Reserve Bank of India (RBI) has brought non-banking finance companies (NBFCs) under the ambit of prompt corrective action (PCA) framework.
PCA will be imposed when the net non-performing assets is in between:
The RBI took decision after four big finance firms namely IL&FS, DHFL, SREI and Reliance Capital, collected public funds by means of fixed deposits & non-convertible debentures and collapsed in last three years despite there was tight monitoring in the financial sector. These firms collectively owe more than Rs 1 lakh crore to investors.
On December 14, 2021, Ladakh received its first ever FM radio station in the capital city Leh.
FM broadcasting is a method of radio broadcasting by means of frequency modulation (FM). American engineer Edwin Armstrong had invented it in 1933. Wide-band FM is used for providing high fidelity sound over broadcast radio across the world. FM broadcasting is capable of higher fidelity. FM is used for most broadcasts of general audio or music. FM radio stations uses very high frequency range of radio frequencies.
FM broadcasting in India started in 1977. However, it boomed after 2001 when privatisation of FM broadcasting started in India. FM LRS (Local Radio Station) of All India Radio was inaugurated on July 1, 2001. It was set up in Kodaikanal in the frequency of 100.5 MHz. This channel covered a radius of around 200 km because of its location at 2200 meters above MSL. Currently, there are more than 369 operational private radio stations across 101 cities and towns in India. All India Radio has around 450 FM stations. It covers 39% of the area and 52% of the population in India.
FM broadcasting started on July 23, 1977 in Chennai. It was expanded during 1990s.
At the World Trade Organisation (WTO), India has lost the dispute over subsidies of sugar exports with the dispute settlement panel.
For the five consecutive sugar seasons, in between 2014-15 to 2018-19, India had provided non-exempt product-specific domestic support to the sugarcane producers in excess of permitted 10 per cent level of total value of sugarcane production. Thus, the settlement panel report found that, India was acting inconsistently with its obligations provided under Article 7.2(b) of the Agreement on Agriculture.
India incentivises sugar exports by extending financial support to the sector. This sector employs more than 50 million farmers in states like Uttar Pradesh and Maharashtra.
Commerce ministry noted that, there would be no impact of the panel’s findings on existing and ongoing policy measures in India in the sugar sector. It is so because, India is going to file an appeal at the WTO for protecting the interests of its farmers.
Brazil, Australia, and Guatemala had requested the dispute consultations with India in 2019, with respect to the domestic support measures. Countries had alleged the export subsidies which India provides to the sugarcane & sugar producers. Following the request, a dispute panel was formed in October 2019, which issued its final report in December 2021.
On December 14, 2021 India, Iran and Uzbekistan held talks on joint use of the Chabahar Port. They also underlined the importance role played by the port in enhancing regional connectivity.
The Shahid Beheshti Terminal at Chabahar Port is strategically important as it has handled shipments and trans-shipments from countries like Russia, Brazil, Germany, Thailand, Oman, Ukraine, Bangladesh, Romania, Kuwait, Australia, Kuwait, UAE and Uzbekistan.
Chabahar seaport is in Chabahar located in Iran, on the Gulf of Oman. The port serves as the only oceanic port of Iran. It comprises of two separate ports namely, Shahid Kalantari and Shahid Beheshti. Each of the ports have five berths. It is located at around 170 kilometres west of Gwadar port in Pakistan.
Last Shah of Iran had put forward the proposal for developing this port was in 1973. Development was delayed due to 1979 Iranian Revolution. First phase of the port was opened in 1983 during Iran–Iraq War.
India and Iran had first agreed on plans to further develop Shahid Beheshti port in the 2003. However, this agreement could not be worked upon due to sanctions against Iran. Both the countries signed a bilateral agreement in May 2016, under which India would refurbish one of the berths at Shahid Beheshti port as well as reconstruct a 600-meter-long container handling facility there. India is keen to develop this port because it will provide India an alternative route for trade between India and Afghanistan. India’s first shipment of wheat to Afghanistan was sent in October 2017, through the Chabahar Port. Finally in December 2018, India took over the operations of Chabahar port.
Malta has become the first country in European Union to legalise cannabis at home and for personal use.
No. Consumption of cannabis in public is still illegal and punishable by a 235 euro fine. Furthermore, consuming the cannabis in front of a child, either in public or at home, would attract a penalty of 300 and 500 euros.
Countries that have legalized recreational use of cannabis include- Canada, Georgia, Mexico, Malta, Uruguay and South Africa. Apart from that, 18 states, 2 territories & District of Columbia in United States have legalised it. Australian Capital Territory in Australia have also legalised recreational use of the drug.
Under the Single Convention treaty, Cannabis is classified as a Schedule I drug. Schedule I drug means that, signatories can allow its medical use. However, it is considered to be an addictive drug having a serious risk of abuse.
As per World Health Organisation, cannabis is a generic term denoting the several psychoactive preparations of Cannabis sativa plant. It is the most widely cultivated, trafficked and abused illicit drug worldwide, by far. Major psychoactive constituent of cannabis is Delta9 tetrahydrocannabinol (THC).
According to government data, annual wholesale price-based inflation in India had accelerated to a record high in November 2021.
The Consumer price-based inflation increased to 4.91% in November 2021. In October, it was 4.48%.
Wholesale fuel and power prices increased to 39.81% in November 2021 as compared to 37.18% in October 2021. Inflationary pressures are increasing for households despite there is a softening in global prices of crude oil and government has cut in fuel tax.
Wholesale food prices increased to 6.70% in November 2021 while it was 3.06% in October.
Wholesale Price Index is defined as the price of a basket of wholesale goods. It focuses on price of goods traded between corporations. It does not measure the goods purchased by consumers. Primary objective of WPI is to monitor price drifts which reflect demand and supply in construction, manufacturing and industry. The index helps in assessing macroeconomic and microeconomic conditions of an economy.
In India, Inflation rates are measured in the basis of WPI. It is released by the Ministry of Commerce and Industry.
Solar Hamam, a locally designed and branded heating system is gaining popularity across the villages of Ladakh, Himachal Pradesh and Uttarakhand.
Solar Haman is aimed at providing clean energy solutions to households across mountainous regions. It seeks to conserve forests, free women from collecting fuel wood and mitigate carbon emission.
Development of simple and cost-effective solar water & space heating system was started in 2004 for rural households. In 2008, an artisan-fabricated prototype, the Solar Hamam, was developed. Solar Hamam was evaluated for performance, safety and maintenance across rural households. So far, more than 1,200 Solar Hamam systems have been installed in Himachal Pradesh, Ladakh and Uttarakhand.
Maharashtra Government is in process to introduce a comprehensive curriculum for Grades I-VIII, in a bid to inculcate climate-consciousness and green values in the next generation.
MV Curriculum is significant because, in this hour of climate emergency, survival of humans on Earth entirely depends on our actions. Introduction of this curriculum is an attempt to get the next generation to start with a green thumb as well as to be proactively involved in pro-earth lifestyle. This curriculum is about helping children to interact with their environment in a better manner. It will help in preparing young minds to respect, protect and save the environment.
The MV curriculum has been developed with the help of UNICEF in a bid to raise awareness about climate change and instil responsibility towards Earth in primary school education.
This initiative was launched by Maharashtra Government for environmental conservation and protection. It focuses on all the five elements of nature called “Panchmahabhutas”.
Development of the Curriculum also holds key to NEP’s success. It is in the form of activity-based lesson plans. Process of development of this curriculum includes:
Bank of Baroda (BoB) has launched a wearable payment solution called “bob World Wave”.
To develop the “bob world wave”, Bank of Baroda partnered with NPCI. It was developed by leveraging the existing NFC based technology.
With the increasing acceptance infrastructure, demand for contactless payment mechanisms is also increasing steadily. The overall consumer sentiment is supporting wearables’ permanence in payments industry.
BOB is India’s fourth nationalised bank and a financial services company. It works under the ownership of Ministry of Finance.