Overnight Index Swap (OIS)
Indian Overnight Index Swap (OIS) rates rose to their highest levels in last 10 months.
- An interest rate derivative contract in which two entities agree to swap/ exchange a fixed interest rate payment (OIS rate) for a floating interest rate payment.
- It is also considered a measure of monetary policy expectation.
- Floating rate is usually overnight interbank rate.
- Reference rate for Indian OIS contracts – Mumbai Interbank Outright Rate (MIBOR).
- Benefits of OIS – Hedging interest rate risks, reduction of credit risk, effective management of debt portfolios by financial institutions etc.
Sago (Sabudana)
SAGOSERVE (a cooperative society) received GI tag for its Sago produced in Salem (Tamil Nadu).
- Sago is derived from raw tapiocas.
- It is in the form of small hard globules or pearls and is pearl white in colour.
Phanigiri Buddhist artefacts
Phanigiri Buddhist artefacts are currently showcased at the New York Metropolitan Museum of Art in an exhibition called “The Tree and Serpent.”
- Belonging to 200 BCE-400 CE.
- Phanigiri (meaning hillock of snake hood) is a small village in Telangana.
Di-ammonium Phosphate
Russian companies have ceased offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices.
- 2nd most commonly used fertiliser in India after urea.
- Composition: 46% Phosphorous, 18% Nitrogen etc.
- Preferred source of Phosphorus for farmers.
- Application of fertiliser: Just before or at the beginning of sowing
- It is high in phosphorus (P) that stimulates root development.
Nyoma airfield and Nechiphu tunnel
Defence Minister laid the foundation stone for the Nyoma airfield and also inaugurated the crucial Nechiphu tunnel.
Nyoma airfield –
- Location – Eastern Ladakh
- Situated close to the south Bank of Pangong Tso.
- Near to Line of Actual Control.
Nechiphu tunnel –
- Connects Tawang of Arunachal Pradesh with Assam’s Balipara.