1.In 3rd Bi-monthly Policy Statement, the Reserve bank of India’s (RBI’s) monetary policy committee (MPC) raised policy rates by 25 basis points to 6.5% on account of inflationary pressures arising due to hike in minimum support price.The committee has increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5%. Consequently, the reverse repo rate under the LAF stands adjusted to 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75%.RBI also raised the average inflation projection for the second half of the year to 4.8% from 4.7% in June. The central bank expects inflation to edge higher to 5% in the first quarter of next fiscal year. The government has fixed the MSP at 150% of the cost of production of all kharif crops.
2.Gopalkrishna Gandhi has been chosen for the 24th Rajiv Gandhi National Sadbhavana Award for his contribution in promoting communal harmony, peace and goodwill. Gopalkrishna Gandhi is a former governor of West Bengal.
3.Dustin Johnson won the 2018 RBC Canadian Open at the Glen Abbey Golf Club in Oakville in Canada. He is currently in world number one position.
4.Indian javelin thrower Neeraj Chopra won a gold medal in the Savo Games in Lapinlahti, Finland. Neeraj Chopra made a throw of 85.69 metres and won the gold medal.
5.India has jumped 22 places to 96th rank to break into the top 100 of the United Nation’s E-Government Development Index (EGDI) 2018. Denmark, with an index value of 0.9150, topped the 2018 E-Government Development Survey.
6.The IT ministry launched a desktop software e-Aksharayan in a conference for Indian Languages Technology Industry ‘Bhashantara’, in New Delhi. The objective is to enable editing and printing of text in scanned documents.The software e-Aksharayan was launched in 7 Indian languages.
7.The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI. It is an internal benchmark or reference rate for the bank. MCLR actually describes the method by which the minimum interest rate for loans is determined by a bank .The MCLR methodology for fixing interest rates for advances was introduced by the Reserve Bank of India with effect from April 1, 2016. This new methodology replaces the base rate system introduced in July 2010
8.The Lead Bank Scheme was launched by the RBI in 1969 as an area approach for providing banking facilities in rural areas. The LBS was recommended by DR Gadgil study group that pioneered the idea of providing social banking in the post-independence period. Under LBS, every district across the country would be assigned to a commercial bank. The bank should have major presence in that district to do the work of the Lead Bank. The lead bank makes surveys and makes loan facility to various sectors.
9.England are on the cusp of attaining a major landmark in the purest format of the game. The upcoming series opener against India at Edgbaston will see them become the first team in cricket history to complete the milestone of playing 1000 Tests.
10.China today successfully launched an optical remote sensing satellite, as part of its high-resolution Earth observation project which will also provide data for the Belt and Road Initiative, official media reported. The Gaofen-11 satellite was launched on a Long March 4B rocket at 11 am (local time) from the Taiyuan Satellite Launch Center in northern Shanxi Province, state-run Xinhua news agency reported .
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