10 October 2020: Today’s News Headlines

Published: October 10, 2020

Here are top News Headlines of 10th October 2020

India

  • Country’s first indigenous anti-radiation missile ‘Rudram’ successfully tested from Sukhoi-30 fighter aircraft
  • IFS (Indian Foreign Service) Day celebrated on October 9
Rbi’s monetary policy
  • RBI’s Monetary Policy Committee (MPC) on October 9, 2020 kept the benchmark repo lending rate kept unchanged at 4%.
  • Reverse repo rate also unchanged at 3.35%.
  • Indian economy expected to contract 9.5% this fiscal with downside risks. Contraction 9.8% projected in July-September; 5.6% in October-December and rebound in growth at 0.5% in March quarter
  • GDP growth for April-June quarter 2021-22 fiscal projected at 20.6%
  • Accommodative monetary policy stance maintained to support growth
  • All MPC members vote for keeping the policy repo rate unchanged and continue with the accommodative stance.
  • Retail inflation projected at 6.8% for September quarter
  • RTGS fund transfer system for real-time fund transfer to become 24X7 from December
  • Threshold for aggregate exposure of retail bank loans to one counterparty increased to Rs 7.5 crore from Rs 5 crore
Economy & corporate
  • Navy cancels Reliance Naval and Engineering Ltd’s Rs 2,500-crore NOPVs (naval offshore patrol vessels) contract
  • Labour Ministry’s Labour Bureau to conduct 3 surveys to gauge employment situation
  • India gets 2nd set of Swiss bank account details under AEOI (automatic exchange of information) framework; 1st set in Sept 2019
  • PM to launch physical distribution of property cards in rural areas under ‘SVAMITVA’ scheme on Oct 11
  • Govt launches website to support entities involved in R&D in coal sector
World
  • UN’s World Food Programme wins 2020 Nobel Peace Prize for combating hunger
  • World Post Day celebrated on October 9; marks anniversary of the establishment of Universal Postal Union in 1874 in Swiss Capital, Berne
  • Taiwan releases new passport design to distinguish it from China

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