Bank rate raised
The Reserve Bank increased the bank rate from four per cent to four and a half per cent with effect from the close of business on January 2. The Reserve Bank also announced a revised system of rates charged by the bank on borrowings by scheduled banks. A communiqué issued by the Bank said that these changes would formalise the existing pattern of interest rates and simplify the system of the Reserve Bank’s lending rates. The new system of rates for advances to scheduled banks replaces the existing three-tier system of rates by a two-tier system. According to the communiqué, a scheduled bank will now be permitted to borrow at bank rate during each quarter a quota equal to 50 per cent of the average of the reserves required to be kept by it under sub-section one of Section 42 of the Reserve Bank of India Act during each week of the previous quarter.
An Institute of training in mass communications is proposed to be set up in the country. A team of experts of the Ford Foundation will arrive in Delhi shortly to study the various media of publicity for setting up the Institute. This was stated by the Minister of Information and Broadcasting Mr. Gopala Reddi here. Mr. Reddi was speaking after receiving a sum of Rs.30,000 to the National Defence Fund from Delhi’s radio dealers and manufacturers. They also presented 41 radio sets for the use of the jawans.
Encyclopaedia in Tamil
With the release of the final volume of the Tamil Encyclopaedia by the President, the first ever attempt at compiling an encyclopaedia in the modern sense of the term in an Indian language would have come to fruition. The Editor of the encyclopaedia explained that works of the nature of an encyclopaedia had not been known in Ancient India. The encyclopaedia was described as “a marvel of human ingenuity, industry and skill, bringing together the knowledge of the past, information on thousands of particulars of vital interest, technical, scientific, literary and other articles contributed by specialists with thousands of pictures, charts, diagrams and maps within the covers of an organised set of usually finely made volumes.”