1)Lok Sabha passes Banking Regulation (Amendment) Bill, 2017:=
The bill seeks to amend the Banking Regulation Act, 1949 to insert provisions for handling cases related to stressed assets or non-performing assets (NPAs) of banks. Stressed assets.
(NPAs) are loans defaulted by borrower in repayment or the loan which has been restructured by changing the repayment or the loan which has been restructured by changing the repayment schedule.
Key Features of the Bill:=
Initiating insolvency proceedings: It will enable the Central government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process. These proceedings will be under the Insolvency and Bankruptcy Code, 2016.
Issuing directions on stressed assets: It empowers RBI to issue directions to banks for resolution of stressed assets from time to time.
Committee to advise banks: It enables RBI to specify committees or authorities to advise banks on resolution of stressed assets. RBI will appoint or approve members on such committees.
Applicability to State Bank of India (SBI): It inserts provision to make above provisions applicable to the SBI and its subsidiaries and also Regional Rural Banks (RRBs).
2)Israel launches first environmental research satellite Venus:= Israel has launched its first environmental research satellite named as Venus (Vegetation and Environment Monitoring New Micro-Satellite). It is a joint venture between the Israel Space Agency (ISA) and its French counterpart CNES.
The scientific mission will monitor Earth’s vegetation using a camera capable of recording 12 narrow spectral bands.
3)The Union Cabinet has cleared a proposal to extend proxy voting to overseas Indians and NRI's by amending electoral laws. If the proposal passes political muster in Parliament, NRIs will be able to exercise their voting rights through “proxy”. Currently, only service personnel are permitted to vote through proxy.
One Problem is there with the Provision of Proxy Voting Too:-
They(NRI's and OCI's) cannot nominate one proxy for all polls.
Overseas electors will have to appoint a nominee afresh for each election — one person can act as proxy for only one overseas voter.
The proxy voter should be an ordinary resident of the constituency one is voting in.
4)Cabinet approves MoU between India and BRICs countries to set up BRICS Agriculture Research Platform :=
The Centre will promote sustainable agricultural development and poverty alleviation through strategic cooperation in agriculture to provide food security in the BRICS member countries.
BRICS-ARP will be the natural global platform for science-led agriculture-based sustainable development for addressing the issues of world hunger, under-nutrition, poverty and inequality, particularly between farmers’ and non-farmers’ income, and enhancing agricultural trade, bio-security and climate resilient agriculture.
About BRICS:=
MAINS QUESTION OF THE DAY :-
1) Mahatma Gandhi and B.R Ambedkar despite having divergent approaches and strategies had a common goal of amelioration of the downtrodden. Elucidate
The bill seeks to amend the Banking Regulation Act, 1949 to insert provisions for handling cases related to stressed assets or non-performing assets (NPAs) of banks. Stressed assets.
(NPAs) are loans defaulted by borrower in repayment or the loan which has been restructured by changing the repayment or the loan which has been restructured by changing the repayment schedule.
Key Features of the Bill:=
Initiating insolvency proceedings: It will enable the Central government to authorize the Reserve Bank of India (RBI) to direct banking companies to resolve specific stressed assets by initiating insolvency resolution process. These proceedings will be under the Insolvency and Bankruptcy Code, 2016.
Issuing directions on stressed assets: It empowers RBI to issue directions to banks for resolution of stressed assets from time to time.
Committee to advise banks: It enables RBI to specify committees or authorities to advise banks on resolution of stressed assets. RBI will appoint or approve members on such committees.
Applicability to State Bank of India (SBI): It inserts provision to make above provisions applicable to the SBI and its subsidiaries and also Regional Rural Banks (RRBs).
2)Israel launches first environmental research satellite Venus:= Israel has launched its first environmental research satellite named as Venus (Vegetation and Environment Monitoring New Micro-Satellite). It is a joint venture between the Israel Space Agency (ISA) and its French counterpart CNES.
The scientific mission will monitor Earth’s vegetation using a camera capable of recording 12 narrow spectral bands.
3)The Union Cabinet has cleared a proposal to extend proxy voting to overseas Indians and NRI's by amending electoral laws. If the proposal passes political muster in Parliament, NRIs will be able to exercise their voting rights through “proxy”. Currently, only service personnel are permitted to vote through proxy.
One Problem is there with the Provision of Proxy Voting Too:-
They(NRI's and OCI's) cannot nominate one proxy for all polls.
Overseas electors will have to appoint a nominee afresh for each election — one person can act as proxy for only one overseas voter.
The proxy voter should be an ordinary resident of the constituency one is voting in.
4)Cabinet approves MoU between India and BRICs countries to set up BRICS Agriculture Research Platform :=
The Centre will promote sustainable agricultural development and poverty alleviation through strategic cooperation in agriculture to provide food security in the BRICS member countries.
BRICS-ARP will be the natural global platform for science-led agriculture-based sustainable development for addressing the issues of world hunger, under-nutrition, poverty and inequality, particularly between farmers’ and non-farmers’ income, and enhancing agricultural trade, bio-security and climate resilient agriculture.
About BRICS:=
- About BRICS BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
- It was established in 2009 as BRIC. In 2011, South Africa joined this informal group and BRIC became BRICS.
- The first formal BRICS summit was held in Yekaterinburg, Russia in 2009. So far, eight such summits have taken place.
1) Mahatma Gandhi and B.R Ambedkar despite having divergent approaches and strategies had a common goal of amelioration of the downtrodden. Elucidate
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