The Hindu Review Daily Gk Update : 28th March 2019 : Download PDF

The Hindu Review Daily Gk Update : 28th March 2019

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RBI receives aggressive bids, infuses ₹34,500 cr. Liquidity

RBI receives aggressive bids, infuses ₹34,500 cr. Liquidity

  • The first dollar-rupee buy/sell swap auction by Reserve Bank of India (RBI), which was aimed at infusing primary liquidity, saw aggressive bidding by banks, data released by the central bank showed.
  • The RBI received $16.31 billion in bids for the auction for a notified amount of $5 billion. In turn, RBI infused ₹34,561 crore rupee liquidity.
  • Market participants said the auction was successful as RBI got bids three times more than what it had intended to purchase, adding that both domestic and foreign banks participated in the auction. “There was aggressive bidding for the auction, almost three times of what was on offer. Cut-off came in line with the market expectation,” said Madhavi Arora, Economist, FX and Rates, Edelweiss Securities.

RBI’s rupee-dollar swap auction to ease liquidity gets a big thumbs up

RBI's rupee-dollar swap auction to ease liquidity gets a big thumbs up

  • The Reserve Bank of India (RBI) received an overwhelming response to its dollar swap window on Tuesday, establishing the instrument as a credible liquidity tool and paving the way for more such auctions in the coming months.
  • Banks offered $16.31 billion for the proposed swaps of up to $5 billion. The RBI accepted $5.02 billion at a cut-off premium of Rs 7.76 for three-year dollars — close to the rate at which the market was trading at.
  • “Banks had bid to pay such that three-year MIFOR (Mumbai Interbank Forward Offer Rate) would be at 6 per cent. The cut-off of 776 paise for three years is 6.01 per cent,” said Abhishek Goenka, managing director and CEO of IFA Global.
  • MIFOR is the rate that banks use as a benchmark for forwards. It is a mix of the London Interbank Offered Rate (LIBOR) and forward premium derived from the market. Before the auction, the three-year MIFOR was near 6.15 per cent. The absolute premium is the amount added to the spot rate to gauge the future rate of the rupee against the dollar.

Address by the Hon’ble President of India Shri Ram Nath Kovind at India – Croatia Business Forum

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  • I have great pleasure to be here this morning to address the India-Croatia Business Forum. I would particularly like to thank Madam President for being with us today. Our joint presence underlines the commitment both countries have to deepen our economic linkages.
  • I would like to thank the Croatian Chamber of Economy, the Associated Chambers of Commerce and Industry of India, the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry for organizing this business event. I am happy at the enthusiastic turnout from both countries; some 30 companies have travelled from India to participate in this Forum.

Maruti Suzuki re-appoints Kenichi Ayukawa as MD, CEO for three years

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  • The country’s largest carmaker Maruti Suzuki India (MSI) on Wednesday re-appointed Kenichi Ayukawa as Managing Director and CEO for a period of three years with effect from April 1, 2019.
  • The company’s board, which met Wednesday, re-appointed Ayukawa on the existing terms and conditions including remuneration, MSI said in a regulatory filing. This would be Ayukawa’s third three-term as MD and CEO of MSI. He had taken over for the first time in March 2013.

Cabinet approves MoU between India and Croatia in the field of tourism

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  • The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its ex-post facto approval on the Memorandum of Understanding (MoU) between India and Croatia in the field of tourism. 
  • The MoU in the field of Tourism will help the two parties in creating an institutional mechanism for enhancing cooperation in the tourism sector.
  • The MoU has been signed on 26 March, 2019 during the visit of President of India to Croatia.

Vice Admiral MA Hampiholi, AVSM, NM assumes charge as Director General Naval Operations (DGNO)

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  • Vice Admiral MA Hampiholi, AVSM NM has assumed charge as Director General Naval Operations today, on 27 Mar 2019. He is a graduate of the National Defence Academy and was commissioned in the Executive Branch of the Indian Navy on 01 Jul 85.
  • The Flag Officer is a specialist in Anti-Submarine Warfare and has held important assignments both afloat and ashore.  In the initial years of his career, he served onboardIN Ships Himgiri, Agray and Ganga as ASW specialist officer and subsequently as an instructor at ASW School.   His Command tenures afloat include INS Nashak (missile vessel), INS Magar {Landing Ship Tank (Large)} and INS Talwar (stealth Frigate) and Second in-Command of INS Khukri (Missile corvette). He commanded the National Coast Guard, Mauritius for two years (2003 – 05) and was also the Commandant, Naval Academy and Commanding Officer of INS Mandovi.

Cabinet apprised about MoU between India and Morocco to promote exchange of information and technical cooperation in the field of Housing and Human Settlement

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  • The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised about an MoU signed in February, 2019 between India andMorocco to promote exchange of information and technical cooperation in the field of Housing and Human Settlement.
  • Implementation of the MoU would strengthen bilateral cooperation between the two countries in the areas of Housing & Human Settlement.  Both countries will cooperate to address the challenges faced by cities, with the aim of promoting sustainable inclusive urban growth, whilst improving commercial and trade relations between the two countries.  This will primarily include, but not limited to, low cost and mass affordable housing, water supply and sanitation, urban transport and smart cities development.

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