CLASSY AND CRAFTY:The old warhorse Teun de Nooijier (second from right) has been the fulcrum around which the Netherlands' fortunes have revolved while Germany's cause has been well-served by players like Matthias Witthaus (right).

New Delhi: Phase one of the Hero Honda hockey World Cup was eventful and perhaps in the way visualised.

What the league stage of the 12th edition mirrored was the alignment of the contemporary power equation, which underlines the supremacy of Europe. This is testified by three European teams in the semifinals.

Australia, the only entity that challenges their hegemony, is reckoned as the team destined to rewrite history after a long hiatus from 1986.

MORE TRANSPARENT: Deepak Mohanty, Executive Director of Reserve Bank of India, addressing a meeting at Reserve Bank Staff College in Chennai on Wednesday

CHENNAI: The base lending rates for banks will take effect on July 1 as a better and more transparent successor to the benchmark prime lending rates, the Reserve Bank of India Executive Director Deepak Mohanty said on Wednesday.

Addressing a function organised by the Reserve Bank Staff College as part of the RBI's platinum jubilee celebrations, Mr. Mohanty said the central bank had issued draft guidelines and held discussions with bankers on base rate norms.