• Daily Current Affairs: 7th June, 2018

    Posted on by in Current Affairs, News, Education & Training

    1. RTI Portal
      • The Election Commission of India launched its online RTI Portal.
      • The portal – rti.eci.nic.in will facilitate applicants seeking information under the Right to Information Act.
      • The portal also facilitates online reply to applications and also for making first appeal and reply thereto.
    2. Union Minister Nirmala Sitharaman Flags-in NIMAS expedition team to Mt Everest
      • This expedition conducted successfully by National Institute for Mountaineering & Allied Sports (NIMAS), Dirang, Arunachal Pradesh in New Delhi.
      • Sitharaman congratulated the team led by Director and Team Leader Col Sarfraz Singh for their remarkable achievement.
      • It is for the first time that any National Institute expedition team has put eight members on the top of Mt.Everest in their maiden attempt.
      • The expedition started from South Ridge of Mt Everest from Nepal side on 02 April 2018 from Lukla to Everest Base camp via Namche.
      • The team scaled Mt.Lobuche in Nepal on 20 April 2018 as part of acclimatization and final conditioning training.
    3. India records 22% reduction in Maternal Mortality Ratio since 2013
      • India registered a significant decline in Maternal Mortality Ratio (MMR) recording a 22% reduction in such deaths since 2013.
      • According to the Sample Registration System bulletin released yesterday, the MMR has declined from 167 in 2011-2013 to 130 in 2014-2016.
    4. World Bank approves Rs 6000 crores for Atal Bhujal Yojana aims to improve groundwater management in country
      • Atal Bhujal Yojana is a Central Sector Scheme of the Ministry of Water Resources, River Development and Ganga Rejuvenation aim to improve groundwater management in priority areas in the country through community participation.
      • Notably, the scheme is to be implemented over a period of five years from 2018-19 to 2022-23, with the Rs.6000 crore assistance of World Bank.
      • The priority areas identified under the scheme fall in the states of Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh.
      • These States represent about 25% of the total number of over-exploited, critical and semi-critical blocks in terms of groundwater in India.
      • They also cover two major types of groundwater systems found in India – alluvial and hard rock aquifers- and have varying degrees of institutional readiness and experience in groundwater management.
    5. RBI allows Urban Co-operative Banks to become Small Finance Banks
      • The Urban Co-Operative Banks can now covert into SFBs after meeting the prescribed criteria. The details of the scheme will be announced separately by the RBI.
      • The decision was taken during the meeting of the Monetary Policy Committee.
      • The panel recommended voluntary conversion of large Multi-State UCBs into Joint Stock Companies and conversion of other UCBs into SFBs, which meet certain criteria.
      • The panel recommended converting UCBs with business size of Rs 20000 crore or more into regular banks in a bid to propel their growth.
      • It also recommended that licenses may be issued to “financially sound and well-managed co-operative credit societies” having a minimum track record of five years which suit the regulatory prescriptions set by the RBI.
      • The Urban Cooperative Banks (UCBs)
        • They are registered as cooperative societies under the provisions of, either the State Cooperative Societies Act of the concerned State or the Multi State Cooperative Societies Act, 2002.
        • They are regulated and supervised by the Registrar of Cooperative Societies (RCS) of State concerned or by the Central Registrar of Cooperative Societies (CRCS), as the case may be.
        • Banking Regulation Act, 1949 is partially applicable to co-operative banks. Thus RBI has partial control on co-operative banks.
    6. Promulgation of Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018
      • The Ordinance provides significant relief to home buyers by recognising them as financial creditors.
      • Home buyers will have representation in the Committee of Creditors and will be an integral part of the decision making process.
      • Homebuyers will have the right to initiate a resolution process against the bankrupt real estate companies and get their money back.
      • It will also enable home buyers to invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers.
      • The biggest beneficiaries of this ordinance will be homebuyers as the present version of the IBC
      •  Another major beneficiary – Micro, Small and Medium Sector Enterprises (MSME)
      • The Ordinance empowers the Central Government to provide them with a special dispensation under the IBC. 
            • The ordinance does not disqualify the promoter to bid for his enterprise undergoing Corporate Insolvency Resolution Process (CIRP), provided he is not a willful defaulter and does not attract other disqualifications not related to default.
            • It also empowers the Central Government to allow further exemptions with respect to the MSME Sector in public interest, if required.
    7. The Ordinance also provides for a mechanism to allow participation of security holders, deposit holders and all other classes of financial creditors that exceed a certain number, in the meetings of the Committee of Creditors
    8. The ordinance proposes to facilitate implementation of the resolution plan by the successful bidder.
    9. It provides a year time to the Resolution Applicant to obtain necessary statutory clearances from central, state and other authorities.
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