1.Cut in Repo Rate
The Reserve Bank of India (RBI) has cut the Repo Rate recently. It has reduced the Repo Rate under the liquidity adjustment facility (LAF) by 25 basis points (bps) from 8.0 per cent to 7.75 per cent on January 15, 2015.
With the introduction of Base Rate System since July 1, 2010, all rupee lending rates (including advances upto Rs. 2 lakh) have been deregulated.
Following the reduction in the policy rate by 25bps to 7.75 per cent on January 15, 2015, the median base (lending) rate of banks declined by 5 bps to 10.20 per cent so far (upto February 23, 2015). Eight banks (2 Public Sector Banks, 1 private sector bank and 5 foreign banks) have reduced their base rates in the range of 25-50 bps so far.
2. Justice Amitava Roy sworn in as Supreme Court judge
Justice Amitava Roy was sworn in as a judge of the Supreme Court on 27 February 2015.Earlier he was the chief justice of Orissa high court.His tenure will be for three hour.
Born on March 1, 1953, he practice in the district courts in Dibrugarh and Tinsukia in Assam from 1976 to 1981, before shifting to the Gauhati High Court.
Now the total the strength of the apex court judges has gone up to 29. The apex court has a sectioned strength of 31 judges.
3. TROPEX: Indian Navy Concludes Its Annual Exercise
The Indian Navy concluded its annual Theatre Level Readiness and Operational Exercise (TROPEX) today. This month long war drill encompassed all dimensions of maritime warfare, and witnessed participation of around 50 ships and submarines, along with over 70 aircraft from the three Naval Commands. The exercise also saw participation of units from the India Air Force and the Indian Coast Guard.
The area of operations spanned the Arabian Sea and Northern Indian Ocean and was aimed at validating the Indian Navy’s Concept of Operations. During TROPEX-2015, the Navy had deployed two Carrier Task Forces simultaneously at sea, with both Viraat and Vikramaditya operating with their integral flights in an operational scenario. This assumes significance as it makes the Indian Navy, besides the US Navy, capable of deploying more than one Carrier Task Force at sea, at present.
TROPEX also saw extensive deployment of the nuclear submarine Chakra, the recently inducted P8I Long Range Maritime Reconnaissance aircraft, the recently commissioned guided missile destroyer Kolkata and Anti Submarine Warfare corvette Kamorta. The exercise provided the right opportunity for the Navy to integrate these acquisitions into its war-fighting concepts.
TROPEX-15 also served to reinforce the Indian Navy’s offensive capabilities across all dimensions, including Network Centric Operations, wherein, the indigenous satellite Rukmani was extensively utilised. The Navy also underscored its Op Logistics capability to effectively sustain Fleet Operations for extended periods at large distances.