October 2012 Current Affairs - 2019

Category Wise PDF Compilations available at This Link

CRR: 4.25%

The Reserve Bank of India (RBI) cut the Cash Reserve Ratio (CRR) by 25 basis points from 4.5 to 4.25 percent.

Why this step?

  • The reduction in the CRR is expected to infuse liquidity to the tune of around Rs. 17,500 crore into the banking system.
  • By doing this RBI intends to preempt a prospective tightening of liquidity conditions, thereby keeping liquidity comfortable and supportive of growth.

Other steps by RBI:

  • RBI cut the growth projections for GDP growth for 2012-13 from 6.5 % to 5.8 %. This was done because of a weak global environment and a sluggish domestic market with low investment.
  • The central bank also raised banks’ provisioning requirement to 2.75 % from the existing 2% on restructured standard loan accounts. This has been done because of the deteriorating asset quality.

Month: Categories: Reports & Indices

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Superstorm Sandy

Superstorm Sandy batters New Jersey coast of US

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  • Hurricane Sandy (also referred to as Superstorm Sandy) a tropical cyclone that severely affected portions of the Caribbean, Mid-Atlantic and Northeastern United States in late October 2012.
  • Sandy developed from a tropical wave in the western Caribbean Sea on October 22, 2012
  • Superstorm Sandy hit the US East Coast with fierce winds and heavy rain, causing huge destruction. Large number of areas was inundated, leaving nearly 5.5 million people without electricity in New York and New Jersey.
  • Sandy is estimated in early calculations to have caused damage of at least $20 billion to $25 billion (2012 USD), which would rank it among the top five most destructive hurricanes on record.
  • The US Nuclear Regulatory Commission (NRC) declared an alert at the Oyster Creek nuclear power plant in New Jersey, which is currently in a regularly scheduled outage, as the water level reached the minimum high level criteria.

Month: Categories: International

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