01.11.2006

Mid term review of the monetary policy:
RBI hikes repo rate: forex norms eased

RBI raised the repo rate (the rate at which it lends to banks) to 7.25% from 7%. It kept the reverse repo rate (the rate at which banks lend money to RBI) unchanged at 6%.

See for more details here.

New navy chief
Admiral Sureesh Mehta has taken over as the new chief of Indian Navy. The outgoing chief was Admiral Arun Prakash.

He feels that the induction of the 45,000 tonne displacement Admiral Gorshkov and the huge troop-landing warship Trenton will soon bring about a different dimension to our fighting capabilities.

Police Act Draft Committee
The committee constituted to redraft the Police Act is headed by former attorney general Soli Sorabjee.

It is in favour of not having the cadre of constables. In their place it proposes to have civil police officers. A recruit will be nominated so only after undergoing a 3 year training.

Motor cycle market in India
Splendor of Hero Honda is India’s largest selling bike. Launched in 1994, it is the most successful bike in the history across the world.

Chetak of Bajaj is similarly a successful scooter. It ruled the roost for 33 years before being discontinued last year.

India’s medical market
India’s traditional medicine industry is worth about Rs. 6500 cr per annum.

Over 60% of the people in India use traditional or alternative medicine.

India’s mobile market
The handset, airtime and accessories market is about Rs. 75,000 cr and is growing at 20%.

Cybercafes in India
There are about 20,000 cybercafes in India.

Infrastructure financing
Insurance firms asked to buy more of private infrastructure bonds

The move by the finance ministry is expected to give a boost to infrastructure financing by invigorating the moribund domestic corporate debt market.

Current superannuation funds are largely invested in government securities and state government/PSU bonds

The current size of the corporate debt market is pegged at Rs. 60,000 cr a year and outstanding stock is at Rs. 4,00,000 cr.

Retail lending in total bank credit
Is currently at 27.3%

In absolute terms it is at Rs. 1.04 lk crore.

Urban cooperative banks in India
There are about 1800 UCBs in the country.

Bird flu pandemic
Scientists in HongKong and the US believe that the new virus – dubbed the Fujian-like strain may have mutated in response to the vaccination programme designed to halt the disease in farm flocks.

Indian non-life insurance industry
Is of the size $4.4 bn in 2005-06.