Newsmakers: RBI cuts rates, Facebook clarifies 'Digital India' pic and more

Raghuram Rajan surprises with 50 bps rate cut: The RBI Governor Raghuram Rajan on Tuesday surprised with a 50 basis points cut in the policy rate - the short  term lending (repo) rate - from 7.25 per cent to 6.75 per cent. The expectations in the market was for a quarter basis points. This is in all probability the last reduction  for 2015 year.

SBI slashes lending rate: State Bank of India cut its benchmark lending rate by 0.4 per cent to 9.3 per cent. SBI chairman Arundhati Bhattacharya said the bank will also reduce its deposit rates by 25 basis points to 9.75 per cent.

Volkswagen to refit cars affected by emissions scandal: Volkswagen signaled it would recall up to 11 million vehicles to ensure its diesel models complied with emissions standards. It will ask customers "in the next few days" to have diesel models equipped with manipulated software refitted and brief authorities on technical fixes in October, its new Chief Executive Matthias Mueller said.

Facebook clarifies 'Digital India' profile picture row: Facebook sought to clarify on the controversy over support for "Digital India" - which chief executive Mark Zuckerberg had solicited - also translating into support for the much-criticised Internet.org initiative of the social networking giant. Facebook chief executive Mark Zuckerberg had changed his profile picture with a tint of green, saffron and white for the Tricolour in a symbolic gesture to suggest he supports Prime Minister Narendra Modi's "Digital India" campaign. "There is absolutely no connection between updating your profile picture for 'Digital India' and Internet.org," a Facebook spokesperson said.

Hero MotoCorp unveils two new 110 cc scooters: Country's largest two-wheeler maker Hero MotoCorp, which has leadership position in the motorcycle segment, is now gunning for a dominant play in the fast growing scooter segment where its erstwhile partner Honda rules the roost. As part of its strategy to enhance presence in the scooter vertical, the company on Tuesday unveiled two new models-Maestro Edge and Duet, in the 110 cc category.