Interest Rate
Category: Economy
- The Reserve Bank of India (RBI) has decided to put on hold its proposal to link interest rates on deposits and short-term loans to an external benchmark like the Repo rate or Treasury Bill.
- The move to link interest rates to an external benchmark was aimed at increasing transparency and speeding up transmission of rate cuts.
- State Bank of India had recently announced its plan for linking interest rates on savings accounts to the Repo rate.
- Currently, banks follow the marginal cost of lending rate (MCLR) formula where rates are linked to cost of their funds and are reset in different internals such as one month, six months to one year.
Beresheet
Category: Sc & tech
- The world’s first largely private lunar mission by Israel’s Space IL crossed a major milestone when spacecraft Beresheet dropped into lunar orbit.
- Beresheet — Genesis in Hebrew — is also the smallest spacecraft in history to have entered the moon’s orbit.
Australia
Category: International
- Australia will fine social media and web-hosting companies up to 10% of their annual global turnover and imprison executives for up to three years if violent content is not removed “expeditiously” under a new law.
- Under the new laws, it is now an offence in Australia for companies such as Facebook Inc and Alphabet’s Google, which owns YouTube, not to remove any videos or photographs that show murder, torture or rape without delay.
The Order of Zayed
Category: International
UAE has awarded Prime Minister Narendra Modi the country’s highest civilian award, ‘the Order of Zayed’.
