Daily Current Affairs - 15-01-2021

The Reserve Bank of India recently released to the financial stability report for December 2020. This is the 22nd issue of financial stability report of the apex bank. It is released twice a year.

Key Findings of the Financial Stability Report of RBI

What is GNPA?

Gross Non-Performing Assets.

What is NNPA?

Net Non-Performing Assets.

What is the difference between GNPA and NNPA?

The GNPAs are the summation of all the loan assets that are classified as non performing asset under RBI guidelines. The NNPA subtracts the provisions made by the banks from the gross NPA. Therefore, only NNPA gives the exact value of the non-performing assets.

Who releases Financial Stability Report?

The RBI Financial Stability Report is released by the Financial Stability and Development Council. The idea of the council was mooted by Raghuram Rajan Committee in 2008. The Union Finance Minister is the chairperson of the Financial Stability and Development Council. The other members include RBI Governor and other senior officials of RBI.

The National Informatics centre and the Central Board of Secondary Education (CBSE) jointly launched the CollabCAD software.

About CollabCAD Software

The CollabCAD software provides engineering solution for students and Faculty of Engineering Graphics curriculum. It aims to provide a platform to students across the country to create and modify digital designs.

The aim is to provide a good platform to the students of Atal tinkering labs across the country. With the software the students of Atal tinkering labs will be able to create and modify 3D designs with free flow of creativity. It will enable students to create data across the network and access the same design data for storage and visualisation.

Key Features of CollabCAD software

Tinker from Home

The Tinker from Home Campaign was launched by the Atal tinkering lab programme to ensure that the children in India have access to easy to learn online resources. The objective is to use the creativity of children by encouraging self initiatio.

Atal Tinkering Labs

The Atal Tinkering Labs aim to “cultivate 1 million children in India as neoteric innovators”. The Atal innovation mission will provide one time establishment cost of 10 lakh rupees and operational expenses of another 10 lakh rupees to each Atal tinkering lab. This financial support will be provided for maximum period of 5 years.

Any school can set up Atal tinkering lab. The only criteria is that the applicant school should provide at least 1500 square feet of built up space. On the other hand, an applicant school in a hilly region or Island State should provide at least 1,000 square feet of built-up space.

ISRO role in Atal Tinkering Labs

Recently the Indian Space Research Organisation adopted hundred Atal tinkering Labs. This will promote scientific temperament among students and will encourage them to learn space related Technologies.

The United States President elect Joe Biden recently announced 1.9 USD “American rescue plan”. It is a covid-19 stimulus package.

Key features

Covid-19 vaccine in United States

According to the United States Centres for Disease Control and prevention more than 9 million Americans have been provided with the covid-19 vaccination dose as of January 11, 2021.

Recently the United States Food and Drug Administration issued the first emergency use authorisation of Pfizer COVID-19 vaccine. The moderna vaccine was the second vaccine to receive emergency use authorisation in the country.

Operation Warp Speed

It is a public private partnership that was initiated in the United States to facilitate and accelerate the development, manufacturing and distribution of covid-19 vaccine. The operation was launched by the government of United States. It was announced in May 2020.

The operation promotes mass production of multiple vaccines and fast distribution. It promotes different types of vaccine Technology. The operation was initially funded with 10 billion USD from the CARES Act.

CARES Act of US

CARES Act is the Coronavirus Aid, Relief and Economic Security Act. It was a 2.2 trillion USD economic stimulus Bill passed by the US Congress in March 2020 in response to the economic fallout of covid-19 pandemic in the United States of America. It included three hundred billion USD of one-time cash payment to individual Americans, 350 billion USD to the small businesses under the Paycheck Protection Programme, 260 billion USD to increase unemployment benefits.

The Reserve Bank of India recently constituted a working group on digital lending. The working group was constituted to study all aspects of digital lending activities in the regulated and regulated financial sector. The working group will ensure that an appropriate regulatory approach is put in the digital lending platform.

Functions of the working group

What are the benefits of digital lending?

What are the six Commandments RBI to banks on digital lending?

On January 15, 2021, the Government of India is to launch the third phase of Pradhan Mantri Kaushal Vikas Yojana. The third Phase is to be implemented by the Ministry of Skill Development and Entrepreneurship.

What are the key features of Pradhan Mantri Kaushal Vikas Yojana 3.0?

Pradhan Mantri Kaushal Vikas Yojana Phase 2

The phase 2 of Pradhan Mantri Kaushal Vikas Yojana was launched in 2015. It focused on the following

Pradhanmantri Kaushal Vikas Yojana Phase 1

Pradhan Mantri Kaushal Vikas Yojana was launched as National Skill Development Mission in 2010. It consisted of the following three institutions

The main focus of the phase was to provide training to class 10 and class 12 dropouts.

What is the target of Pradhan Mantri Kaushal Vikas Yojana?

The National Policy on Skill Development had set a target of skilling 50 crore people by 2022.

Who implements Pradhan Mantri Kaushal Vikas yojana?

National Skill Development Corporation operating under Ministry of skill development and Entrepreneurship.