June 12, 2018

WORD OF THE DAY

TWIN BALANCE SHEET PROBLEM

This refers to the stress in the balance sheets of bad loan-riddled banks and highly leveraged companies. When corporate profits go through a downturn in an economic business cycle, they are unable to repay their loans, affecting banks’ ability to extend more lines of credit to corporates.

Courtesy: Mint

 

NATIONAL NEWS

  1. NITI Aayog’s Atal Innovation Mission (AIM) has selected 3,000 additional schools for the establishment of Atal Tinkering Labs (ATLs), bringing the total number of ATL schools to 5,441.
    • The selected schools shall receive a grant of Rs 20 lakh spread over the next five years to establish Atal Tinkering Labs for nurturing innovation and entrepreneurial spirit among secondary school children across India. 
    • The Atal Tinkering labs are spread across all states and 5 out of 7 Union Territories.
    • The Atal Innovation Mission (AIM) is a flagship initiative set up by the NITI Aayog to promote innovation and entrepreneurship across the length and breadth of the country, based on a detailed study and deliberations on innovation and entrepreneurial needs of India in the years ahead.
  1. 10 new places have been inducted in the Phase III of Swachh Iconic Places under Swachh Bharat Mission and the SIP mission was launched at Mana village in Uttarakhand.
    • The 10 new places are RaghavendraSwamy Temple (Kurnool, Andhra Pradesh); Hazardwari Palace (Murshidabad, West Bengal); Brahma Sarovar Temple (Kurukshetra, Haryana); VidurKuti (Bijnor, Uttar Pradesh); Mana village (Chamoli, Uttarakhand); Pangong Lake (Leh-Ladakh, J&K); Nagvasuki Temple (Allahabad, Uttar Pradesh); ImaKeithal/market (Imphal, Manipur); Sabarimala Temple (Kerala); and Kanvashram (Uttarakhand).
  1. Union Home Minister Rajnath Singh urged the Bureau of Police Research and Development (BPR&D) to work on providing training in soft skills to all the policemen in India.
  1. The Ministry of Finance, Government of India in collaboration with Research and Information System for Developing Countries (RIS) and Federation of Indian Chambers of Commerce (FICCI) is hosting one day thematic Seminar on “Private Sector Participation and Innovation in Resource Mobilisation” in 
    • It is to establish several regulatory, financial and operational structures to ensure the fast advancement of the infrastructure segment.
    • India’s Infrastructure Sector has received an investment worth $1 trillion in the period from 2007 to 2017.
  1. The Union Minister of Steel, Chaudhary Birender Singh dedicated the rebuilt Blast Furnace-1 ‘Parvati’ of SAILRourkela Steel Plant (RSP) to the Nation.
    • Parvati is the first Blast Furnace of SAIL that was dedicated to the nation on 3rd February 1959 by the first President of India,  Rajendra Prasad.
  1. The Union Government has set up a Technical Committee headed by C.A. Anant, former Chief Statistician of India, to bring transparency in the jobs data calculation and presentation.
    • Labour bureau carries out two major surveys on employment scenario: Annual Employment-Unemployment Survey (AEUS) and Quarterly Employment Survey.
    • The Annual Employment Unemployment Survey was replaced by Periodic Labour Force Survey (PLFS) which is performed by Ministry of Statistics and Programme Implementation (MoSPI).
    • PLFS will have annual data on employment-unemployment on rural sector and quarterly data on employment-unemployment on urban sector based on larger sample size. 
  1. The Haryana government increased the upper age limit to enter into government service from 40 to 42 years.
  2. KVIC (Khadi and Village Industries Commission) has made a world record of distributing maximum number of bee-boxes in one day.
    • 2330 bee-boxes were distributed to 233 beneficiaries in the Zangalee Army area.
  1. The central government has decided to establish India’s first ever National Police Museum in Lutyens’ Delhi. 
    • It is expected to be inaugurated in October 21 in honor of ‘Police Commemoration Day’.
    • This project is headed by Intelligence Bureau. 
  1. The Assam government announced the launch of an awareness campaign called ‘Sanskar’.
    • In the wake of incidents triggered by superstitions, the government has decided to take steps to launch this campaign in all development blocks and panchayats.
  1. It was announced that the first military exercise of the (Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation) BIMSTECgroup would be held in Pune, India in the second week of September 2018.
    • This exercise will focus on the counter-terrorism measures and to promote strategic alignment.
    • The army officers of all the BIMSTEC nations – Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal, would participate.
    • The theme would be counter terrorism in semi urban and cordon and search and each side would bring 30 soldiers.
  1. India has ranked 177 out of 180 countries in the Global Environment Performance Index (EPI) rankings, as per the State of India’s Environment (SoE) 2018 in Figures that has been released recently.
    1. EPI ranked 180 countries on 24 performance indicators which is developed by Yale University (Yale Center for Environmental Law and Policy) and Columbia University (Center for International Earth Science Information Network) in collaboration with the World Economic Forum and the Joint Research Centre of the European Commission.
    2. In 2016, India ranked 141 out of 180 countries
    3. India has scored 75 out of 100 in air quality
      1. Lucknow was worse in Winter.
      2. Thiruvananthapuram, Bengaluru and Chennai experienced comparatively better air quality

In 18 Indian states and UTs, more than 82 percent rural households are without a tapped connection.
70,736 rural habitats with a combined population of 47.4 million live on contaminated groundwater.

 

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INTERNATIONAL NEWS

  1. American fighter Ronda Rousey will become the first female Mixed Martial Arts (MMA) fighter to be inducted into the Ultimate Fighting Championship Hall of Fame.
    • There would be no women in UFC exept Ronda Rouse.
  1. The United States has decided to provide security guarantees to North Korea, in exchange of Pyongyang’s firm and unwavering commitment to complete denuclearisation of the Korean Peninsula.
    • This is according to the joint document which was signed by US President Donald Trump and North Korean leader Kim Jong Un following their historic maiden talks at Singapore’s Sentosa island
  1. The Nepal cabinet approved the Chinese government’s proposal to repair two ‘Friendship Bridges’ that link Nepal and China, and few others.
    • The bridges were damaged in 2015 due to earthquakes.
  1. India is working to bring together a group of 8-10 member countries of the WTO to develop an agenda to create a conducive atmosphere in Geneva for smooth functioning of WTO (World Trade Organisation).
    • This will be an informal group within the World Trade Organisation (WTO).
    • It might include countries like Brazil, China, South Africa, China, Indonesia and Columbia.
    • The main focus is to develop a proper structured agenda that will be acceptable to all countries to reduce the tension prevailing among the WTO member countries.

 

BANKING AND ECONOMY

  1. According to SBI’s annual reportfor 2017-18, Axis bank has the highest value share of mobile banking transactions by 2% 
    • Paytm topsthe chart by volumes with 22% and by value it is 0.25%.
    • ICICI has 17.1% share by value and 7% by volume.
    • SBI has 5%by volume in January 2018 compared to 25% at the end of March 2019.
    • By value share SBI has 8%from 44.4% in 2017.
  1. The Reserve Bank of India (RBI) has proposed to limit the amount of short-term cash a company can borrow from banks against stocks or receivables, in an attempt to bring credit discipline among large borrowers.
    • That borrowers with working capital facility of over 150 crore need to withdraw a minimum of 40% of the limit as loan component and the remaining as cash credit.

 

IMPORTANT DAYS

  1. The International Labour Organization (ILO) launched the World Day Against Child Labour in 2002 to focus attention on the global extent of child labour and the action and efforts needed to eliminate it.
    • It is observed each year on June 12.
    • It is to raise awareness of the plight of child laborers worldwide.
    • This year, the World Day Against Child Labour and the World Day for Safety and Health at Work shine a spotlight on the global need to improve the safety and health of young workers and end child labour.