RBI cuts repo rate by 25 bps to 6%
In line with market expectations, the Reserve Bank of India (RBI) on 2 August 2017 has reduced the Repo Rate under the Liquidity Adjustment Facility by 25 basis points from 6.25 percent to 6.0 percent. The reduction was announced in RBI’s 3rd bi-monthly monetary policy decision of FY 2017-18. The reverse repo rate under the LAF stands adjusted to 5.75 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.25 per cent.
Army launches an app Humraaz for soldiers
To help serving soldiers to track details like postings and promotions, the Indian Army has developed a mobile application named Humraa. 'Humraaz' will also enable soldiers to see their monthly salary slips and the Form 16 and also download them.
The mobile app has been developed in-house by the Army and will be launched in the second week of August for prompt communication of information to junior commissioned officers and other personnel.
Union Cabinet clears proposal to extend proxy voting for NRIs
The Union Cabinet has cleared a proposal to extend proxy voting to overseas Indians by amending electoral laws. This was informed by a senior government functionary.
For overseas Indians, the Representation of the People Act needs to be amended to include proxy voting as other means to cast their votes. While NRIs and overseas Indians are free to cast their votes in constituencies where they are registered, according to the proposal, they will also be allowed to use the option of proxy, which as of now is only available to service personnel.
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