Daily Current Affairs 03 Dec 2020

NRA CET Daily Current Affairs


Swasthya Sathi Scheme

Swasthya Sathi scheme is a health insurance scheme of the West Bengal government. It was launched in 2016 and it has now been expanded to cover the state’s entire population. It provides basic health cover for secondary and tertiary care up to 5 lakh INR per annum per family. Both state-run and private hospitals are part of the scheme. The card under the scheme is issued to the female guardians of the families.

Why did RBI direct HDFC bank to stop its Digital Launches?

The Reserve Bank of India recently asked the HDFC bank to temporarily stop all its launches under its Digital 2.0 programme.

Why did RBI take action against HDFC bank?

The RBI issued the order with regard to outrages against the bank. The order were issued with regard to incidents of outrages in mobile banking, internet banking and payment utilities of the bank in the past two years.

What is the issue?

The bank faced outrages all over the country due to a power failure that occurred in its primary data centre in November 2020. Also in December 2019, the bank faced hard criticisms when customers faced issues in paying loan EMIs and settling credit card bills.

What is Digital 2.0?

The Digital 2.0 is about reinterpreting digital platforms as one. Under the initiative, the bank had planned to engage customers through technology. Its main objective was to move the customers from a single transaction to meeting all financial needs such as insurance, trading, investment, etc.

It was the first bank in the country to come out with 10 second digital loan. It is the second largest bank in the country. It was working in new technologies such as Artificial Intelligence, Machine Learning, Robotic Process Automation and blockchain.

When will the imposed curbs be lifted?

According to the RBI order, the HDFC bank should fix its accountability. The curbs will be lifted after the RBI is satisfied over the compliance of the bank.

Banking Regulation Act

The RBI shall issue orders, notification and interfere in the functioning of any bank including public and private banks in the country according to Banking Regulation Act. The recent curbs have been imposed on HDFC based on this act. Thus, RBI acts as guardian of commercial banks in the country. The act provides extensive powers to the apex bank to control and supervise the banking system in the country.

Annual Ranking of Police Stations

  • Nongpok Sekmai police station in Thoubal district of Manipur was ranked as the best performing police station in the country.
  • The All Women Police Station of Suramangalam in Salem city of Tamilnadu was ranked second in the list
  • Kharsangh police station of Changlang district of Arunachal Pradesh ranked third.

West Bengal Public Finance Management Investment Programme

The Government of India and the Asian Development Bank have recently signed an agreement under which the bank will provide 50 million USD of laon. It is a policy-based loan. The loan is to be utilised to improve financial management procedures, promote informed decision making, improve operational efficiencies that aim at achieving more fiscal savings and improve service delivery in the state of West Bengal. Basically, the funding is to be used to implement West Bengal Public Finance Management Investment Programme.

Chardham Highway Project: Recent Developments

Supreme Court asked the committee monitoring the Char Dham Highway project to consider the applications from Defence Ministry. The Defence Ministry in its application is seeking to widen roads up to seven metres in the Indo China border area within 2 weeks.

On September 8, 2020, the Supreme Court asked the Road Transport and Highways Ministry to follow the circular of 2018 and stick to 5.5 metre carriageway width.

According to the Ministry of Defence, a carriage way width of seven metres is essential to facilitate the transport of heavy vehicles, troops, tanks, armaments and artillery. The roads listed by the Defence Ministry should be made suitable to quickly mobilize heavy equipment as these roads to be constructed under Chardham project are to connect with the line of actual control or the International border with China. Also, some of these roads connect the Indo-tibetan Border Police stations.

HSN Code

The Central Board of Indirect Taxes and Customs (CBIC) has made it mandatory to mention the 8 digit HSN code in tax invoices for 49 chemical-based products while issuing GST invoice. The move is expected to reduce tax evasion. HSN or Harmonized System of Nomenclature code is a system for classification of goods across the world. This classification is used to help with taxation i.e. helps identify which tax rate is applicable to a product.

Indigenous Aircraft Carrier INS Vikrant

The Indigenous Aircraft Carrier is set to be commissioned into service by end of 2021 or early 2022. The project is significant in light of the Atmanirbhar Bharat initiative as 75% of its materials and onboard equipment are indigenously developed. The carrier is in the final stages of its construction at Cochin Shipyard Ltd. The basin trials, which is the testing of the machinery and equipment in floating conditions, were successfully carried out recently. This is to be followed by sea trials in early 2021.

Varanasi Annapurna Idol

The Varanasi Annapurna idol is being brought back to India after a century from Canada. It was stolen from a Varanasi temple about a century ago. This 18th century sculpture is carved in the ‘Benares style’ and is a representation of the goddess of food. The goddess is represented as holding a bowl of kheer and a spoon in her hands. Annapurna is also the deity of Varanasi city.

The idol will be put under the custody of ASI after it is brought back to India. The ASI (Archaeological Survey of India) is the official custodian of such repatriated artefacts.

Cyclone Burevi

The cyclone Burevi, named by Maldives, hit the Karaikal coast of Tamil Nadu 7 days after cyclone Nivar. This is the third cyclone formed within the last 10 days in the Bay of Bengal and Arabian Sea put together.

Theremin turns 100

The Theremin musical instrument has turned hundred years old in 2020. It has revolutionised the music industry by being the predecessor of the modern synthesizer.

Emergency Use Authorization?

Recently, several drug makers are seeking Emergency Use Authorisation (EUA) for the COVID-19 vaccine. Pfizer had applied for the EUA in UK and has been approved by the Medicines and Healthcare Products Regulatory Agency of the country. Also, the Serum Institute of India and Moderna have also applied for the Emergency Use Authorisation of COVID-19 vaccine.

What is 1.5 times formula for crops MSP? How is it calculated?

The 1.5 times formula is used to determine the minimum support price (MSP) for crops. This was introduced during the Union Budget 2018-19. According to this formula, the MSP is fixed at 1.5 times the production cost for crops as a ‘pre-determined principle’. Under this formula, the Commission for Agricultural Costs & Prices (the commission that determines the MSP) only has to determine the production cost for a season and apply the formula.

C32 LH2 Propellant tank

C32 LH2 is the largest-ever cryogenic propellant tank developed by Hindustan Aeronautics Limited. It was delivered to ISRO recently. It is designed to increase the payload capability of ISRO’S Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III) from 4 tonnes to 6 tonnes. The aim is to create self-reliance with regards to carrying heavier communication satellites into space.

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