Repo rate fluctuating in 2020- the constant rise and drop December 18, 2020 15:58
Repo rate is used by monetary authorities to control inflation in the country. Banks use these funds to generate interest rates. RBI tries to balance the rate between what interest the banks can provide borrowers versus how much loan takers are willing to pay as interest. It encourages more competitive environment and diversification and helps maintain control over financial system whenever and wherever necessary to maintain the discipline and prudence in operations of the financial system. The current Repo rate (as of June 2020) is 5.75% .The RBI established the repo rate gain from 5.15%. The sole purpose of RBI taking the decision to keep key rates stable was being largely in control. RBI has flexibility to make important decisions of their change and move in any direction in the coming months, depending on the economy. Any hike in repo rate will impacted consumption businesses such as eateries, hotels, lodges and also the real estate sector. Also, the change in stance of the RBI from neutral to tightening the system is an indication of the intent the RBI are doing to keep inflation levels under control. In addition to keeping the repo rate on hold, the reverse repo rate has also increased to at 5.75%, while the cash reserve ratio stays at 4.0%.Experts believe repo rates to raise by 2021. The rupee has increased by 0.5% since the announcement, suggesting that markets were also braced for a drastic increase. Governor Patel sounded relaxed about the rupee value, stating that the RBI did not target a specific exchange rate and would only intervene to mitigate excess volatility. However, he believes the pandemic to be the cause of disturbance. The government also seems to be relaxed with the rupee rate despite the hike in currency system, stating that the RBI did not target a specific exchange rate. Along with the repo rate, the reverse repo rate has also witnessed a growth. It now stands at 6.25%. This is the rate at which banks lend money to the RBI. Of there is an increase in the repo rate, it will have an impact on people who are borrowing money as banks are likely to increase interest rates on loans in the near future. The RBI sponsors government securities to help control, evaluate and increase the flow of credit through out the country Effective banking policies mean maintaining stable government securities to help Central banks pay attention to the credit generated through out the country . It tries to increase the efficiency in the financial system and tries to incorporate structural changes such as deregulating interest rates, ease operational constraints in the credit delivery system, to introduce new money market instruments etc. Policy statements from central banks are stating that while the “output gap has virtually closed”, some activity indicators including vehicle sales and retail have weakened. This hike will have a direct impact on borrowers as banks will start increasing interest rates on loans By Meena Atmakuri
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Pashupatinath Temple re-opens after 9 months of COVID-19 December 16, 2020 10:31
The famous Pashupatinath Temple is Nepal closed during the first phase of lockdown in March due to the COVID-19 pandemic. The temple has finally opened in December and Hindu devotees are sitting with oil lamps at the temple in Kathmandu for worship. The temple will now remain open from 6 AM to 12 PM every day. After establishing the COVID-19 protocols, the revered Hindu shrine has re-opened for devotees on Wednesday morning. The Pashupati Area Development Trust declared that they will be adhering to COVID-19 protocols while allowing devotees to visit the temple. Before opening the temple on Wednesday, the priests at the temple performed an atonement worship on Tuesday morning to seek forgiveness for opening the gates after going on a long hiatus. The temple was closed for a long period and prohibited any entry due to the risk of transmission of the corona virus. Visitors are now allowed to visit the temple without wearing a face mask. The re-opening was only for visitors and devotees to worship but special puja, singing of hymns and ritual activities will not start immediately as they have been suspended to adopt health safety procedures. The PADT states that they have increased security at the temple and are limiting the number of visitors who visit the temple at a period of time. The temple suffered losses of around 700 million due t the pandemic. Although puja and hymn singing services are not available at the moment, regular prayer and worship, food offering, ‘aarti’, and the crematorium services will be continued during this period. By Meena Atmakuri
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Hike In Gold Prices-One day after sharp fall December 15, 2020 10:47
Gold and Silver prices increase in Indian markets. The revenue generated from buying jewellery will partially be used towards positive global causes as new corona virus-related restrictions in some countries are lifted to appeal precious metals. MCX prices edged up higher to 49,035 per 10 gram. During February, 2020, silver pries increased by 0.26% and gold prices have been slumped down to about 0.8%. In global markets, gold prices edge higher today because investors assessed the likelihood for further virus-related economic restrictions during the increasing COVID-19 cases in many countries. Towards the end of the year, gold and silver prices began to rise by a gradual 0.2% an ounce. Vaccine roll outs weighed on gold prices which were what gains depended on, despite the rising corona virus cases. Because of the increasing COVID-19 deaths and cases, Asian equity markets drifted lower but this is overshadowed by the optimism about the roll-out of corona virus vaccinations. Gold traders around the world are now waiting for policy meetings of Reserves and Banks starting this week. USA AND England will be participating in discussions with the US Federal Reserve and the Bank of England respectively. Gold is always seen as a hedge against inflation and currency debasement. Market participants are also keeping a close watch on countries talks about the fiscal corona virus stimulus package for further updates. By Meena Atmakuri
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Modi Pays Tribute To 2001 Parliament Attack Victims December 14, 2020 12:02
Prime Minister Narendra Modi along with Union home minister Amit Shah and defense minister Rajnath Singh also paid tributes at a brief ceremony which was held outside the Parliament building. Vice President and Rajya Sabha Chairperson M Venkaiah Naidu, Om Birla, Union ministers and opposition leaders paid tribute to those who have lost their lives at the 2001 Parliament attack at the Parliament Complex. The members who were present observed a moment of silence as a mark of respect for the martyrs. (Image Source: Twitter.com/ANI) In 2001, on December 13, terrorists of the Laskhar-e-Taiba (LeT) and the Jaish-e-Mohammed (JeM) attacked the Parliament complex. They open fired, killing 11 people including five Delhi police personnel, a woman central reserve police force trooper, two parliament watch and ward staff, a gardener and photojournalist. In retaliatory action, five terrorists were shot dead by security forces. The President of India, Ram Nath Kovind took to twitter to pay respect to the brave martyrs who laid down their lives defending the parliament. The nation gratefully remembers the brave martyrs who laid down their lives defending the Parliament on this day in 2001. While commemorating the great sacrifice of those defenders of the temple of our democracy, we strengthen our resolve to defeat the forces of terror. — President of India (@rashtrapatibhvn) December 13, 2020 Other important political figures took their opinions toTwitter to show their respect and honor for these martyrs. The incident also led to a high level tension between the countries India and Pakistan. This incident also caused a massive upgrade in security for the Parliament complex. - Meena Atmakuri
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Pay or Serve - PG Medical Students' Ultimatum December 14, 2020 10:59
Uttar Pradesh government tells Post Grad students who are leaving the course mid-way to either serve the state government for 10 years or pay a 1 crore fine. Additionally, the Chief Secretary for Health, Amit Mohan Prasad declared that those students who are leaving the PG course midway will be debarred from seeking admission for three years. Government doctors in Uttar Pradesh who are completing their postgraduate courses will have to give their services in the department for 10 years or pay a compensation fee of Rs 1 crore. This order was issued last Wednesday. There were cases of some cases of doctors completing their PG courses and seeking a no-objecting certificate (NOC) for completing their senior resident ship, which will not be allowed to return to their native departments. PMHS (Provincial medical and health services) doctors are opting for post graduation candidates to get additional marks, with more emphasis for those who are serving in the rural areas. Chief Secretary of health stated that after completing the PG course, it is mandatory for the graduates to serve in the government department continuously for 10 years. Failing to do any of these, the students will have to pay a 1 crore fine. Additionally, leaving the course midway will lead to the PG student being debarred from seeking admission at any university for 3 years. Students are not happy with this ultimatum. They want to be given the flexibility of choice during and after the medical course. - Meena Atmakuri
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Farmers Protest wont Stop till New Farmer Laws are Abolished December 12, 2020 11:13
Bharatiya Kisan Union (BKU) leader Rakesh Tikait declares that farmers wont stop protesting till the new farmer laws are completely abolished. The protesters are willing to stand for nothing less states the Union Leader. A latest addition: The government on Thursday asked farmer groups to reconsider their proposals for amending the acts which address the concerns of the farmers and will further lead to an open discussion in flexibility to the union. Both the parties, the government and the Union have completely contrasting opinions. Each want they opposite but both for the same cause and purpose of benefiting the farmers in India. The Union Leader also stated that farmers will be accepting nothing less than scrapping the new agriculture laws. The protest will continue to procede throughout the nation till these laws are taken off by the government. The Union agricultural minister Narendra Singh Tomar expresses hope stating that there is a positive future outlook for the farmers. The government is also keen and ready for further discussions with the protesting farmers- to clear their apprehensions and discuss the issues. The agricultural minister also stated that the union should not proceed to protest until they have the discussion with the government about the laws and clear the ghosts in the closet with both the parties at the meeting. However, the union party does not seem to be bulging from protesting for the cause at this point. Previously, there have been five round table talks regarding the subject between the government and the representative of farmers groups across India. The sixth round table conference which was scheduled for Wednesday morning was canceled. The next meeting between both the parties is scheduled to happen soon. The Union leader of the farmers’ group is still waiting for an answer from the government. By Meena Atmakuri
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Virat Kohli And Anushka Sharma Commemorate Their Third Year Anniversary Sharing Cute Photos With Each Other December 11, 2020 12:10
India’s new cricket captain Virat Kohli shared a picture of his wife Anushka Sharma on Twitter with the caption: “3 years and onto a lifetime together.” celebrating his third Anniversary. The star couple tied the knot on 11 December 2017. Today marks 3 years of their beautiful relationship. However, unfortunately they will not be able to celebrate it together with Virat Kohli being on tour in Australia with the Indian team. Virat Kohli’s paternity leave will allow him to return home to see his wife after the first Test in Adelaide that begins on December 17. In August, Kohli and Anushka had announced that they are expecting their first child. Hence, Kohli will leave the Australia tour after the first Test to be with his wife for the birth of their first child. Anushka Sharma also wished her husband a happy Anniversary by posting an adorable picture of the couple together. (Image source from: indiatvnews.com) Anushka Sharma states that after the birth of her first child she will go back to shooting films again, saying that it makes her truly happy. By Meena Atmakuri
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Domino’s Employees Save Customer’s Life In A Shocking Twist December 11, 2020 11:37
Everyone has their favourite food which they can’t get enough of eating. For some it’s pasta and for some it’s cake but for Kirk Alexander from Oregon, it is Domino’s Pizza. He is one of Domino’s most loyal customer, ordering at least one pizza each day. Even with his daily consumption of dough bread and cheese, Kirk managed to maintain a healthy physique. So how did his pizza addiction save his life? Kirk lives alone in a small town called Salem. He usually does not leave the house as often unless he is getting Pizza. Because of how often he orders Pizza, the staff at Domino's are well acquainted with them man. (Image source from: sizzlfy.com) Although Kirk is a loyal customer, he is different from the usual customers that order at Domino’s. No one has ever heard his voice or ever spoke to him. Only the delivery drivers who drop off the Pizza at his house have heard his say a simple “thank you” every time. Neighbors have said that he likes to keep to himself. Sarah, the manager of Kirk’s local Domino’s said that he is always polite to the delivery staff and has been placing orders and supporting the particular Domino’s store never creating problems through all the years he ordered at Domino’s. On a particular day, something unusual occurred that caused the manager, Sarah and rest of the Domino’s team to become increasingly concerned about Kirk. This concern alone was what enough to make national news. Something seemed off with Kirk. Used to Kirk ordering pizza every single day, when he stopped ordering for a couple of days, the employees at Domino’s felt like something was off. Initially, the staff thought Kirk wanted a change in scenery or to order Pizza from somewhere else. However, after ordering continuously for 7 years, they wondered why he suddenly stopped. After not ordering Pizza for a week and a half, his silence did not sit well with the Domino’s team. Finally, the manager Sarah decided to take matters into her own hands and pay a visit to his home after not ordering pizza for 11 days. The pizza place took two possibilities into consideration. One,was that he had found a new pizza place and two- he was on vacation. However, worrying that he might have gotten sick of Domino’s pizza, the team sent a member to his house to find out his concerns. Tracey, the driver who volunteered to visit Kirk’s house found that the lights and the Television were turned on but Kirk was not opening the door when Tracey was ringing the doorbell. Tracey called his house number but there was no answer. After waiting at his doorstep for twenty minutes, Tracey decided to leave. After returning back to Domino’s the employees were eagerly waiting for an answer but their concerns grew further when they found out about Kirk’s situation. Sarah the manager called the Police immediately, explained the situation and sent troops to his house. Knowing that the staff at Domino’s have exhausted all their methods,they waited eagerly for a call from the police. After a few hours, they received a call saying Kirk had suffered a minor stroke and was found collapsed on the floor of his house. He was rushed to the hospital by police officials. The employees at Domino’s were also informed that Kirk was saved in the nick of time. The next day, Domino’s officials gathered some flowers, cards and gift for Kirk from their employee money and visited him at the hospital. Currently Kir is under observation at the hospital and will be released soon. Word of what the local Salem Domino’s did grew, attracting more customers to come to their store and appreciate the employees for their heroic act. By Meena Atmakuri
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Kansas City’s New Airport Terminal Release Date Revealed December 10, 2020 13:22
The mayor of Kansas city, Quinton Lucas announces the release date for the opening of the new airport terminal. The opening date us March 3, 2023, exactly four years after the construction began. The mayor showed a schedule presented to the City Councils Transportation, Infrastructure and Operations Committee during a presentation from the department that day, announcing the date of the opening. Department officials were seeking authorization of a contract with JBT AeroTech Corp, to build glass building bridges at the airport. Construction on the new single-terminal airport began on March 25,2019 and officials predicted that the construction would take approximately four years. According to the terminals website, the 1 million square foot terminal is the largest infrastructure project in Kansas City history. The opening of the airport terminal is expected to be grand and invite the city to gather around for this historical noteworthy event. By Meena Atmakuri
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Two Terrorists Involved In Pulwama Attack, Killed In Jammu and Kashmir December 09, 2020 12:24
On Wednesday, in an encounter, security forces killed two unidentified terrorists who were a part of the Pulwama attack, police said.They added that a civilian survived injuries in the gunfight. Eearly morning, in the Tiken area in Pulwama, the security forces launched a cordon and search operation after receiving information about the presence of terrorists there. According to the police official, only after the firing started against the security officers, this search operation turned into an encounter.Further, the police official added that the identity and group affiliation of the murdered terrorists has been found out.During the first-two cordon and search operations launched in North Kashmir, they were unsuccessful in receiving contact.Since last night, this is the third operation launched by the forces in Kashmir.By Neha Makhija
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Man Kills Wife, Plays Mobile Games Next To Body December 08, 2020 10:02
A man in Jodhpur killed his wife after which he informed his in-laws and the police about the murder. During enquiry, he was found playing games on his mobile next to his wife’s body when more police officials arrived. Shocking incident shows the accused, Vikram Singh allegedly killed his wife Shiv Kanwar on Sunday night. After the murder, he called up his in-laws informing them that he had killed their daughter. He also called up the police and informed them of the same. When police officials arrived at the house for enquiry, Singh was found playing mobile games next to his wife’s body. Police officials informed that the husband was frustrated due to being unemployed and projected this anger on his wife. The wife used to do sewing work at home and later started working in a cooperative store. Sigh had been unemployed for a long time and was unhappy with his wife’s work and efforts. Singh has been taken into custody. As per the police, the accused said that he killed his wife with a pair of scissors. The couple had two children as well. Another police official claims that Singh killed his wife due to his increasing anxiety and got panic attacks, murdering her in the spur of the moment. The police have handed over the wife’s dead body to her family members after completing the postmortem. The father of the deceased, Manohar Singh has filed a murder case against the former husband Vikram Singh.By Meena Atmakuri
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UK Ready With First Dose Of COVID-19 Vaccine December 07, 2020 18:43
The National Health Service (NHS) hospitals are gearing up for what the UK government is describing as the biggest immunization program in the history. The first doses of the Pfizer/BioNTech vaccine against the COVID-19 has arrived at secure locations in the country from neighbouring countries in the continent over the weekend. Among the first to get the vaccine will be front line health care staff, citizens over the age of 80 and are home workers as approved by UK’s independent regulators.The Medicines and Health care products Regulatory Agency (MHRA) has declared the claims to offer up to 95 per cent protection for all citizens and stated that the vaccine will ensure safety from the pandemic. UK Health secretary Matt Hancock asserts that the beginning of the vaccination will embark history not only in the UK but globally and urges everyone to play their part to suppress this virus, following social distancing and local restrictions to protect NHS while they carry out the heavy job. The government is taking high precaution towards ensuring that the delegated members for the vaccination are vaccinated as soon as possible as they are the groups who are prone to the highest risk of death from the deadly virus. More hospitals in the UK will start vaccinating over the coming weeks and months as the programme takes steady pace. Citizens are calling it the “life-saving-jab”. Some media reports indicate that the Queen Elizabeth II and her 99 year old husband Prince Philip are likely to be among the group. In spite of the huge complexities following the vaccination process, hospitals will kick start phase one of the campaign vaccination in dire need of safety and wellness for the country. The vaccination centers will be held in sporting venues and conference centers to withhold large crowds who will attend to take the vaccination. Although a vaccine is typically delivered by a simple injection in the shoulder, the Pfizer is slightly complex and there is a difficult logistical challenge towards giving it to the person. The vaccine will need to be stored at -70 degree celcius and can only be moved four times within that cold chain before being used again. Defrosting the vaccine itself can take multiple hours and there is also added additional time which is required in preparing the vaccine for administering. There are tracking devices on all the packages which hold the vaccine and a predicted 800,000 doses are expected to be available to the citizens. The government has ordered a total of 400 million doses enough to vaccinate 20 million people. The recorded deaths caused by the pandemic were a were 397 taking the country’s death toll to 61,014.By Meena Atmakuri
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