#Daily #Current #Affairs

RBI lowers repo rate to 7.25 per cent

The Reserve Bank of India in its second bi-monthly policy announced on has reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect. It has decided to keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL). It has decided to continue to provide liquidity under overnight repos at 0.25 per cent of bankwise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer-term repos of up to 0.75 per cent of NDTL of the banking system through auctions and continue with overnight/term variable rate repos and reverse repos to smooth liquidity. The reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the bank rate to 8.25 per cent.

FIFA President Sepp Blatter resign 

President of the Fédération Internationale de Football Association (FIFA) Sepp Blatter has resigned amid a corruption scandal which under investigation in United States. Earlier on 30 May 2015, he was re-elected as the FIFA President for a fifth term by defeating his rival candidate Prince Ali bins Al Hussein of Jordan. FIFA, world soccer’s governing body was hit with worst crisis in its history after U.S. investigation agency FBI had alleged its officials were involved in widespread financial wrongdoing in past years. Swiss authorities also had stared their own criminal probe into FIFA’s decision of awarding 2018 and 2022 World Cups to Russia and Qatar, respectively. Blatter, a Swiss football administrator had ruled FIFA since 1998 after he was elected for first time. Prior to his Presidency, Blatter was a public relations executive representing various organizations and had served as the general secretary of FIFA since 1981.

BIS App launched

Union Food and Consumer Affairs Minister Ram Vilas Paswan launched a BIS App to register complaints against sub-standard quality of ISI marked products and Hallmark jewellery. Operation of godowns under Food Corporation of India (FCI) has been made online to increase transparency in the functioning of the corporation. Mr Paswan said government has decided to continue food grain allocation for other welfare schemes for the poor. Saying that food grains older than a year and a half are not kept in the godowns.