managing Director Vishal Sikka announced ‘Innovate in India Fund’ in a meeting with the PM Narendra Modi.
Forex Hedging Norms for Exporters and Importers relaxed by RBI
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Photo credit: Alan O'Rourke / Foter / CC BY