1) Indian PM Narendra Modi meets Obama at White House: Indian Prime Minister Narendra Modi has met US President Barack Obama at the White House over dinner, ahead of formal talks on Tuesday. The two leaders "exchanged anecdotes about their first few days in office, to see if they had anything in common", India's foreign ministry said. Earlier, Mr Modi met the CEOs of top global firms in New York in an effort to persuade them to invest in India. He assured them that he was committed to liberalising the economy. Mr Modi is on his first trip to America since being elected in May.
2) Google shuts down Orkut after a 10-year run: Internet search titan Google has finally downed the shutters of its social networking website Orkut. However, users can save their profiles, scraps, testimonials and community posts via Google Takeout service till September 2016. Google in June had announced that it will shut down Orkut on September 30, marking the end of a 10-year run. Orkut was the first social network to hit it off on a large scale in India, even as other websites like Hi5 and MySpace failed to catch the fancy of India's internet users in mid-2000s. However, as Facebook made inroads in India, Orkut's popularity started waning, and Mark Zuckerberg's website overtook Orkut in terms of user base in the country in 2010.
3) Vigilance commissioner Rajiv named interim CVC: The government has named vigilance commissioner Rajiv as the acting central vigilance commissioner (CVC) following the completion of tenure of incumbent Pradeep Kumar. The arrangement will be valid until a regular CVC is appointed. A gazette notification issued on Monday said that "in exercise of the powers conferred by sub-section (1) of Section 10 of the CVC Act, 2003, the President is pleased to authorize Rajiv, vigilance commissioner, Central Vigilance Commission, to act as the CVC, in the vacancy caused due to completion of tenure of Pradeep Kumar, central vigilance commissioner, with effect from the 29th day of September, 2014, until the appointment of the CVC".
4) RBI announced fourth Bi-Monthly Monetary Policy Statement 2014-15: For the fourth time in a row, RBI kept key interest rates unchanged maintaining that it will not cut them unless inflation moderates to anticipated levels, disappointing borrowers and the industry in this festive season. Reserve Bank Governor Raghuram Rajan hoped that inflation will moderate to acceptable level of 6 per cent by January 2016 and maintained that the GDP growth in the current fiscal will be 5.5 per cent, same as projected earlier. RBI relaxed the 'know your customer' norms by allowing self-certification of documents needed for opening bank accounts.
Current Rates are as follows:
1. Repo Rate – 8%
2. Reverse Repo Rate – 7%
3. SLR – 22%
4. CRR – 4%
5. Bank Rate – 9%
6. MSF – 9%
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