Current Affairs for 14 May 2019
BANKING AND ECONOMY
CURRENT AFFAIRS VIDEO
- ISRO’s ‘Yuvika- Yuva Vigyani Karyakaram’- a 2-week residential training programme for school children- inaugurated in Bengaluru.
- 110 students of class 9th from all over the country, will visit 4 space centres- Vikram Sarabhai Space Centre (Thiruvananathapuram), U.R. Rao Satellite Centre (Bengaluru), Space Application Centre (Ahmedabad), North-Eastern Space Application Centre (Shillong).
- Purpose: – To give basic knowledge of space related activities to the students and arouse their interest in space activities.
- Rhino DNA Indexing System (RhoDIS) program to build a DNA database of the existing rhino populations to produce scientific evidence for prosecuting wildlife offenders was initiated under Ministry of Environment, Forest and Climate Change (MOEFCC).
- The project is being carried out by the World Wide Fund for Nature-India (WWF-India) and the Wildlife Institute of India (WII).
- Indian Rhinoceros will be the first animal in India to have all its members DNA sequenced.
- Department of Biotechnology (DBT) under Ministry Of Science And Technology has launched human tissue mapping project known as MANAV: Human Atlas Initiative.
- Purpose: – To map every single tissue of human body to deeply understand the role of tissues and cells linked to a variety of ailments.
- CSIR-Centre for Cellular and Molecular Biology, Hyderabad have sequenced the entire genome of the Asiatic Lion for the first time. The study was led by Ajay Gaur.
- Objective:- To study the evolution of Asiatic lion and compare it with other big cats.
- Genome is the genetic structure present in a cell of an organism.
- Aarohi Pandit (aged 23) has become the world’s first female pilot to fly solo across the Atlantic Ocean in a Light Sport Aircraft (LSA) called as Mahi.
- Amelia Mary Earhart was the first woman to fly across Atlantic Ocean.
- India is chosen as co-chair of the Consultative Group (CG) of Global Facility for Disaster Reduction and Recovery (GFDRR) for the fiscal year 2020.
- GFDRR is a global partnership that supports disaster risk management projects worldwide.
- India became a member of CG of GFDRR in 2015.
- Defence Research and Development Organisation (DRDO) has successfully conducted the flight test of ‘Abhyas’– a high-speed expendable aerial target (HEAT) at the Interim Test Range, Chandipur, in Odisha.
- China has raised tariffs worth $60 billion on US goods following US’s decision to hike tariffs worth $200 billion on Chinese goods.
- China has launched two Type052D missile destroyers- Tangshan and Suzhou from its Daliyan shipyard in the Northeast. They are 19th and 20th ships of this class.
- US’s Lawrence Berkeley National Lab under its Department of Energy has developed 100% recyclable plastic Polydiketoenamine (PDK) which can be recycled repeatedly without the loss of quality.
- University of Cambridge, UK have developed the world’s smallest pixels that could be used for new types of large-scale flexible displays, big enough to cover entire buildings.
- Method: – By trapping particles of light under tiny rocks of gold.
- China is hosting the Conference on Dialogue of Asian Civilizations in Beijing.
- Asian culture carnival and Asian Civilization Week will be a conducted as part of this conference.
- The sea phase of the ASEAN Defense Ministers’ Meeting (ADMM)-Plus Maritime Security Field Training Exercise (MS FTX) was concluded in Singapore.
- It has been co-organized by Singapore and South Korea.
BANKING AND ECONOMY
- Ministry of Home Affairs has cancelled the FCRA licence of NGO Infosys Foundations on the latter’s own request.
- Foreign Contribution Regulation Act (FCRA) allows an association or institution to receive funds from foreign sources and they have to register under it to receive funds.
- Nabventures– a subsidiary of NABARD– has announced Rs 700 crores fund – NABVENTURES Fund I (Rs 500 crores is the initial corpus with an option of over-subscriptions of Rs 200 crores) to promote agriculture, food and rural- focused startups.
3. The Ministry of Corporate Affairs and Insolvency and Bankruptcy Board of India are expected to change provisions of the Insolvency and Bankruptcy Code, 2016 by implementing Universal Debt Relief scheme for the
MSMEs (formed as partnership or proprietorship) with the annual income not exceeding Rs 60,000 or less, outstanding loans worth Rs 35,000 or less and assets worth Rs 20,000 or less across sectors.
The scheme’s cost is unlikely to exceed Rs 20,000 crores
Laws to be replaced
Presidency-Towns Insolvency Act, 1909 and the Provincial Insolvency Act, 1920 will be replaced by this new law.
- The scheme could be implemented through an online system within the Insolvency and Bankruptcy Board of India (IBBI).
- Individuals can any time opt out of the scheme to protect their credit history.
- Ministry of Finance wants to exclude the data protection provisions from the e-commerce policy.
- E- Commerce Policy bill is being prepared by the Department of Promotion of Industry and Internal Trade (DPIIT) under Ministry of Commerce.
- Draft on Personal Data Protection Bill is being prepared by Ministry of Electronics and IT.
- NiYo- the digital banking solutions providers for the salaried people- has launched the first ever NiYO Global forex card with zero forex mark-up, which means the card-holders will not have to pay any exchange premium and international transaction fee.
- Standard Chartered’s research called as “Thematic Research”, has shown the following:
- It shows a 7% persistent growth rate for South Asian countries in the 2020s decade, reflecting dominance of south Asian countries and 2020s being forecasted to be the “The Asian decade”.
- Vietnam is expected to increase its per capita income to $10,400 in 2030 from the current $2,500 per capita income. (compare Vietnam and India to understand how fast Vietnam is growing)
- India’s per capita income is estimated to grow to $ 5,400.
- According to the research, the South Asian countries will account for about 1/5th of the world’s population by 2030.
- RBI’s research paper shows that the growth of deposits with banks is slower than the growth of credits which indicates the chances of structural liquidation gap in the long run.
- What is the exact fall in deposit growth?
- In FY19, the deposits grew by 10%. The outstanding deposits of scheduled commercial banks (SCBs) accounted for 128.7% of outstanding bank credit (lower than 132.5% a year ago).
- What is the major reason behind this fall in deposit growth?
- According to RBI, disposable income of the household is a more important factor than the interest rates for deposit mobilizations of banks in short and long run.
- How can deposit growth improve?
- Financial Inclusion can be a major boost for deposit mobilisation in the long run.
- RBI has proposed a mobile app to help visually impaired people recognize the Indian Currency notes.
- HDFC ERGO General Insurance Company has launched the ‘Mosquito Disease Protection Policy’ covering people from 91 days to 65 years of age.
- This policy also provides international cover to individuals and covers all the vector-borne diseases listed in the policy document.
- ITC company’s Managing Director Sanjiv Puri, has been appointed as its Chairman.
- Supreme Court judge Justice Madan Bhimrao Lokurhas been appointed to the Supreme Court of Fiji’s non-resident panel for 3 years.
- GS Lakshmi has become the first woman to be appointed as a match referee at the International Cricket Council (ICC).
- International Day for Families is observed on May 15th.
- Theme for 2019:- Families and Climate Action.
- Virat Kohli has won the ‘International Cricketer and Batsman of the Year’ award during the CEAT Cricket Rating (CCR) International awards 2019.
- Smriti Mandhana won the International Woman Cricketer of the Year.
- Lewis Hamilton won the Spanish Grand Prix (motor race) 2019.
- Kiki Bertens won the Madrid Open (Badminton) tournament 2019 in Women’s category.