Note4Students
From UPSC perspective, the following things are important :
Prelims level: Nation First Transit Card
Mains level: Not Much
Central Idea
- State Bank of India (SBI) unveiled the ‘Nation First Transit Card’ for seamless and convenient digital fare payments.
- The card is designed to enhance the commuting experience by facilitating digital ticketing across various modes of transport and parking, all within one card.
Nation First Transit Card
- Aims to streamline customer commuting and digital fare payments for metro, buses, water ferries, and parking through a single card.
- Provides versatility by enabling retail and e-commerce payments.
- Powered by RuPay and National Common Mobility Card (NCMC) technology.
Key Facts about the National Common Mobility Card (NCMC)
- Launched on March 4, 2019.
- Enables SBI customers to use their Debit Cards as travel cards for metro rail and buses in enabled locations.
- The concept originated from the Nandan Nilekani committee, established by the Reserve Bank of India (RBI).
- An initiative by the Ministry of Housing and Urban Affairs in India, promoting cashless transactions and a unified payment platform for commuters.
- Offers a unified contactless transport solution via the RuPay platform, developed by the National Payments Corporation of India (NPCI).
- Functions as an automatic fare collection system, transforming smartphones into interoperable transport cards for metro, bus, and suburban railway services.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Incremental Cash Reserve Ratio (I-CRR)
Mains level: Not Much
Central Idea
- The Reserve Bank of India (RBI) announced the phased discontinuation of the Incremental Cash Reserve Ratio (I-CRR) on September 8, 2023.
- This measure aimed to absorb surplus liquidity created by factors such as the return of Rs 2,000 notes to the banking system.
RBI’s Decision
- RBI conducted a review and decided to discontinue I-CRR in stages.
- The central bank aims to release the impounded amounts gradually to avoid sudden shocks to the system’s liquidity, ensuring orderly money market functioning.
Understanding Cash Reserve Ratio (CRR)
- CRR is a fundamental concept before delving into Incremental Cash Reserve Ratio (ICRR).
- Banks are mandated to maintain a certain portion of their deposits and specific liabilities in liquid cash with the RBI.
- CRR serves as a crucial tool in the RBI’s arsenal for managing liquidity in the economy and acts as a safety net during times of banking stress.
- Currently, banks are required to uphold 4.5% of their Net Demand and Time Liabilities as CRR with the RBI.
Introduction to ICRR
- I-CRR was introduced on August 10, 2023, as a temporary measure by RBI to absorb surplus liquidity.
- Banks were required to maintain an I-CRR of 10% on the increase in their Net Demand and Time Liabilities (NDTL) between May 19, 2023, and July 28, 2023.
- It came into effect from the fortnight starting August 12, 2023.
- The RBI has the authority to implement an additional measure called Incremental Cash Reserve Ratio (ICRR), in addition to the standard CRR.
- ICRR is employed during periods characterized by excess liquidity in the financial system.
- Essentially, ICRR mandates that banks park even more liquid cash with the RBI than what is required under CRR.
- This serves as a means to further manage and control liquidity in the banking system.
Reason for I-CRR
- Excessive liquidity emerged due to factors like the return of Rs 2,000 banknotes, RBI’s surplus transfer to the government, increased government spending, and capital inflows.
- The daily liquidity absorption by RBI in July reached Rs 1.8 lakh crore.
- Managing surplus liquidity was necessary to maintain price and financial stability.
Impact on Liquidity Conditions
- I-CRR was expected to absorb over Rs 1 lakh crore of excess liquidity from the banking system.
- It temporarily shifted the banking system’s liquidity from surplus to deficit on August 21.
- Factors like GST outflows and central bank selling of dollars contributed to tight liquidity.
- However, liquidity conditions reverted to surplus from August 24.
- On September 8, RBI absorbed Rs 76,047 crore of surplus liquidity from the system.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Natraja
Mains level: Not Much
Central Idea
- In New Delhi’s Pragati Maidan, a grand 27-foot Nataraja statue, the world’s tallest depiction of Lord Shiva in his dancing form, awaits the arrival of G20 leaders.
- Craftsmen behind the statue trace their lineage 34 generations back to the Cholas.
The Nataraja Masterpiece
- Crafted from an eight-metal alloy (ashtadhatu) by skilled artisans from Swamimalai, Tamil Nadu.
- Weighing approximately 18 tonnes, it was transported across the country on a 36-wheel trailer.
- The statue’s design draws inspiration from three revered Nataraja idols:
-
- Thillai Nataraja Temple in Chidambaram.
- Uma Maheswarar Temple in Konerirajapuram.
- Brihadeeswara (Big) Temple in Thanjavur (a UNESCO World Heritage Site).
The Cholas and Nataraja
- All three temples that inspired the Bharat Mandapam Nataraja statue were originally constructed by the Cholas.
- During the 9th-11th centuries AD, the Cholas ruled much of peninsular India and were known for their patronage of art and culture.
- Chola art and architecture flourished during their territorial expansion.
Significance: Shiva as the Lord of Dance
- Lord Shiva’s portrayal as Nataraja evolved from the Vedic deity Rudra.
- Shiva is a complex deity, embodying both destructive and protective aspects.
- Nataraja, the Lord of Dance, symbolizes Shiva’s role as both the destroyer and protector.
- He is known to have invented numerous dances, ranging from calm to fierce and orgiastic.
Iconography of Nataraja
- Nataraja is often depicted within a flaming aureole or halo, representing the circle of the world.
- He has long dreadlocks, signifying the energy of his dance, and four arms.
- In his upper right hand, he holds a damru (hand drum), in the upper left, agni (fire).
- A dwarf-like figure beneath his foot symbolizes illusion.
- Nataraja’s front right hand makes the ‘abhayamudra’ (gesture to allay fear), and he points to his raised feet with his front left hand.
- Despite its complex symbolism, Nataraja typically wears a serene smile, signifying the duality of life and death.
The Lost Wax Method
- The 27-foot Bharat Mandapam Nataraja statue was created using the traditional ‘lost-wax’ casting method, indigenous to the Chola era.
- This method dates back at least 6,000 years.
- It involves creating a wax model, covering it with a special soil paste, heating it to remove the wax, leaving behind a hollow mould, which is then filled with molten metal.
- This technique was mastered by the Cholas and is considered a pinnacle of metallurgical artistry.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Lab-Grown Human Embryos
Mains level: Not Much
Central Idea
- Scientists have successfully developed a “human embryo” in a laboratory without using traditional egg or sperm cells.
- The model was constructed using a combination of stem cells, which possess the ability to differentiate into various cell types, resulting in a structure resembling an early human embryo.
Creating Human Embryo artificially
- This model is considered one of the most comprehensive representations of a 14-day-old human embryo.
- Multiple research teams worldwide have been working on similar embryo-like models, with approximately six such models published in the current year.
- While none fully replicate early embryo development processes, they collectively contribute to scientific understanding.
Challenges in Creating the Model
- Researchers in Israel utilized stem cells and chemical components, but only a small fraction spontaneously assembled into different cell types.
- Approximately 1% of the mixture exhibited this spontaneous assembly, making the process inefficient.
Importance of Embryo Models and Research
- Ethical constraints prevent direct research on early embryo development after implantation in the uterus.
- Understanding early stages of embryo development is crucial as most miscarriages and birth defects occur during this period.
- Such research aids in the comprehension of genetic and hereditary diseases.
- Insights into why some embryos develop normally and implant successfully can enhance in vitro fertilization success rates.
Potential of Embryo-Like Models
- These models enable the study of genetic, epigenetic, and environmental influences on embryo development.
- They facilitate the investigation of genetic defects and the development of potential genetic therapies.
Limits of Lab-Grown Embryos
- Lab-grown embryos are solely for studying the early stages of foetal development.
- Implantation attempts are prohibited, and these models are typically destroyed after 14 days.
- Originating from a UK committee proposal in 1979, the 14-day limit aligns with natural embryo implantation completion.
- Beyond this point, embryos begin exhibiting characteristics of individuality and cannot split into twins.
- The ethical considerations shift as embryos progress from a clump of cells to entities with individual potential, often marked by the Primitive Streak.
Insights from Embryo Models
- Models like the one developed in Israel shed light on DNA duplication errors and chromosome imbalances.
- These errors are now understood to occur earlier in the development process, during ongoing DNA duplication.
- Such models aid in identifying the roles of various genes in fetal development, enabling gene manipulation for research purposes.
Conclusion
- Lab-grown human embryo models represent a significant scientific achievement.
- They provide a unique window into early embryo development and the understanding of genetic and developmental processes.
- While not suitable for reproduction, these models hold promise for advancing genetic and medical research.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Fugitive Economic Offenders Act, 2018
Mains level: Not Much
Central Idea
- Assets worth over $12 billion have been attached since 2014 under the Prevention of Money Laundering Act (PMLA).
- Additionally, assets exceeding $1.8 billion have been recovered in the past four years under the Fugitive Economic Offenders Act (FEOA), 2018.
About the Fugitive Economic Offenders Act, 2018
- The FEOA is a significant legal instrument designed to address the issue of economic offenders who flee the country to evade criminal prosecution or refuse to return to face charges.
- This act empowers authorities to confiscate the ill-gotten gains of these individuals and bar them from filing or defending civil claims, among other provisions.
Key Provisions of the Fugitive Economic Offenders Act:
(1) Definition of Fugitive Economic Offender:
- A “fugitive economic offender” is an individual against whom an arrest warrant has been issued for committing an offense listed in the Act, and the value of the offense is at least Rs. 100 crore.
- Offenses listed in the act include counterfeiting government stamps or currency, cheque dishonor, money laundering, and transactions defrauding creditors.
(2) Declaration of a FEO:
- After considering an application, a special court (designated under the Prevention of Money Laundering Act, 2002) may declare an individual as a fugitive economic offender.
- The court may confiscate properties that are proceeds of crime, benami properties, or any other property, whether in India or abroad.
- Upon confiscation, all rights and titles of the property vest in the central government, free from encumbrances.
- The central government may appoint an administrator to manage and dispose of these properties.
(3) Bar on Filing or Defending Civil Claims:
- The Act allows any civil court or tribunal to prohibit a declared fugitive economic offender from filing or defending any civil claim.
- Furthermore, any company or limited liability partnership where such an individual is a majority shareholder, promoter, or a key managerial person may also be barred from filing or defending civil claims.
- Authorities may provisionally attach properties of an accused while the application is pending before the Special Court.
(4) Powers:
- The authorities under the Prevention of Money Laundering Act, 2002, will exercise powers conferred upon them by the Fugitive Economic Offenders Act.
- These powers are akin to those of a civil court and include the search of persons in possession of records or proceeds of crime, the search of premises upon belief that a person is a fugitive economic offender, and the seizure of documents.
Other laws related to FEOs
- The existing laws under which such fugitive economic offenders are tried include:
- Recovery of Debts Due to Banks and Financial Institutions Act (RDDBFI),
- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFESI) and
- Insolvency and Bankruptcy Code (IBC).
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Self-Regulatory Organizations (SROs)
Mains level: Not Much
Central Idea
- In the rapidly evolving landscape of the fintech sector, the Reserve Bank of India (RBI) Governor has called upon fintech entities to establish Self-Regulatory Organizations (SROs).
What is an SRO (Self-Regulatory Organization)?
- An SRO is a non-governmental entity entrusted with the task of formulating and enforcing rules and standards governing the behaviour of participants within a specific industry.
- The primary objective of an SRO is to safeguard consumer interests, uphold ethical practices, promote equality, and nurture professionalism within the industry.
- Typically, SROs collaborate with all industry stakeholders to establish and administer regulations.
Key Characteristics of an SRO
- Impartial Governance: SROs maintain impartial mechanisms to oversee self-regulatory processes, ensuring that industry members operate within a disciplined framework and accept penalties when necessary.
- Beyond Industry Interests: SROs extend their concerns beyond the narrow interests of the industry itself. They aim to protect not only industry players but also workers, customers, and other participants in the ecosystem.
- Supplement to Existing Regulations: While SROs formulate regulations, standards, and mechanisms for dispute resolution and enforcement, they do not replace applicable laws or government regulations. Instead, they complement existing legal frameworks.
Functions of an SRO
- Communication Channel: SROs serve as intermediaries between their members and regulatory authorities like the RBI, facilitating two-way communication.
- Establishment of Standards: SROs work to establish minimum benchmarks and industry standards, fostering professionalism and healthy market behavior among their members.
- Training and Awareness: SROs provide training to their members’ staff and conduct awareness programs to promote industry best practices.
- Grievance Redressal: They establish uniform grievance redressal and dispute management frameworks to resolve issues within the industry.
Why is an SRO Necessary?
- As the fintech sector continues to evolve, SROs can play a pivotal role in ensuring the industry’s responsible growth and maintaining ethical standards.
- They address critical issues such as market integrity, conduct, data privacy, cybersecurity, and risk management.
- SROs contribute to building trust among consumers, investors, and regulators.
RBI’s Expectations from Fintech Players
- The Reserve Bank of India expects fintech companies to:
- Evolve industry best practices and privacy/data protection norms in compliance with local laws.
- Set standards to prevent mis-selling and promote ethical business practices.
- Ensure transparency in pricing.
- RBI Governor has encouraged fintechs to establish an SRO voluntarily.
Benefits of an SRO
- Industry Expertise: SROs possess deep industry knowledge, making them valuable contributors to industry discussions and educational initiatives.
- Standardized Conduct: SROs promote a standardized code of conduct that encourages ethical business practices, ultimately boosting confidence in the industry.
- Watchdog Role: SROs act as watchdogs, preventing unprofessional and unethical practices within the industry.
Conclusion
- In the dynamic fintech sector, Self-Regulatory Organizations (SROs) emerge as indispensable entities.
- Their role in shaping industry behaviour, promoting ethical conduct, and safeguarding consumer interests cannot be overstated.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Kuiper Belt
Mains level: Not Much
Central Idea
- Two Japanese astronomers have uncovered potential evidence of an “Earth-like planet” within our solar system.
- This mysterious planet is believed to have resided in the Kuiper Belt, a circumstellar disk beyond Neptune’s orbit that consists of outer solar system objects.
- The Kuiper Belt, like the planets, orbits the Sun.
What is the Kuiper Belt?
- The Kuiper Belt, also known as the Edgeworth-Kuiper belt, is a flat ring of small icy bodies orbiting the Sun beyond Neptune’s orbit.
- Gerard Kuiper, a Dutch-American astronomer, first hypothesized its existence in the 1950s.
- This belt contains millions of icy objects, collectively referred to as Kuiper Belt objects (KBOs) or trans-Neptunian objects (TNOs).
- It is considered a remnant from the early history of our solar system.
- The Kuiper Belt is thought to be the source of many short-period comets that orbit the Sun in less than 20 years.
- It primarily consists of small icy bodies, including dwarf planets, asteroids, and comets.
- Pluto, once classified as the ninth planet, is one of the most well-known objects in the Kuiper Belt but was reclassified as a dwarf planet by the International Astronomical Union (IAU) in 2006, partly due to its location within this belt.
The Astronomers’ Findings
- The Japanese researchers suggest that if this new planet exists, it would be 1.5 to 3 times the size of Earth.
- The discovery challenges previous theories of a distant “Planet Nine” and posits the possibility of a planet closer to us, within the Kuiper Belt.
- The astronomers predict the existence of an Earth-like planet and several trans-Neptunian objects (TNOs) on unique orbits that could serve as observational signatures of this potential planet’s perturbations.
- They estimate that this planet could be situated between 200 and 500 astronomical units (AU) from the Sun, tilted about 30 degrees. For reference, Pluto is 39 AU from Earth.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Unified Payments Interface (UPI)
Mains level: Read the attached story
Central Idea
- The National Payments Corporation of India (NPCI) has introduced a range of groundbreaking features on the popular Unified Payments Interface (UPI) platform.
Hello! UPI: Voice-Enabled UPI Payments
- Hello! UPI, a remarkable addition, facilitates voice-enabled UPI payments in Hindi and English.
- Users can make UPI payments through voice commands via apps, telecom calls, and IoT devices.
- Future plans include expanding this feature to support several regional languages, further enhancing accessibility.
Credit Line on UPI: Streamlined Access to Credit
- The RBI Governor introduced Credit Line on UPI, an initiative aimed at promoting financial inclusion and innovation.
- This offering allows users to access pre-sanctioned credit from banks via UPI, simplifying the credit acquisition process.
- Features include interest-free credit periods, defined charges, and seamless customer engagement channels.
- The goal is to expedite the credit access process, driving economic growth and digital banking efficiency.
UPI LITE X: Offline Money Transfers
- UPI LITE X introduces offline money transfers, enabling users to send and receive funds even without internet connectivity.
- This feature empowers transactions in areas with poor network coverage.
- UPI LITE payments are known for their speed and efficiency, making them a preferred choice for users.
UPI Tap & Pay: Convenience Redefined
- UPI Tap & Pay offers a new way to complete payments at merchant locations.
- In addition to traditional scan-and-pay, users can now tap Near Field Communication (NFC)-enabled QR codes.
- This feature enhances convenience, making transactions swift and effortless.
Conversational Payments: AI-Enabled Transactions
- Conversational UPI Payments and Conversational Bill Payments represent a paradigm shift in human-machine interaction.
- These AI-enabled transactions aim to deepen the adoption of digital payments across India.
- Users can make voice-enabled UPI payments through UPI Apps, telecom calls, and IoT devices in Hindi, English, and regional languages.
- NPCI has collaborated with AI4Bharat at IIT Madras to develop language models for Hindi and English payments.
BillPay Connect: Simplified Bill Payments
- BillPay Connect introduces a nationalized number for bill payments across India.
- Customers can conveniently fetch and pay bills through messaging apps with a simple ‘Hi.’
- Even users without smartphones or immediate data access can pay bills via a missed call, followed by a verification call.
- Voice Assisted Bill Payments via smart home devices offer added convenience and instant confirmation.
- This innovation enhances security and reassurance for both customers and collection centers.
Conclusion
- These pioneering features unveiled by NPCI mark a significant leap in India’s digital payment landscape.
- They not only enhance accessibility but also redefine convenience, making digital transactions more user-friendly.
- With innovative offerings like voice-enabled payments and streamlined credit access, NPCI continues to play a pivotal role in India’s technological advancement.
- The journey towards a digitally empowered India takes a giant stride forward with these game-changing UPI features.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Electron Scattering Experiment
Mains level: NA
Central Idea
- In the world of atomic and nuclear physics, the quest to understand the inner workings of matter has been a constant journey of discovery.
- Scientists have long sought ways to unravel the mysteries hidden within atomic nuclei, and recent breakthroughs in experimental techniques have taken us one step closer to achieving this goal.
Historical Milestones
- 150 years ago, scientists like Ernest Rutherford, Hans Geiger, and Ernest Marsden conducted experiments exposing a thin gold foil to radiation.
- These experiments revealed that every atom has a dense central nucleus where mass and positive charge are concentrated.
- Seven decades ago, physicist Robert Hofstadter led a team that bombarded thin foils with high-energy electrons, allowing scientists to probe atomic nuclei’s inner structure.
Recent advancements
- Researchers at the RIKEN Nishina Center for Accelerator-Based Science in Japan have demonstrated a setup using electron scattering to investigate unstable nuclei.
- This advancement opens new avenues for understanding the fundamental building blocks of matter.
- The SCRIT (Self-Confining Radioactive-isotope Ion Target) setup is more sophisticated than previous experiments using thin foils.
- SCRIT can hold caesium-137 atom nuclei in place and facilitate electron interactions, a critical innovation.
The Experimental Process
- Electrons are accelerated in a particle accelerator to energize them.
- These energized electrons are directed at a block of uranium carbide, resulting in a stream of caesium-137 ions (atoms stripped of electrons).
- The ions are transported to the SCRIT system, which traps target ions along the electron beam path using electric attractive forces.
- This “overlap” ensures a high probability of electron-ion collisions.
Probing Nuclear Structure
- Understanding the experimental setup’s probe into nuclear structure requires exploring interference patterns.
- When light passes through a small hole, it creates concentric circles of light and dark patches due to interference.
- Similarly, when an electron scatters off an atomic nucleus, it behaves like a wave during the interaction, resulting in interference patterns.
- A magnetic spectrometer is used to record these interference patterns, offering advantages in clean and fine-tuned interactions.
Results and Implications
- The experimental results confirm the internal structure of the caesium-137 nucleus, aligning with previous studies and theoretical calculations.
- The real significance lies in the development of the “femtoscope,” which can probe the femtometer scale (10^-15 meters) of atomic nuclei, unlocking new possibilities in nuclear physics.
Unresolved Nuclear Structure
- The challenge in nuclear physics is the absence of a unified theory explaining atomic nuclei’s structure, despite various existing models.
- Scientists encounter intriguing properties, such as the “island of stability,” where heavier nuclei of unstable elements defy the trend of faster decay via radioactivity.
- This phenomenon raises questions about nuclear structure and the existence of stable clusters.
Future Prospects
- Researchers aim to use femtoscopes to explore nuclei with irregular shapes, bridging the gap between expected and unexpected nuclear structures.
- This promises to illuminate the fundamental nature of atomic nuclei and advance our understanding of the universe at its most basic level.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: VGF
Mains level: EV infrastructure promotion
Central Idea
Viability Gap Funding (VGF) Scheme
- VGF means a grant to support projects that are economically justified but not financially viable.
- The VGF scheme was launched in 2004 to support projects that come under Public-Private Partnerships.
- The scheme is designed as a Plan Scheme to be administered by the Ministry of Finance and amount in the budget are made on a year-to-year basis.
- Such a grant under VGF is provided as a capital subsidy to attract the private sector players to participate in PPP projects that are otherwise financially unviable.
- Projects may not be commercially viable because of the long gestation period and small revenue flows in future.
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VGF for Battery Infrastructure
- This scheme aims to create 4,000 megawatt hours (MWh) of BESS projects by 2030-31, offering financial support of up to 40% of the capital cost in the form of VGF.
- It is expected to lower battery storage costs, enhancing their practicality.
- Designed to leverage renewable energy sources like solar and wind power, the scheme aims to provide clean, dependable, and cost-effective electricity to the public.
How would it work?
- By offering VGF support, the scheme targets achieving a levelised cost of storage (LCoS) ranging from ₹5.50-6.60 per kilowatt-hour (kWh).
- It would thus make stored renewable energy a viable option for managing peak power demand across the country.
- The VGF disbursement will occur in five stages linked to BESS project implementation milestones.
Benefits to Consumers and Infrastructure
- To ensure consumer benefits, a minimum of 85% of BESS project capacity will be allocated to distribution companies (Discoms).
- This strategy enhances renewable energy integration into the electricity grid, minimizes wastage, and optimizes transmission network usage, reducing the need for costly infrastructure upgrades.
- This approach stimulates healthy competition and encourages BESS ecosystem growth, drawing substantial investments and generating opportunities for related industries.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Seethakali Folk Art
Mains level: Not Much
Central Idea
- Seethakali folk dance of Kerala has been fading from the public domain, and around three decades ago, it was on the verge of extinction.
Seethakali Folk Art
- Seethakali is a traditional folk dance that originates from the rich cultural heritage of Kerala.
- It is performed primarily by Dalit artists from the Veda and Pulaya communities.
Key Features
- Seethakali is a unique form of folk art that combines elements of storytelling dance, drama, and song.
- The central narrative revolves around the epic Ramayana, particularly focusing on the characters of Sita, Ram, and Laxman.
- Artists adorn themselves with eye-catching makeup, traditional ornaments, and elaborate costumes, enhancing the visual appeal of the performance.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: One-Hour Trade Settlement, T+1 Settlement Cycle
Mains level: NA
Central Idea
- SEBI aims to implement a One-Hour trade Settlement by March 2024.
- Additionally, an Application Supported by Blocked Amount (ASBA)-like facility for secondary market trading is anticipated to launch in January 2024.
Do you know?
India is the first jurisdiction in the globe that has moved to T+1 settlement (trade plus one day). We are now talking about one-hour settlement and that will be a stepping-stone to instantaneous settlement.
Understanding Trade Settlement
- Trade settlement involves the exchange of funds and securities on the settlement date.
- It is considered complete when purchased securities are delivered to the buyer, and the seller receives the funds.
- India transitioned to a T+1 settlement cycle earlier this year, facilitating faster fund transfers, share deliveries, and operational efficiency.
SEBI’s Stance
- SEBI believes that achieving instantaneous trade settlement will take additional time due to necessary technology development.
- Therefore, SEBI plans to implement a one-hour trade settlement before the instantaneous settlement.
- SEBI expects instantaneous trade settlement to be launched by the end of 2024.
Benefits of One-Hour Trade Settlement
- In the current T+1 settlement cycle, the seller receives funds in their account the day after a trade.
- With one-hour settlement, the seller would receive funds within an hour of selling shares, and the buyer would have shares in their demat account within an hour.
Back2Basics: T+1 Settlement Cycle
- The T+1 settlement cycle means that trade-related settlements must be done within a day, or 24 hours, of the completion of a transaction.
- For example, under T+1, if a customer bought shares on Wednesday, they would be credited to the customer’s demat account on Thursday.
- This is different from T+2, where they will be settled on Friday.
- As many as 256 large-cap and top mid-cap stocks, including Nifty and Sensex stocks, come under the T+1 settlement.
- Until 2001, stock markets had a weekly settlement system.
- The markets then moved to a rolling settlement system of T+3, and then to T+2 in 2003.
- In 2020, Sebi deferred the plan to halve the trade settlement cycle to one day (T+1) following opposition from foreign investors.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Dual-Use Items
Mains level: Not Much
Central Idea
- The government has recently announced its commitment to enhancing the control of dual-use items to prevent their misuse by non-state actors and terrorists.
- Dual-use items refer to goods that can be utilized for both civilian and military purposes.
Understanding Dual-Use Items
- Dual-use items are commodities with the potential for application in both civilian and military contexts.
- They are heavily regulated due to their capacity to be initially intended for civilian use and later repurposed for military or even terrorist activities.
- Some examples include global positioning satellites, missiles, nuclear technology, chemical and biological weapons, night vision technology, thermal imaging equipment, specific models of drones, precision-engineered aluminium pipes, and certain types of ball bearings.
Control Mechanisms for Dual-Use Items
- International Cooperation: Most industrialized nations have established export controls on specific categories of designated dual-use technologies.
- Multilateral Agreements: Various international treaties and agreements govern the export of these items.
- India’s Participation: India is a signatory to major multilateral export control regimes like the Missile Technology Control Regime (MTCR), Wassenaar Arrangement (WA), Australia Group (AG), and Nuclear Suppliers Group (NSG). It is also party to key conventions such as the Chemical Weapons Convention (CWC) and Biological and Toxic Weapons Convention (BWC).
- DGFT’s Role: In India, the Director General of Foreign Trade (DGFT) plays a pivotal role as a facilitator of exports and imports. The DGFT maintains a specialized list known as SCOMET (Specialty Chemicals, Organisms, Materials, Equipment, and Technologies) to regulate dual-use items.
What is the SCOMET List?
- SCOMET item is an acronym for Special Chemicals, Organisms, Materials, Equipment, and Technologies.
- These are dual-use items that can be used for both civilian and military applications. India’s Foreign Trade Policy regulates the export of items on the SCOMET List.
- Exporting these items and technologies falls under strict regulations. It can either be prohibited or permitted only under a license.
- The SCOMET control list aligns with the control lists of various multilateral export control regimes and conventions.
Necessity of Controlling Dual-Use Items
- India’s Commitment: India is firmly committed to non-proliferation efforts related to dual-use items.
- Integral Component: Export control over these items forms an integral part of India’s broader export control system.
- Compliance: It ensures that sensitive and dual-use goods, including those covered by the Missile Technology Control Regime (MTCR), are traded in full compliance with India’s obligations under various international regimes.
Conclusion
- The government’s commitment to enhancing export control measures for dual-use items reflects its dedication to global non-proliferation efforts and the responsible trade of sensitive technologies.
- Collaborative efforts among governments, industries, and stakeholders remain crucial in achieving effective export control of these items.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Forest (Conservation) Amendment Bill, 2023
Mains level: Issues with the Bill
Central Idea
Why discuss this?
- The amendment permits the diversion of forest land for certain projects near international borders without forest clearance under the Forest (Conservation) Act (FCA) 1980.
- Other Northeastern states, including Nagaland, Tripura, Mizoram, and Sikkim, governed by the ruling govt at centre or its allies, have also objected to the 100-km exemption clause.
Forest (Conservation) Amendment Bill, 2023
|
| Objective |
Clarify and enhance the Forest (Conservation) Act, 1980 |
| Scope |
Applicability to land designated as forest since 1980 |
| Exemptions |
Land within 100 km of borders for national security, roadside amenities, and public roads |
| Assignment of Forest Land |
Prior approval required from central government for all entities |
| Permitted Activities |
Expanded to include check posts, fencing, bridges, zoos, safaris, and eco-tourism facilities |
Is FCA Applicable to the Northeast?
- Constitutional protections like Article 371A for Nagaland and 371G for Mizoram prohibit the application of certain laws enacted by Parliament in these states.
- In 1986, Nagaland extended the FCA’s application to specific forests, but its status remains uncertain due to conflicting ministry statements.
- Mizoram, since becoming a state in 1986, has the FCA in force, covering a significant portion of its forest areas.
FCA Application in the Rest of the Northeast
- The FCA is applicable in the rest of the Northeast, including Meghalaya, Tripura, Assam, Manipur, Sikkim, and Arunachal Pradesh.
- The FCA clearance process differs among these states.
Conclusion
- Protecting Northeastern forests requires a balance between legal frameworks like the FCA and FRA.
- Clear guidelines and proactive measures can safeguard both forest rights and the environment in the region.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Urban Cooperative Banks (UCBs)
Mains level: Not Much
Central Idea
- The Reserve Bank of India (RBI) Governor recently addressed the issues and vulnerabilities surrounding Urban Cooperative Banks (UCBs), highlighting the importance of addressing these concerns.
What are Urban Cooperative Banks (UCBs)?
- UCBs are primary cooperative banks primarily situated in urban and semi-urban areas, catering to the financial needs of small borrowers and businesses.
- They are governed by the Banking Regulations Act, 1949, the Banking Laws (Cooperative Societies) Act, 1955, and registered under the Cooperative Societies Act of the respective State.
- Initially, UCBs were permitted to lend exclusively for non-agricultural purposes; however, they have diversified their size and operations since 1996.
- Approximately 79% of UCBs are concentrated in five states: Andhra Pradesh, Gujarat, Karnataka, Maharashtra, and Tamil Nadu.
Types of UCBs
UCBs are categorized into different tiers by the RBI based on their deposit size:
- Tier 1: Deposits up to Rs 100 crore.
- Tier 2: Deposits ranging from Rs 100 to 1,000 crore.
- Tier 3: Deposits between Rs 1,000 to Rs 10,000 crore.
- Tier 4: Deposits exceeding Rs 10,000 crore.
Key concerns/addresses raised by RBI
(1) Operational Stability
- UCBs must enhance their financial and operational resilience to contribute to the overall stability of the financial and banking sector.
- The quality of governance within UCBs plays a pivotal role in ensuring the stability of these individual banks.
(2) Setting up right priorities
- Boards and directors of UCBs must prioritize integrity and transparency in financial reporting, refraining from innovative accounting practices that obscure the actual financial position.
- Proactive management of Asset Liability is essential to manage liquidity risk systematically.
- Establishing robust IT and cybersecurity infrastructure, along with the availability of necessary skills at the bank level, is crucial.
- Governance practices, especially those related to Compliance, Risk Management, and Internal Audit, need strengthening.
(3) Functioning of Boards
- Ensuring directors possess adequate skills and expertise.
- Constituting a professional board of management.
- Considering the diversity and tenure of board members.
- Promoting transparent and participatory board discussions.
- Ensuring the effective functioning of board-level Committees.
(4) Credit Risk Management
- Upholding risk management through robust underwriting standards.
- Implementing effective post-sanction monitoring.
- Timely recognition and mitigation of emerging stress.
- Pursuing follow-ups with large Non-Performing Asset (NPA) borrowers to facilitate recovery and maintain adequate provisioning.
Conclusion
- Addressing the concerns and vulnerabilities in Urban Cooperative Banks is vital for the overall stability and resilience of the banking sector.
- The RBI’s recommendations highlight the importance of governance, risk management, and transparency in ensuring the health of UCBs.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: CBDI, UPI
Mains level: Read the attached story
Central Idea
- The convergence of Unified Payments Interface (UPI) Quick Response (QR) codes with Central Bank Digital Currency (CBDC) applications is set to revolutionize digital transactions in India.
- This strategic integration enables users of the retail digital rupee to seamlessly transact using UPI QR codes, making transactions convenient for both customers and merchants.
Understanding Interoperability
- Interoperability refers to the technical compatibility that allows different payment systems to function together.
- It empowers various payment systems to process transactions across platforms, contributing to efficiency, innovation, and adoption for end-users.
UPI QR Code-CBDC Interoperability: Explained
The Reserve Bank of India (RBI) is driving this interoperability between UPI and CBDC as part of its ongoing pilot project for the retail digital rupee (e₹-R).
- Initially, e₹-R users required a specific QR code for transactions.
- With UPI-CBDC interoperability, any UPI QR code becomes compatible with CBDC apps.
- The digital rupee, issued by RBI, is a tokenized digital version of the rupee stored in a digital wallet linked to a savings bank account.
- UPI, directly linked to a user’s account, can now transact seamlessly with CBDC.
Benefits for Customers and Merchants
The convergence of UPI and CBDC yields several advantages:
- Customers can use a single QR code for various transactions, eliminating the need for multiple platforms.
- Daily essentials like groceries and medicines can be purchased using any UPI QR code.
- Merchants can accept CBDC payments without creating separate QR codes.
- Transactions are streamlined and efficient, enhancing the user experience.
Enhancing CBDC Adoption
The UPI-CBDC interoperability leverages the widespread use of UPI to boost digital rupee adoption.
- More than 70 mobile apps and 50 million merchants already accept UPI payments.
- Integrating UPI with CBDC simplifies transactions, increasing the digital rupee’s utility.
- Prominent banks like State Bank of India, HDFC Bank, and Axis Bank have introduced UPI interoperability on their digital rupee platforms.
- This seamless integration is expected to transform the digital currency landscape, driving its acceptance and utilization.
Conclusion
- The UPI-CBDC interoperability marks a significant milestone in India’s digital payment ecosystem.
- By merging the familiarity of UPI with the innovation of CBDC, the retail digital rupee becomes more accessible, user-friendly, and efficient.
- This strategic integration is poised to accelerate the adoption of digital currencies, reshaping the way transactions are conducted in the country.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Hubble Constant
Mains level: Not Much
Central Idea
- Researchers from India and the US have come up with a new way to answer a big question about the universe.
- This question is about how fast the universe is getting bigger.
Story of Our Universe
- The universe began around 13.8 billion years ago with a massive explosion called the Big Bang.
- As time passed, the universe kept getting bigger, with moments of speeding up and slowing down.
- Scientists want to understand this expansion to figure out what’s happening in the universe.
Hubble Constant: A Big Question
- The Hubble constant is a special number that tells us how quickly the universe is expanding.
- This number was first talked about by a scientist named Edwin Hubble in 1929.
- But scientists today are still not sure about its value.
Two Important Things to Measure
To know the Hubble constant, we need to measure two things carefully:
- How far away things in space are from us.
- How fast these things are moving away from us because of the universe’s expansion.
Old Ways vs. New Idea
Until now, scientists used a few methods to measure the Hubble constant:
- Looking at bright explosions in space called supernovae.
- Using special light from the early universe.
- Studying waves created by big crashes in space.
But now, a fresh idea has been propounded by Indian researchers:
- To measure using a thing called “gravitational lensing.”
Gravitational Lensing: A New Approach
- Gravitational lensing is like bending light using gravity. Imagine it like a magnifying glass in space.
- This idea came from a long time ago but got better recently.
- Scientists think they can use this lensing trick to measure the Hubble constant.
- They want to look at waves from space collisions that get bent by gravity.
- These bent waves could tell us about how fast the universe is expanding.
The Big Idea: A Bridge between Time
- This new idea is cool because it connects different times in the universe’s history.
- It could give us a good answer about the Hubble constant.
Challenges
- While this idea is exciting, there are some challenges to solve:
-
- Making sure the signals are clear enough to measure.
- Using the new method to answer other questions too.
- If this new way works, it could help us learn about things like dark matter and other universe stuff.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Etymology of India
Mains level: Read the attached story
Central Idea
- India, with its rich heritage, has borne various names throughout its history, each encapsulating a distinct facet of its identity.
- The process of naming this diverse land has sparked debates, controversies, and reflections on its collective consciousness.
Historical Evolution of Names
- Meluha (Third Millennium BCE):
- The ancient Mesopotamian texts referenced ‘Meluha’ to denote the Indus Valley Civilization, highlighting India’s antiquity and interactions with ancient civilizations.
- ‘Meluha’ is believed to have been used to describe the Indus Valley Civilization in texts from the third millennium BCE.
- Bharata (Ancient Times to Modern Era):
- Rooted in Puranic literature and the Mahabharata, ‘Bharata’ resonates with religious and socio-cultural connotations.
- Associated with a supraregional and subcontinental territory where Brahmanical society prevailed.
- Evident during the freedom struggle through slogans like ‘Bharat Mata ki Jai’.
- ‘Bharata’ was derived from the mythological founders of the race, and its popularity during modern times is also due to its usage during the freedom movement.
- Aryavarta, Jambudvipa, Nabhivarsa (Ancient Vedic Period):
- ‘Aryavarta’ referred to the land between the Himalayas and Vindhya ranges, where the Indo-Aryans resided.
- ‘Jambudvipa’ and ‘Nabhivarsa’ were also used in Vedic texts and Jain literature to signify the subcontinent, emphasizing different cultural contexts.
- Hindustan (7th Century BCE):
- Originated during Persian occupation, ‘Hindustan’ referred to the lower Indus basin.
- ‘Hind’ in Persian meant ‘Sindhu’ (Indus river), leading to its application to the region beyond Indus.
- The Persian suffix ‘stan’ (land) was added to form ‘Hindustan’.
- India (Ancient to Colonial Era):
- The Greeks transliterated ‘Hind’ as ‘Indus’, establishing ‘India’ as a name for the region.
- Colonial usage solidified ‘India’ as a political and geographical term, signifying the subcontinent under British rule.
- ‘India’ was adopted due to its Graeco-Roman associations, history of use in Europe, and bureaucratic usage such as the Survey of India.
Constitutional Deliberations (1947-1949)
- The Constituent Assembly engaged in heated debates over the nation’s official name.
- Jawaharlal Nehru noted the significance of ‘Hindustan’, ‘Bharat’, and ‘India’.
- Nehru’s book “The Discovery of India” captured the coexistence of these names in the collective consciousness.
- The Constitution retained ‘India’ and ‘Bharat’, reflecting diverse visions of the nation.
- The first Article of the Constitution reads, “India, that is Bharat, shall be a Union of states.”
Fact for Prelims
- In the ancient Indian text, Vishnu Purana, the name ‘Bharat’ finds mention as the landmass that lies north of the ocean and south of snow mountains. It states:
Uttaraṃ yatsamudrasya himādreścaiva dakṣiṇam
varṣaṃ tadbhārataṃ nāma bhāratī yatra santatiḥ
- This shloka means: “The country (Varsam) that lies north of the ocean and south of the snowy mountains is called Bharatam; there live the descendants of Bharata.
|
Contemporary Reflections
- Identity and Pride (2023):
- Recent developments suggest a potential change in India’s official name to ‘Republic of Bharat’.
- Assam Chief Minister Himanta Biswa Sarma hinted at the change, signaling a reset in India’s central identification.
- Political leaders and citizens expressed opinions on the potential change, invoking sentiments of national pride.
- Symbolism and Debate:
- The change of name is interpreted as a move to reflect India’s ancient identity and cultural heritage.
- Congress leader Jairam Ramesh discussed the implications of the change on national identity and opposition alliances.
- Shashi Tharoor, a former Under-Secretary-General of the United Nations, highlighted the significance of both ‘India’ and ‘Bharat’.
- Constitutional and Historical Context:
- Article 1 of the Indian Constitution declares ‘India, that is Bharat’ as a ‘Union of States’.
- Some leaders emphasized the importance of preserving the brand value associated with the name ‘India’.
- The historical roots of ‘Bharat’ as described in ancient texts and its constitutional adoption were highlighted.
- ‘Bharat’ and ‘India’ Coexistence:
- Both ‘Bharat’ and ‘India’ have been used interchangeably, signifying the country’s diverse identity.
- The official names ‘Bharat Ganarajya’ (in Hindi) and ‘Republic of India’ (in English) are present on Indian passports.
- The names reflect the continuity of historical legacy and modern nation-building.
Conclusion
- The journey of India’s names mirrors its complex identity, blending history, culture, and politics.
- As India continues to evolve, its names continue to encapsulate its essence, fostering a deep connection with its past and an ever-evolving future.
- Each name is a testament to India’s rich tapestry of history, culture, and collective consciousness.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Disksha 2.0
Mains level: Not Much
Central Idea
- The National eGovernance Division (NeGD) plans to incorporate Personalised Adaptive Learning (PAL) into its existing Digital Infrastructure for Knowledge Sharing (DIKSHA) platform.
- PAL offers individualized learning experiences based on students’ unique needs and abilities.
DIKSHA 2.0 Portal
- Diksha Portal was launched in 2017 to provide a digital platform to teachers giving them an opportunity to learn and train themselves and connect with the teacher community.
- It serves as the National Digital Infrastructure for Teachers.
- It aids teachers to learn and train themselves for which assessment resources will be available.
- It houses digitized National Council of Educational Research and Training (NCERT) textbooks, teaching videos, and practice questions.
- It also has assistive technologies for learners with disabilities, but it’s a static content repository.
Integration of PAL
- NCERT seeks MeitY’s expertise in implementing PAL within DIKSHA.
- PAL provides customized learning paths for each student based on their learning progress.
- PAL can loop back students to basic concepts if they make mistakes, enhancing learning efficiency.
Challenges and Implementations in States
- PAL development involves categorizing and tagging content, potentially creating new material.
- Chemistry, Mathematics, and Physics for Classes 9 to 12 are prioritized for PAL development.
- Several states like Andhra Pradesh, Assam, and Haryana experimented with PAL, facing budget constraints.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Stem Cells, Autism
Mains level: Not Much
Central Idea
- The Delhi High Court granted permission for two children with autism spectrum disorder (ASD) to undergo Stem Cell Therapy for their condition.
- The court’s decision followed a challenge against the Ethics and Medical Registration Board’s (EMRB) recommendation against stem cell treatment for ASD.
Understanding Stem Cells
- Stem cells are the foundational cells that can differentiate into specialized cells with distinct functions.
- Two main categories: pluripotent stem cells (can differentiate into various adult cells) and adult stem cells (tissue/organ-specific).
- Pluripotent stem cells are found in embryos; reprogramming of adult cells leads to induced pluripotent stem cells.
Stem Cells in Medicine
- Stem cells’ regenerative properties make them valuable in regenerative medicine.
- Hematopoietic stem cell transplantation treats conditions like leukaemia.
- Challenges: Limited adult stem cells post-removal, focus on making them pluripotent.
What is Autism Spectrum Disorder (ASD)?
- ASD is a neurological and developmental disorder affecting communication, behaviour, and interactions.
- Conventional therapies focus on symptom management, social skills training, behaviour analysis, and speech and occupational therapy.
Potential of Stem Cell Therapy for ASD
- Some experts suggest stem cells could enhance immune system regulation and neural connectivity in the brain.
- Current clinical trials show mixed results; treatment is experimental, lacks sufficient data.
- EMRB recommendations against stem cell therapy due to limited evidence, risks, side effects, and absence of established protocol.
EMRB’s Concerns
- EMRB’s recommendation stemmed from “predatory marketing” of stem cell therapy, giving false hope to parents about “curing” ASD.
- The Delhi HC ruling doesn’t assess the general validity of stem cell therapy but permits ongoing treatment for specific cases.
Conclusion
- The court’s verdict allows continued stem cell therapy for ASD, acknowledging the ongoing uncertainty and potential of the treatment.
- The decision underlines the need for further research and data to establish stem cell therapy’s efficacy and safety for treating autism.
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