News Feed 05 – Sept ‘2016

Urjit Patel to Take Charge as the New Governor of RBI

  • Urjit Patel appointed as the 24th RBI Governor will be taking charge on September 6 (Tuesday).
  • Patel’s appointment can bring continuity to monetary policy in the country. He was Rajan’s deputy when Rajan had repeated face-offs with the political establishment for ignoring calls to cut interest rates.
  • As India’s top banker, Patel’s primary duty is to keep prices stable and ensure credit flow to companies and individuals. He will lead a team of about 17,000 and draw a salary of about Rs 200,000 per month besides allowances and perks.
  • The RBI regulates banks, prints money and prevents volatility in the foreign exchange market. It is also the government’s banker and lender of last resort.
  • Patel, who has been the deputy governor since January 2013, has been key in framing the monetary-policy framework that the central bank has adopted. It makes taming inflation the central bank’s primary priority.
  • Patel will be the first governor to oversee interest rate decisions by a monetary policy committee (MPC), a six-member panel chaired by the RBI governor to decide on interest rates.
  • Patel worked with the International Monetary Fund (IMF) between 1990 and 1995 and worked at the US, India, Bahamas and Myanmar desks.


Mother Teresa Is Now Saint Teresa of Calcutta

  • Pope Francis on 4th August proclaimed Mother Teresa of Kolkata a saint, hailing her as the personification of maternal love and a powerful advocate for the poor.
  • The canonisation mass was attended by 100,000 pilgrims, including 13 heads of state or government and hundreds of sari-clad nuns from Teresa’s order, the Missionaries of Charity.
  • The canonization was a highlight of the Jubilee year, which the pope had proclaimed to celebrate the theme of mercy, and called Mother Teresa a “tireless worker of mercy.”
  • A portrait of Mother Teresa, described by Pope John Paul II as an “icon of the good Samaritan,” was displayed on the facade of St. Peter’s Basilica and showing her in her distinctive blue-trimmed white sari. The portrait was commissioned by the Knights of Columbus and painted by Chas Fagan, an American artist.
  • The order that Mother Teresa started with 12 nuns now numbers more than 5,800 people in 139 countries, including two orders of brothers and one of priests. The congregation continues her work of ministering to the world’s least privileged, those she called “the poorest of the poor.”
  • Mother Teresa was born Agnes Gonxhe Bojaxhiu in 1910 to Albanian parents in Skopje, then part of the Ottoman Empire and now the capital of Macedonia. She continued to live simply until her death, at age 87, in 1997.


Nico Rosberg Wins Italian GP

  • Nico Rosberg grabbed on a poor start by his Mercedes team-mate Lewis Hamilton to win Italian Grand Prix at Monza and cut his championship lead to just two points.
  • The 31-year-old German took the lead at the start, when pole-sitter Hamilton became bogged down, and pulled away to control the race and finish 15 seconds clear of the defending three-time champion.
  • Hamilton, who effectively lost the race in the first 20 metres when the lights went out, now leads the title battle with 250 points ahead of Rosberg on 248.
  • Sebastian Vettel came home third, 5.9 seconds further adrift, ahead of his Ferrari teammate Kimi Raikkonen to the delight of the home fans.
  • It was Rosberg’s first Italian win, his seventh of the season and 21st of his career, boosting his championship challenge with seven races remaining.
  • Daniel Ricciardo finished fifth for Red Bull ahead of Valtteri Bottas of Williams, Dutch teenager Max Verstappen who was seventh in the second Red Bull, Sergio Perez of Force India, retirement-bound Felipe Massa in the second Williams and German Nico Hulkenberg in the second Force India.
  • The F1 circuits moves next to Singapore.


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