3-8 April 2019 Current Affairs

RBI | Repo Rate | naval helicopter India | Lakshmi Vilas Bank merger | Largest steel producer | Royal Enfield |

Posted on Apr 08, 2019 01:55 IST in Current Affairs.

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1) What is the new Repo Rate after the Reserve Bank of India (RBI) reduced it in its first bi-monthly monetary policy review of year 2019-20 on 4 April 2019? – 6% (The RBI on 4 April 2019 cut its repo rate, or the rate at which it lends to banks, by 25 basis points to 6%. This is the second consecutive rate cut from RBI under new chief Shaktikanta Das, after a surprise rate cut in February 2019. The RBI also lowered its GDP growth outlook for 2019-20. RBI expects GDP growth at 7.2% for 2019-20, lower than its February projection of 7.4%)

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2) India will purchase which naval helicopter of US, as was announced during April 2019? - MH-60 'Romeo' Seahawk (India and the US agreed to a new defence agreement in which the US will sell 24 multi-role MH-60 'Romeo' Seahawk helicopters to India at an estimated cost of $2.6 billion. The Lockheed Martin-built helicopters are designed for hunting submarines, targeting ships, and conducting search-and-rescue operations at sea. The helicopters are currently deployed with the US Navy)

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3) Private sector lender Lakshmi Vilas Bank is merging in which entity as was announced on 5 April 2019? - Indiabulls Housing Finance Ltd. (Lakshmi Vilas Bank Ltd (LVB) on 5 April 2019 announced that its board has approved a merger with mortgage financier Indiabulls Housing Finance Ltd in an all-stock deal. The merged entity, to be called Indiabulls Lakshmi Vilas Bank, will be among the top eight private banks in India by size and profitability. LVB operated 569 branches and 1,046 ATMs across 19 states and one Union territory while Indiabulls is involved in providing home loans, loan against property to retail customer including MSMEs and businesses, lease-rental discounting and construction finance.

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4) Which entity overtook JSW Steel Ltd. to emerge as India’s largest steel producer for year 2018-19? – Tata Steel (Tata Steel Ltd.’s Indian steel output rose to a record in its latest financial year thanks to its 2018 acquisition of Bhushan Steel Ltd. assets, potentially making Tata the country’s biggest producer. Production rose 35% to 16.79 million tons in the year ended 31 March 2019. Tata’s volumes are a tad higher than the 16.75 million tons targeted by JSW Steel Ltd., which was India’s biggest steel mill in the previous fiscal year)

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5) Who was appointed the new CEO of Royal Enfield, the motorcycle brand of Eicher Motors Ltd? – Vinod Dasari (Royal Enfield CEO Siddhartha Lal on 4 April 2019 initiated a transition in company by giving up his post and appointing Ashok Leyland Ltd.'s Vinod Dasari as the CEO of the company. It is worth mentioning that in 1997 Siddhartha’s father Vikram Lal had stepped down as chairman of Eicher Motors and had elevated Subodh Bhargava as the group’s CEO and chairman. However, within a few years, Siddhartha Lal took over the reins at Royal Enfield, which was then on the verge of closure, and revived it)

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