UPDATE `apptidudeques1` SET `createdTime`='1531793392' WHERE `id`='53'UPDATE command denied to user 'bankersalgo'@'' for table 'apptidudeques1' Business and Economic Current Affairs July 16| Banker's Algo
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Business and Economic Current Affairs July 16 2013

B S Bassi will preside over as new Delhi Police chief
B S Bassi, special commissioner of police (administration), is to be the new Delhi Police chief. 
Intro: IPS officer (1977 batch),
Joining Date:  Aug 1, 2013,
Incumbent Chief: Neeraj Kumar 

Reserve Bank of India planned to sell 120 billion rupees of bonds via OMO 
The Reserve Bank of India would sell 120 billion rupees ($2 billion) of government bonds via open market operation under multiple-price method. 
Selling amount and percent
2017 Bonds: 8.07 %
2022 Bonds: 8.15 %
2026 Bonds: 8.33 %
2030 Bonds: 8.97 %
Reason: The RBI announced the OMO as a part of its steps to drain cash from the market and create demand for the exchange rate in an effort to arrest the currency's slide. ($1=59.4 Indian rupees)


Banks' repo borrowings hit all-time high of Rs 2.16 lakh cr
Bank borrowings from the repo window hit record high of Rs 2.16 lakh crore.
RBI’s restrictions: Daily borrowings at 1 per cent of system's net demand and time liability.
Banks borrowed Rs 2,16,350 crore, a life-time high, from the liquidity adjustment facility (LAF)
With the new cap on repo borrowing, individual banks will be allocated funds under the LAF according to the proportion to their bids, subject to the overall ceiling. 
However, the central bank said if any bank needs fund, then they can borrow from it's marginal standing facility (MSF) at a higher rate.  RBI also recalibrated MSF with immediate effect at be 300 basis points above the policy repo rate under the liquidity adjustment facility.
The new MSF rate stands at 10.25 per cent.

To Know: 
Consist of daily infusion or absorption of liquidity on a repurchase basis, through repo(liquidity injection) and reverse repo (liquidity absorption) auction operation, using government securities and bonds

MSF: RBI started MSF in 2011.

  • Under MSF, Scheduled Commercial Banks can borrow money from RBI @1% higher than the ongoing Repo rate under Liquidity adjustment facility (LAF.)
  • System Of Lending: SBI sells Government security to RBI, and promises to buy it back after sometime, at a higher rate. Difference in selling and purchase is the interest rate earned by RBI.
  • Calculation Formula

Repo rate = reverse repo + 1%

MSF rate= repo rate + 1%


JP Devadhar, new Presiding Officer of SAT

The Securities Appellate Tribunal (SAT) has got a new presiding officer with the appointment of JP Devadhar,
Prior Post: Former Justice at Bombay High Court 
Purpose of Post:  Statutory body that hears the appeals filed against the orders passed by capital market regulator Sebi,
Earlier Presiding officer of SAT: Justice NK Sodhi retired in 2011. 
Other Helping Member: Jog Singh and AS Lamba. 

2.28 million Transactions recorded under direct transfer scheme for LPG

Action Department: Under Oil Minister M. Veerappa Moily
Transactions Till yet:  2.28 million
Connections: 1.25 million domestic LPG connections
Total Consumer: Currently, DBTL has been rolled out for 72 lakh consumers
Distributers: 600 LPG distributors in 19 districts.
Benefit: The Government aims to save Rs 8,000-9,000 crore on LPG subsidy once the DBTL scheme is rolled out across the country.


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