1. Arvind Subramanian all set to be the Chief Economic Advisor (CEA).
i. The Modi Government is likely to name Arvind Subramanian, the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and senior fellow at the Centre for Global Development as its Chief Economic Advisor (CEA).
ii. The CEA’s post has been vacant since last September after Dr. Raghuram Rajan took over as Reserve Bank Governor.
iii. The Modi Government that has the economy’s revival high on its agenda presented its maiden Budget last month without a full-time senior economist on-board.
iv. The appointment could also give the Centre’s war on food price rise a key strategist as the CEA normally heads the Inter-Ministerial Group on inflation, of course if the Modi Government decides to retain it
2. RBI to launch interest rate futures on 10 year govt bonds
i. The Reserve Bank of India will soon introduce cash-settled interest rate futures on 10-year government bonds and has also permitted exchanges to launch these derivatives in other smaller tenure securities in the future.
ii. The RBI has twice attempted to launch the interest rate futures (IRFs), in 2003 and 2009, but both attempts failed largely due to what participants called faulty product design.
iii. The central bank has permitted exchanges to offer both physical and cash settled IRFs on the notional 10-year government securities. The RBI stated in a notification that the physically settled 10-year IRF would have a semi-annual coupon rate of 7 percent.
iv. The cash-settled 10-year derivative would be based on either a 10-year government bond with residual maturity between 9 and 10 years, or a basket of 10-year bonds that have residual maturity of between 9 to 11 years.
3. Disapprove of ATM charges: RBI Dty Governor
i. RBI Deputy Governor K C Chakrabarty has said that he disapproves the demand made by banks to charge their customers for using ATM services.
Speaking to reporters in Mumbai, Mr. Chakrabarty said it is a little bit ridiculous that bank will charge customers for using an ATM.
ii. He said that instead banks must compare the charges of serving a customer at a branch as against at the ATM.
iii. He further informed that RBI does not decide on service charges, and it was up to the banks to decide their charges.
iv. After a near-fatal attack on a Corporation Bank employee at an ATM in Bangalore last November, many states have made it mandatory to have round-the-clock security at ATMs, pushing up banks' costs. Banks' umbrella body IBA has requested RBI to cap the number of free transactions to five per month across any ATM network.
4. Delhi Police Commissioner Neeraj Kumar Retired from His Office
i. The Delhi Police commissioner Neeraj Kumar retired from his office on 31 July 2013. He served to the police force for 37 years. His tenure as the Delhi Police commissioner was 13 months. He will be succeeded by Bhim Sain Bassi.
ii. Neeraj Kumar is a 1976 batch IPS officer of the AGMU cadre.
iii. He succeeded BK Gupta as the Deli Police Commissioner on 1 July 2012.
iv. He was the Director General (Prisons) and in charge of Tihar Jail.
v. He had served almost all the branches of police, such as the Prisons, CBI, Traffic, districts, Special Cell as well as Crime Branch.
vi. He is originally from the state of Bihar.
vii. He received the MSc degree from St Stephen's College in the year 1975.
viii. However, Neeraj Kumar and his police force were praised for exposing the scam of spot fixing in Indian Premier League (IPL).
i. The Modi Government is likely to name Arvind Subramanian, the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and senior fellow at the Centre for Global Development as its Chief Economic Advisor (CEA).
ii. The CEA’s post has been vacant since last September after Dr. Raghuram Rajan took over as Reserve Bank Governor.
iii. The Modi Government that has the economy’s revival high on its agenda presented its maiden Budget last month without a full-time senior economist on-board.
iv. The appointment could also give the Centre’s war on food price rise a key strategist as the CEA normally heads the Inter-Ministerial Group on inflation, of course if the Modi Government decides to retain it
2. RBI to launch interest rate futures on 10 year govt bonds
i. The Reserve Bank of India will soon introduce cash-settled interest rate futures on 10-year government bonds and has also permitted exchanges to launch these derivatives in other smaller tenure securities in the future.
ii. The RBI has twice attempted to launch the interest rate futures (IRFs), in 2003 and 2009, but both attempts failed largely due to what participants called faulty product design.
iii. The central bank has permitted exchanges to offer both physical and cash settled IRFs on the notional 10-year government securities. The RBI stated in a notification that the physically settled 10-year IRF would have a semi-annual coupon rate of 7 percent.
iv. The cash-settled 10-year derivative would be based on either a 10-year government bond with residual maturity between 9 and 10 years, or a basket of 10-year bonds that have residual maturity of between 9 to 11 years.
3. Disapprove of ATM charges: RBI Dty Governor
i. RBI Deputy Governor K C Chakrabarty has said that he disapproves the demand made by banks to charge their customers for using ATM services.
Speaking to reporters in Mumbai, Mr. Chakrabarty said it is a little bit ridiculous that bank will charge customers for using an ATM.
ii. He said that instead banks must compare the charges of serving a customer at a branch as against at the ATM.
iii. He further informed that RBI does not decide on service charges, and it was up to the banks to decide their charges.
iv. After a near-fatal attack on a Corporation Bank employee at an ATM in Bangalore last November, many states have made it mandatory to have round-the-clock security at ATMs, pushing up banks' costs. Banks' umbrella body IBA has requested RBI to cap the number of free transactions to five per month across any ATM network.
4. Delhi Police Commissioner Neeraj Kumar Retired from His Office
i. The Delhi Police commissioner Neeraj Kumar retired from his office on 31 July 2013. He served to the police force for 37 years. His tenure as the Delhi Police commissioner was 13 months. He will be succeeded by Bhim Sain Bassi.
ii. Neeraj Kumar is a 1976 batch IPS officer of the AGMU cadre.
iii. He succeeded BK Gupta as the Deli Police Commissioner on 1 July 2012.
iv. He was the Director General (Prisons) and in charge of Tihar Jail.
v. He had served almost all the branches of police, such as the Prisons, CBI, Traffic, districts, Special Cell as well as Crime Branch.
vi. He is originally from the state of Bihar.
vii. He received the MSc degree from St Stephen's College in the year 1975.
viii. However, Neeraj Kumar and his police force were praised for exposing the scam of spot fixing in Indian Premier League (IPL).
